ENDRIX (EX SFC) acquired by IK PARTNERS

NextStage AM acquired a minority stake (slightly over 30%) in Emargence for a ticket exceeding €10 million. The four founding partners retain majority control. The transaction, negotiated by Eurvad, values the firm at a premium multiple reflecting the high quality of its diversified service mix. Supported by a senior debt package from BNP Paribas, CIC, and Bred (leveraged at ~3x EBITDA), the deal aims to transform Emargence into a major regional leader. The strategic roadmap includes a "capex line" to acquire at least three firms per year, with the goal of tripling the firm’s EBITDA within five years

The arrival of Bridgepoint as a shareholder in Interpath marks a significant milestone in the growth of this advisory firm, which was founded in 2021 by former members of KPMG's UK branch. This GBP 800 million transaction will enable Interpath to strengthen its presence in Europe, with the ambition of tripling its workforce by 2030. As a specialist in corporate restructuring, the firm aims to consolidate its position in Europe before expanding internationally. The new partnership with Bridgepoint is expected to leverage the investment firm's expertise in the professional services sector, built on a long history of successful partnerships with companies in this industry

Elixirr has acquired 100% of the Hypothesis group, its fourth acquisition in the United States, strengthening its presence in the world's largest consulting market. Elixirr was founded in 2009 to disrupt the consulting industry by trying to deliver a better model to clients and with specific expertise across digital, data, AI and innovation.

Japanese HR giant Persol acquired an 85%, facilitating a full exit for historical venture capital and impact investors including Amundi PEF, Banque des Territoires, Breega, Kois, and Alter Equity. Founder Pascal Lorne and the management team retain 15% of the equity. The strategic rationale focuses on deploying Gojob's advanced AI matching technology across Persol's global network, particularly in Asia, while supporting Gojob's international scale-up in the US and Europe. This exit marks a major success for Breega, which returned 20x its seed investment

Elixirr acquired 100% of TRC Advisory, which represents Elixirr's largest acquisition to date and its fifth in the US, significantly scaling its North American presence. The deal is structured with an initial payment of US$57 million (mix of cash and shares), followed by performance-based top-ups and earn-outs. The acquisition provides immediate earnings enhancement and unlocks major cross-selling opportunities, particularly by introducing Elixirr's AI and digital capabilities to TRC's industrial and manufacturing clients

TowerBrook Fund VI completed the acquisition of RYDGE Conseil, the former chartered accountancy arm of KPMG France. This complex carve-out creates a new independent leader in the French SME services market. TowerBrook intends to support a transformational phase, investing in scalable infrastructure and digital tools while maintaining the partnership-driven culture of the firm. Francois Enaud (formerly Steria) joins as Chairman to guide the strategic transition away from the Big Four network.

Parella successfully completed its second LBO via a club deal. The transaction marks the entry of three new partners (SGCP, BRED, Bpifrance) alongside historical investor Qualium Investissement (partner since 2018), who chose to reinvest. Notably, the three founding partners significantly reinvested to regain majority control of the group. Key executives and managers across France and international offices also participated in the round. The operation is supported by a senior debt package provided by a pool including LCL, SG, BNP Paribas, Arkea, and Credit Mutuel

PROMAN has announced the acquisition of the HR tech scale-up Embarq. This transaction strategically propels the acquirer into a top-tier position within the "Portage Salarial" sector, effectively combining the target's high-growth digital platform with the industrial scale of a European HR giant. The strategic rationale for the deal is rooted in the booming demand for professional autonomy and corporate flexibility, a market currently growing at 20% annually. By integrating Embarq’s proprietary "phygital" ecosystem and its high-profile pool of 4,000 interim managers and IT experts, PROMAN increases its sector-specific revenue to nearly €200 million, representing a 9% total market share

ADIT finalized its 5th LBO with the entry of 8 new investors (UI, Covea, MACSF, etc.) taking 50% of the capital for EUR270M. Historical shareholders (Sagard, Parquest, Amundi) and Management (7%) retain the remaining 50%. Bpifrance reinforces its position (15%) alongside the French State (via APE in DCI). The transaction is supported by a EUR375M unitranche debt (Tikehau, Five Arrows, Eurazeo, CIC, Natixis) to fund a plan aimed at doubling the company's size by 2030.

Spartes completes a "Sponsorless" transaction with Andera Partners (Andera Acto). This operation allows the management team to reorganize the shareholder structure and provide liquidity to some historical partners without ceding control to a majority private equity fund. This financial backing aims to accelerate Spartes' development, particularly through the expansion of its digital service offering and potential small-scale acquisitions to complement its expertise in tax and social cost optimization