Fermax acquired by ARDIAN

Announced in December 2025, the definitive agreement entered into by Ardian to acquire a majority stake in Fermax from Eurazeo and MCH Private Equity completes the transition of the Spanish manufacturer into the private equity sponsor's Expansion investment portfolio. The buy-and-build transaction secures the full divestment of the 95% majority equity interest held jointly by Eurazeo and its Spanish subsidiary MCH Private Equity since early 2023, while Fermax's executive management team executes a structured rollover reinvestment to remain coinvested alongside the incoming financial backer. On the financial metrics of the exit, the divesting shareholders realized a 2.6x cash-on-cash return multiple and generated an internal rate of return (IRR) approaching 40% over the hold period. In parallel, the business generated in annual turnover. From a strategic perspective, the partnership marks the 11th investment executed via Ardian Expansion Fund VI and represents the Expansion team's inaugural direct transaction in Spain. The capital allocation plan aims to accelerate the company's international penetration across core European corridors and priority international markets, scaling its commercial footprint beyond its current reach. The strategic roadmap also finances targeted bolt-on acquisitions in complementary home automation niches, increases R&D outlays for connected IoT security platforms, and optimizes digital interfaces for electrical wholesalers and trade contractors. The deal execution was supported by a specialized international advisory syndicate. On the buy-side, Ardian engaged Uría Menéndez as legal counsel for M&A, financing, and labor due diligence, while Roland Berger conducted commercial due diligence, Akvize handled technology audits, and EY executed both financial and tax due diligence as well as ESG audits. On the sell-side, Eurazeo, MCH, and management were advised by Invala Capital on M&A advisory, with Garrigues providing corporate legal counsel. Final completion remains subject to customary regulatory clearances.