FUTUR MASTER acquired by SAGARD

Sogelink announced the acquisition of Netisys, marking its fifth acquisition in two years and the first major build-up since CVC's entry. This transaction strengthens Sogelink's offering for public and parapublic actors by integrating specialized tools for managing road, rail, and port infrastructures. The deal aligns with a strategy to cover the full asset lifecycle, specifically focusing on maintenance and sustainability. Netisys founders join the group, which also gains a strategic footprint in the Sophia-Antipolis technology park.

TopSolid completed its fifth LBO since 2005, welcoming Credit Mutuel Equity as a new minority reference shareholder. Historical partners Bpifrance and IRDI chose to reinvest, while Siparex (shareholder since 2018) exited. The transaction allows the management team—comprising two generations of executives—to retain majority control (>60%), with the younger generation significantly strengthening their equity position. The deal is supported by senior debt with a leverage ratio below 3.0x EBITDA. The strategic goal is to reach EUR100M in revenue by 2029 while remaining an independent French player.

Lacour Group has successfully completed the 100% acquisition of the UK-based software developer Dragon2000, marking its first major international expansion since the 2023 Carlyle LBO. The transaction was funded through a combination of existing cash reserves and CAPEX facilities provided by Capza. This acquisition is a strategic milestone that secures Lacour’s entry into the dynamic British automotive market, adding 1,000 UK clients and €10 million in Annual Recurring Revenue (ARR) to the group’s perimeter. The integration allows Lacour to cross-sell its French aftersales and parts database solutions to the UK market while leveraging Dragon2000’s expertise in dealership management systems. This deal consolidates Lacour’s position as a pan-European leader, scaling its total client base to 10,000 and providing a platform for further expansion into Germany and Spain.

Following a competitive process led by Oaklins, JVS Group completed its fourth LBO, marking the exit of Parquest, which had been an investor since 2020. Capza invested over €55m (primarily through mezzanine debt and bond tools), while Bpifrance reinvested €6m. Together, the financial investors hold approximately 20% of the capital, leaving nearly 80% of the equity in the hands of a team of 12 managers. This "relution" operation allows the management to significantly increase its control. The transaction is supported by senior debt from the company's historical banking pool. The primary objective is to move to a "higher gear" in external growth, targeting software publishers with functional synergies to consolidate JVS’s strategic position with French municipalities.

Vertiseit acquired 100% of the outstanding shares in Visual Art. This transformative transaction significantly expands Vertiseit's global footprint, particularly in the Nordics, UK, and North America, while increasing its total Annual Recurring Revenue (ARR) by over 40% to SEK 254 million. A key component of the deal was the entry of Bonnier Capital as the new lead shareholder in Vertiseit, holding a 17.7% stake. Visual Art will continue to operate as an independent brand within the group, focusing on technical synergies between its Azure-based software and Vertiseit's IXM Grid back-end.

Bonnier Capital significantly increased its stake in Vertiseit to become the company’s largest shareholder, holding approximately 18% of the capital. This strategic investment served as the primary financing engine for Vertiseit’s simultaneous acquisition of its competitor, Visual Art. By enabling this "Buy-and-Build" transaction, Bonnier Capital transformed Vertiseit from a high-growth SaaS specialist into a dominant European Adtech platform with a consolidated revenue of nearly SEK 700 million. The deal ensures long-term institutional backing for Vertiseit’s "2025-2032" growth plan, which aims to reach SEK 1 billion in ARR. As part of the agreement, Bonnier Capital’s CEO joined the board of directors to actively guide the group's international expansion and retail media monetization strategy.

On October 28, 2024, Sesa S.p.A., through its subsidiary Var Group, finalized a binding agreement to acquire a 55% majority stake in SMART Engineering GmbH, a specialized provider of CAE software and engineering simulation services. This transaction represents a strategic expansion of the Var Industries business unit, reinforcing the acquirer's capabilities in the high-growth engineering and industrial design software sector. By incorporating the target's specialized know-how in FEM and CFD calculations, Sesa aims to further consolidate its position as a primary digital transformation partner for manufacturing enterprises across Europe. The acquisition is aligned with the group’s broader strategy of building a robust European center for digital engineering, characterized by vertical technical expertise and a strong footprint in the key DACH industrial markets. This operation is expected to yield immediate benefits in terms of expanded human capital, with a specialized team joining the broader organization to support complex engineering design workflows.

Veralto has acquired the holding company of TraceGains. This acquisition strategically expands Veralto’s PQI segment by integrating TraceGains’ food safety software with Esko’s digital workflow solutions for packaging and label design. The deal is a pure "Software-as-a-Service" play, as TraceGains generates over 95% of its sales from recurring subscriptions. Veralto plans to leverage its global sales channel and the Esko customer base to accelerate TraceGains' market presence. Financially, the deal aligns with Veralto’s disciplined capital allocation, with an expected double-digit return on invested capital by year 6. The transaction was funded entirely with cash on hand, highlighting Veralto's strong balance sheet following its recent spin-off.

DENTRESSANGLE Capital acquired a majority stake in EDL from the private equity firm Abenex. This transaction was carried out at a high valuation multiple, reflecting EDL's exceptional profitability (50% EBITDA margin) and dominant market position. The management team reinvested significantly alongside DENTRESSANGLE. The strategic rationale for this "LBO bis" is to accelerate EDL's European footprint through targeted build-up acquisitions and to enhance its technological lead by further integrating AI into the Xplore suite. This transaction marks a successful exit for Abenex, which had supported the group since 2021, overseeing its expansion into the DACH region and Belgium.

IK Partners acquired a minority stake in Octime, marking the company's 5th LBO cycle. The President and key managers retain a majority stake (~55%). Andera Partners remains a minority shareholder, while Capza exited its position after an 8-year tenure. The deal is supported by senior debt. The strategic objective is to double Octime's revenue within five years through organic growth in France and an active build-up strategy in neighboring countries and Northern Europe.