GROUPE ALLEZ acquired by FCDE (FONDS DE CONSOLIDATION ET DE DEVELOPPEMENT DES ENTREPRISES)

QXO, Inc. has finalized a definitive agreement to acquire TopBuild, a maneuver designed to fundamentally accelerate the group’s trajectory toward becoming a multi-category industrial distribution leader. The strategic rationale for this transaction centers on a "platform-unification" play, merging the target's industry-leading technical operational depth in insulation and installation with the group’s vast capital resources and tech-enabled execution framework. This fusion effectively creates a specialized powerhouse in the building products arena, providing the organization with the scientific talent and logistical hardware required to address the increasing complexity of energy-efficient infrastructure and large-scale residential projects

MasTec has finalized the acquisition of McKee Utility Contractors from Boyne Capital, marking a full exit for Boyne’s second fund (BCM Fund II LP). The transition reflects the integration of a specialized water infrastructure platform into a global publicly traded diversified services group. Under Boyne's three-year ownership, the organization underwent a significant operational transformation, which included doubling its crew count and establishing new regional divisions across Oklahoma and Texas

Fletcher Building has entered into an agreement to divest its Fletcher Construction division to international group VINCI, as part of a strategic restructuring initiative aimed at refocusing the company on its core building materials manufacturing and distribution operations. The transaction encompasses all of Fletcher Construction's operations in New Zealand, including its key business units, while certain non-core activities and legacy liabilities are excluded from the sale and retained by Fletcher Building

The management team of Snic Technologies organized a tertiary LBO (LBO ter) to regain majority control of the group, facilitating the exit of the previous majority sponsor, Innovafonds. The transaction is backed by a debt package of around EUR100 million, refinanced in mid-2025. The new capital aims to fund sizeable acquisitions in Europe, with a specific focus on penetrating the German market, where barriers to entry for signaling equipment are high.

Accelerating its expansion into the mission-critical digital infrastructure sector, Dycom Industries has finalized the acquisition of Power Solutions. This strategic move positions the organization as a leading provider of electrical contracting services specifically tailored for the fast-growing data center market in the Mid-Atlantic region. The transaction involves the full integration of the Bowie-based specialist into the broader group platform, while maintaining its established brand identity and management structure to ensure operational continuity

Communication Zone has been acquired by Hexatronic Group AB, with the transaction closing on 25 November 2025. The acquisition was executed as an asset purchase following a pre‑closing tax‑free reorganization, allowing Hexatronic to treat the deal as an asset acquisition for tax purposes. Financing was provided through a combination of available cash and existing debt facilities, and the target will operate as part of Hexatronic’s Data Center business area. Hexatronic pursued the transaction to broaden its geographic coverage into the United States Midwest and to incorporate Communication Zone’s portfolio of national accounts

Siparex Entrepreneurs, supported by Bpifrance, acquired a majority stake in Brifer as part of a primary Management Buy-Out (MBO). The transaction allows the founding family to step back from majority control while retaining a minority stake to ensure a smooth transition. The current CEO, who took the helm in 2020, significantly increased his equity stake alongside key operational managers (site supervisors). The deal is leveraged with a senior debt package provided by CIC and Societe Generale. The new ownership structure is designed to finance organic growth (recruitment of expertise) and pursue external growth opportunities (build-ups), without putting excessive pressure on the company's cash flow

Electrical engineering specialist Groupe Fauché has successfully completed the acquisition of Sylpa, an Île-de-France-based peer, following a highly competitive, industrials-only auction process advised by Investec. The transaction facilitates the full exit of private equity sponsor Andera Partners, which had backed the target since 2019 through its sponsorless vehicle, Acto Mezz III. The acquisition was funded utilizing Groupe Fauché’s existing bank debt—secured during its recent MBO backed by minority investor EMZ—coupled with a private debt facility provided by GSO Financement

VINCI has entered into an agreement to acquire FM Conway, a leading UK-based infrastructure and public works company, as part of a strategic expansion of its operations in the United Kingdom. The transaction encompasses all of FM Conway's activities and aims to integrate the company into VINCI's existing operational platforms in the country. This acquisition enables VINCI to strengthen its presence in southeast England, a region characterized by significant investment momentum in infrastructure and urban services

Ardian, the majority shareholder in Syclef since 2020, has orchestrated a GP-led secondary transaction to continue its investment in the company. This deal was structured through a single-asset continuation fund, Ardian Expansion Syclef Continuation Fund, allowing Ardian to retain control while providing a liquidity event for the limited partners of its predecessor fund, Ardian Expansion V. The new vehicle attracted significant external capital, with Eurazeo acting as the senior lead investor and Astorg participating as a co-lead investor through its GP Equity Solutions strategy