BAIN CAPITAL takes majority stake in FDH AERO

Altor, through its investment vehicle Altor Fund VI, acquires a majority stake in Sertion, with entrepreneurs and management reinvesting meaningfully and remaining key owners. The transaction is expected to accelerate Sertion's next phase of growth across existing markets and into new geographies, leveraging Altor's expertise and resources to support the company's expansion. The partnership will enable Sertion to further strengthen its market position, driven by its strong local entrepreneurship and the advantages of scale. With Altor's support, Sertion is well-positioned to continue its above-market growth and strategic expansion, while maintaining its focus on delivering high-quality services to its customers. The transaction is subject to customary regulatory approvals and is expected to close in the near future. The strategic rationale behind the deal is to create a leading Nordic platform for complex pipework services, with a strong focus on technical expertise, customer proximity, and operational performance. The deal has significant market implications, as it is expected to drive growth and consolidation in the Nordic pipework services market, while also creating new opportunities for Sertion to expand into new markets and geographies.

Apave Group has announced an agreement to acquire GEI Group, a Singapore-based leader in industrial inspection and testing services. This transaction represents Apave's 32nd acquisition in less than six years and is a key strategic move aligned with its 'AMPLIFY 2030' strategic plan, which aims to establish the company as a global leader in the Testing, Inspection, and Certification (TIC) sector. The acquisition is designed to significantly strengthen Apave's geographical footprint in Southeast Asia, a region targeted for high growth. By integrating GEI, Apave will immediately bolster its existing regional platform, adding skilled personnel and expanding its operational capabilities. The deal will also enhance Apave’s service portfolio by incorporating GEI's specialized expertise in advanced non-destructive testing and calibration/metrology. This synergy is expected to improve Apave's ability to identify and control risks and manage asset life performance for its industrial clients. The combination aims to generate significant commercial opportunities by merging Apave's global reputation with GEI's strong regional presence and customer relationships. The founder of GEI will remain with the combined entity to lead Apave's activities in the region, ensuring continuity and driving future growth. The transaction was initiated by the target and is being self-financed from Apave's balance sheet.

The acquisition of Dekra Rail by Apave's subsidiary Certifer marks a significant step in Apave's growth strategy in the rail sector. This external growth operation allows Apave to consolidate its expertise in the transportation and mobility sector, a key axis of development for the company. By integrating Dekra Rail's laboratory testing, material inspection, and certification services, Certifer enriches its portfolio of services and reinforces its position in the rail industry. The acquisition enables Apave to respond to the challenges of interoperability, digitalization, and decarbonization, supporting the development of sustainable mobility. Through this acquisition, Apave aims to become a leader in the rail sector, providing a comprehensive range of services, from conception to maintenance, and strengthening its position as a trusted third-party provider. The investment thesis relies on the strategic rationale of expanding Apave's market footprint in the rail sector, leveraging Dekra Rail's recognized expertise and strong reputation in the industry.

Eiffage, through its subsidiary Eiffage Énergie Systèmes, has entered into a definitive agreement to acquire Hand & Werk, marking a highly strategic inorganic growth transaction engineered to accelerate its footprint across the German data center market. This transaction significantly strengthens the group's positioning within a high-visibility, high-growth segment, which has been established as a core strategic development pillar for the division. The core investment thesis behind this business combination centers on leveraging Hand & Werk's technical expertise and proven track record in the engineering and deployment of mission-critical projects. Subject to customary closing conditions and regulatory approval from the German competition authorities, the transaction is expected to close during the 2026 fiscal year.

The acquisition of LSTC Group by SOCOTEC UK & Ireland represents a strategic move to strengthen the company's infrastructure capabilities, particularly in the power transmission and distribution sector. The deal complements SOCOTEC's existing portfolio of services, which includes geotechnical engineering, construction testing, monitoring, and surveying. By incorporating LSTC Group's specialized expertise, SOCOTEC can increasingly offer services to the critical transmission and distribution sector, enhancing its position in a highly strategic market. The acquisition is fully aligned with SOCOTEC Group's global strategy to accelerate its development in critical infrastructure, particularly in power grids, which are essential to the energy transition. The deal is expected to play a central role in SOCOTEC UK & Ireland's growth strategy, enhancing infrastructure safety and reliability across the UK and Ireland. The combined entity will have a stronger presence in the UK's regulated energy infrastructure market, with a diverse portfolio of services and a talented team of experts.

Rexel has entered into a definitive agreement to acquire Revere Electrical Supply, a family-owned American distributor. This strategic transaction marks another significant step in Rexel's ambitious external growth strategy in North America, representing its sixteenth acquisition in the region since 2020. The move is designed to substantially expand Rexel’s geographic footprint in the Midwest, a key industrial hub in the United States, thereby reinforcing its overall market position. Furthermore, the acquisition significantly strengthens Rexel’s capabilities and presence in the high-growth industrial automation segment. This market is underpinned by favorable long-term structural trends, including the increasing need for advanced manufacturing processes and industrial efficiency. By integrating Revere's specialized expertise, particularly its strong partnership as a Rockwell Automation reseller, Rexel aims to enhance its value proposition to industrial clients. The transaction is anticipated to be immediately accretive to Rexel’s earnings and is projected to begin creating substantial value within three years of closing. This acquisition underscores the company's commitment to accelerating growth through a disciplined combination of value-creating acquisitions and sustained organic development.

Montyon Capital has finalized the acquisition of a majority stake in Trigo from Ardian, a maneuver designed to fundamentally accelerate the group’s transformation into a multi-sector leader in industrial quality assurance. The strategic rationale for this transaction centers on a "sectoral-diversification" play, merging the target's industry-leading technical operational depth in automotive quality control with a definitive push into the high-growth aerospace and defense verticals. This structural alignment provides the organization with the institutional capital and strategic flexibility required to pursue an innovation-led expansion roadmap. The operation focuses on the industrialization of AI-powered inspection tools, utilizing the target's extensive global database to automate diagnostic workflows and enhance the resolution of complex engineering challenges. By incorporating the sponsor's strategic discipline, the group is now positioned to leverage its international footprint to address the increasing demand for secure, high-performance manufacturing standards.

The global safety science leader has signed a definitive agreement to acquire the electrical and electronics testing business of Eurofins Scientific, a French life sciences laboratory group. This strategic transaction represents a definitive portfolio pruning for the seller, marking a structural exit from the technical industrial testing space to concentrate resources on its core bio-analytical segments. The strategic rationale for the move centers on the acquirer's objective to broaden its technical operational depth in the high-growth electronics compliance market while achieving significant geographic densification in North America and Asia. By incorporating this technical specialist, the organization reinforces its ability to serve mission-critical electronics manufacturers requiring high-end certification services. The partnership is designed to leverage the acquirer’s global infrastructure and digital platform to enhance the target’s service delivery and operational efficiency. This integration facilitates the development of a uniquely integrated safety testing platform, providing the strategic depth required to navigate complex international standards and the rising demand for technological safety. The transaction marks the conclusion of the seller’s strategic review of non-core assets, allowing it to refocus capital on automation and artificial intelligence initiatives within its healthcare and environmental laboratories.

The transaction involves the 100% acquisition of Geocomp srl by Siwis, a platform company backed by Bravo Capital Partners II. This deal represents the third strategic acquisition for the platform, following its previous investments in Ekso srl and Drilling Solutions srl. The transaction structure includes an equity component where the founder of Geocomp, Pier Luigi Baldi, reinvests as a partner in the Siwis group, signaling strong alignment with the platform’s long-term value creation strategy. Strategically, this acquisition is designed to enhance the group's technical capabilities in network monitoring, territorial data management, and leakage detection, which are highly complementary to its existing no-dig pipeline remediation services. By integrating Geocomp’s expertise, Siwis effectively expands its service offering across the infrastructure maintenance value chain, enabling the group to provide end-to-end solutions for water and energy operators.

Bureau Veritas has signed a definitive agreement to acquire 100% of LotusWorks. This transaction marks a major step in the implementation of the Group’s strategy, significantly strengthening its leadership in the fast-growing data center and semiconductor market segments. The strategic rationale centers on creating a new service platform for mission-critical assets, combining Bureau Veritas' global network with LotusWorks' technical "know-how" in commissioning and validation. This platform is expected to represent approximately 15% of the Building & Infrastructure division upon closing. The acquisition is immediately accretive to the Group’s adjusted operating margin and earnings per share from the first year. The transaction will be funded through existing credit lines, maintaining Bureau Veritas’ net leverage within a range of 1.0x to 2.0x EBITDA.