CONSTELLATION acquired by 3I

The document management group for the nuclear and industrial sectors, with a turnover of EUR43.5 million, completes a new LBO with its sponsors since 2023, Eurazeo, Trocadero CP and Bpifrance, in which management takes two-thirds of the capital.

Oakley Capital is acquiring a majority stake in I-TRACING from a group of investors led by Eurazeo and Sagard NewGen. This transaction is structured as a strategic recapitalization where the new lead investor enters alongside the historical shareholder to establish a co-control governance framework. The founders and the existing management team, comprising approximately eighty executives and employees, are significantly reinvesting in the operation to maintain a strong alignment of interests. The investment strategy is designed to build a pan-European champion in cybersecurity services by accelerating organic growth and implementing an active M&A program. Several potential acquisition targets in complementary geographies and service niches have already been identified. This new phase of development aims to capitalize on the group's pure-player positioning and its ability to attract top-tier technical talent in a rapidly expanding global market. The partnership will leverage the combined international networks and financing capabilities of all three institutional investors to support the group's ambitious expansion roadmap.

SNEF Group has acquired a majority stake in Alliativ, the controlling shareholder of Visiativ, with the ultimate objective of launching a mandatory tender offer for the remaining shares of Visiativ to achieve 100% ownership. This strategic corporate acquisition enables SNEF Group, a premier multi-technical services player, to significantly accelerate its digital transformation and strengthen its footprint in the Industry 4.0 landscape.

Keensight Capital acquires a majority stake in Nomios from IK Partners in a transaction valuing the company at over EUR700 million. This secondary LBO marks the exit of IK Partners, under whose tenure Nomios doubled its revenue. The founder, Sebastien Kher, and the management team remain at the helm. The new partnership aims to accelerate organic growth and pursue an aggressive buy-and-build strategy in Europe (illustrated by subsequent acquisitions like Dionach in the UK or Intragen) to consolidate the fragmented cybersecurity market.

Koesio has structured an Owner Buy-Out (OBO) in which a consortium led by Montefiore Investment acquired a 25% minority stake in the group. Montefiore holds 16% of the capital, while the three banking partners each hold 3%. The founder and President, Pierre-Eric Brenier, along with CEO Gilles Perrot and key managers, retain the remaining 75% of the shares. The deal is supported by a senior debt facility provided by a banking pool, which includes dedicated lines for future acquisitions. This capital injection follows a period of hyper-growth where Koesio more than doubled its turnover from €415M in 2020 to €1.1B in 2023. The partnership aims to fuel further diversification, particularly in the telecommunications sector.

Cobepa finalises the sale of Scalian to Wendel for an enterprise value of �965 million. Wendel has invested �557 million in equity, holding an 82% stake in Scalian alongside the company's management.

Thales has reached a definitive agreement to acquire one hundred percent of Imperva from the private equity sponsor Thoma Bravo through an all-cash corporate carve-out. This platform investment transitions the target from financial sponsorship to a long-term corporate structure, unifying two highly complementary portfolios. The strategic rationale for the acquirer is overwhelmingly compelling, fundamentally transforming its Digital Identity and Security division by seamlessly integrating robust application security and data-in-use protection capabilities with its existing expertise in data-in-motion protection. This strategic consolidation creates a comprehensive, world-class cybersecurity powerhouse capable of addressing an expanded addressable market while capturing substantial cross-selling opportunities across a shared, premium enterprise customer base. By executing this transaction, the acquirer solidifies its transition into a global cybersecurity leader, generating significant projected run-rate cost and revenue synergies.

Infra Group has completed its fifth LBO, with PAI Partners becoming the majority shareholder alongside ICG and Andera Partners. This strategic move aims to accelerate the Belgian group's expansion in the underground and surface infrastructure sector. By leveraging its diversified model, the company plans to pursue its ambitious build-up strategy, particularly in Germany, to benefit from the energy transition.

A consortium of private equity firms led by Meanings Capital Partners, a firm with EUR1B AUM. They are joined by Amundi PEF and Africinvest, the latter supporting the group's expansion strategy in North Africa (Morocco).

Allurity, a premier European cybersecurity services group backed by private equity firm Trill Impact, has finalized the acquisition of Securix, a leading cybersecurity player based in the Benelux region. Securix specializes in Identity and Access Management (IAM), Identity Governance and Administration (IGA), and Managed Detection and Response (MDR) solutions. This strategic bolt-on corporate transaction enables Allurity to expand its geographical footprint into the Benelux market and significantly strengthen its tech-enabled capabilities. The core investment thesis centers on building a dominant, integrated European cybersecurity powerhouse delivering end-to-end protection. By joining the Allurity platform, Securix will leverage an international scale and enhanced commercial synergies while retaining its distinct brand identity, executive leadership team, and operational excellence to meet accelerating corporate demand for robust digital infrastructure security.