CAPZA invests in RESPIRE

Capza has entered into exclusive negotiations to acquire a minority stake in Respire as part of its Flex Equity strategy. This transaction marks a new milestone in Respire's development, while maintaining founder control over the company. The deal primarily involves the buyout of shares held by historical investors who participated in a previous funding round (Bpifrance, Raise Ventures, and Kostogri), with Capza becoming the company's primary minority financial partner. In parallel, the founders are taking the opportunity to slightly strengthen their position and retain a comfortable majority stake in the company. The choice of a Flex Equity structure reflects the desire to support Respire's growth without compromising its operational independence. Unlike a traditional leveraged buyout (LBO) that involves a change of control, this approach provides access to financial resources and strategic support while allowing the management team to drive the company's development trajectory. The value creation prospects are mainly based on continued organic growth. Respire plans to accelerate the development of its existing product lines, expand its product portfolio, and strengthen its presence in specialized distribution networks. Internationalization is also a key strategic axis, with a focus on certain European markets that share similar characteristics with the French market (notably Italy and Spain). The transaction was orchestrated by Houlihan Lokey.