FORMICON acquired by TRITON PARTNERS

Groupe Spatio has been acquired by Sébastien Piffard, with the support of minority investors Océan Participations and Volney Développement (two investment vehicles of Crédit Mutuel, a leading French bank). The deal is structured as a BIMBO, with Piffard joining the company as the new leader and the historical management team remaining in place. The founders of Groupe Spatio are selling their majority stake in the company, but will retain a significant minority interest. The transaction is supported by a senior debt facility of approximately 5 million euros, provided by CIC and Crédit Agricole. The deal is expected to provide Groupe Spatio with the necessary resources and expertise to drive growth and expansion, while also allowing the founders to realize a return on their investment. The BIMBO structure allows for a smooth transition of ownership and management, with Piffard bringing new expertise and leadership to the company.

Bridgepoint acquired the majority of Nexity's residential services division to form EVORIEL. The deal allows Nexity to deleverage and refocus on urban development, while EVORIEL benefits from Bridgepoint's expertise in consolidating fragmented service markets. A strategic partnership remains in place between Nexity and EVORIEL to ensure business continuity and cross-selling synergies.

The acquisition of Offentliga Hus i Norden AB by Samhällsbyggnadsbolaget i Norden AB marks a significant strategic move in the Nordic real estate market. The deal enables SBB to expand its portfolio and increase its presence in the region. The acquisition is expected to create synergies and opportunities for growth, as SBB can leverage its expertise and resources to enhance the value of Offentliga Hus i Norden AB's properties. The transaction is also expected to have a positive impact on the market, as it demonstrates the attractiveness of the Nordic real estate sector to investors. The deal's structure, which involves a combination of cash and share consideration, provides flexibility and allows SBB to optimize its financing. The acquisition is subject to regulatory approvals, and SBB has announced its intention to make a public offer for the remaining shares in Offentliga Hus i Norden AB. The deal is expected to be completed in stages, with the initial completion marking an important milestone in the process. Overall, the acquisition of Offentliga Hus i Norden AB by SBB is a strategic move that is expected to drive growth, create value, and consolidate SBB's position in the Nordic real estate market.

Ardian entered into an agreement to acquire a majority stake in Babeau Seguin from NiXEN Partners and a syndicate of minority investors including Pechel Industries, Siparex, and Bpifrance. The transaction was structured as a tertiary LBO, with the management team reinvesting to increase their equity stake. Financing for the acquisition was supported by a EUR70 million senior debt package split into Tranche A and Tranche B. The investment thesis focuses on transforming Babeau Seguin from a regional leader into a national powerhouse through a targeted buy-and-build strategy in a market where the top player holds only a 5% share. Despite regulatory changes to French housing incentives (PTZ), Ardian's investment highlights the group's operational resilience and superior margin profile compared to industry peers.