GROUPE ASTR IN acquired by AQUASOURCA

Tikehau Capital, the alternative asset management group, has entered into exclusive negotiations to acquire a majority stake in Groupe Sterne, a European leader in high-value-added sustainable transport and logistics. Tikehau would invest via its T2 Energy Transition fund, succeeding Meanings Capital Partners, who led the group�s initial transformation and will significantly reinvest alongside the management team.

A.P. Moller – Maersk has completed the acquisition of B2C Europe Holding. The deal, initially announced in August 2021, was finalized following regulatory approvals and represents a critical step in Maersk’s e-commerce logistics expansion in Europe. The strategic rationale for the acquisition is to "close the circle" around Maersk’s e-commerce logistics capabilities in Europe. By integrating B2C Europe’s asset-light delivery product and its extensive network of 100+ European carriers, Maersk can now offer its global customersn particularly those in North America and China, standardized Europe-wide last-mile rates through a single interface. This eliminates the complexity for international retailers of managing multiple local carrier relationships. The deal specifically strengthens Maersk’s "B2C Delivery" and "Returns" capabilities, providing the technical infrastructure to inject parcels directly into local networks.

The deal involves EQT Infrastructure V fund's voluntary cash offer to acquire all outstanding shares in Torghatten ASA, excluding the airline segment, through HATI BidCo AS. The offer price is set at NOK 175 per share, with an additional distribution of shares in Flyco AS to existing shareholders, valuing each Torghatten share at NOK 192. This represents a 14% premium to the last registered trading price on Norway's NOTC. The transaction is subject to certain conditions, including a minimum acceptance level of 2/3 of the issued and outstanding share capital of Torghatten, regulatory approval, and the amendment of Torghatten's articles of association. The deal is expected to support Torghatten's continued growth and sustainability efforts, with EQT Infrastructure V fund committed to providing resources and expertise to drive the company's development. The acquisition is seen as a strategic move to enhance Torghatten's market position and competitiveness, while also aligning with EQT's investment strategy and commitment to sustainable growth. The deal's success is contingent upon the satisfaction of the specified conditions, and the offer period is expected to last until February 2021, subject to extensions. The transaction is expected to have a positive impact on Torghatten's operations, enabling the company to further develop its critical services and sustainability profile, ultimately benefiting its customers, employees, and partners across Norway.

BBL Invest, the holding company controlling the BBL Group, has signed a capital agreement with the investment company GENEO Capital Entrepreneur. This transaction, worth a total of EUR15 million, strengthens the BBL Group's equity capital and provides it with long-term resources to finance its growth.

Siparex and Bpifrance acquired a 51% majority stake in Top Chrono during the company's first-ever LBO. The transaction facilitated the exit of founders. The strategic rationale focuses on scaling Top Chrono's national footprint beyond the Paris region and capitalizing on the structural shift toward home delivery accelerated by the health crisis. The new shareholders aim to double the group's size through a mix of high organic growth and targeted external acquisitions (build-ups) to consolidate the fragmented last-mile delivery market in major French urban centers.

Oaktree Capital Management made a strategic minority investment in MBE Worldwide, a global provider of logistics and business services. The transaction was structured as a significant capital increase, with the investment proceeds intended to fuel the company's next phase of growth. The founding Fiorelli family, who will continue to lead the company, retained a majority ownership stake post-transaction. The partnership with Oaktree provides MBE with significant capital and a strategic partner with deep experience to support its ambitious expansion plans. The primary rationale for the deal is to accelerate MBE's international presence and enhance its competitive position, pursuing growth both organically and through further strategic acquisitions. Oaktree was attracted to MBE's impressive track record, strong market position within promising and growing industries, and experienced management team. For MBE, which had been actively seeking a private equity partner, the transaction was a key step in securing a valued investor to help achieve its long-term goals of increasing financial strength and global reach in the evolving shipping, fulfillment, and marketing solutions markets for SMEs.

Star Service has completed its third leveraged operation (an OBO) to diversify its shareholding and support a new phase of healthcare-led growth. In this transaction, the founder and the management team (which has expanded since the previous 2013 operation) maintain majority control of the capital. The pool of minority investors has been significantly renewed: while historical partners Socadif and BNP Paribas Développement have reinvested, lead investor Andera Partners has fully exited its position via the Winch Capital 2 fund. Two new strategic minority entrants, the insurer MACSF and the healthcare group Vivalto, have joined the round to provide sector-specific expertise. The rationale for this OBO is to capitalize on Star Service's successful transformation into a multi-sector logistics leader, having more than doubled its revenue from €93M to €200M over the last five years. The entry of healthcare-focused investors is specifically designed to accelerate the group's expansion into pharmaceutical and laboratory transport, a segment characterized by high technical barriers and strict regulatory requirements for temperature control. The deal is financed by a three-tranche senior debt package provided by a pool of major French commercial banks and Zencap. Looking forward, the partners aim to leverage external growth to build international presence and consolidate the group's leadership in the rapidly growing medical and e-commerce delivery markets.

The management team reorganized the capital structure to consolidate their majority position. Existing sponsors Siparex and NCI exited after a 5-year cycle. The new investor pool (Arkea, Unexo, Socadif) injected EUR35 million in equity. It is leveraged by a senior debt package of over EUR50 million arranged by BNP Paribas. The goal is to reach EUR420 million in revenue by 2021 through further buy-and-build operations.

Ouest Croissance acquired a minority stake in Vedettes de Paris to support the company's investment plan. The key objective was the electrification of the fleet (hybrid/electric boats) and the renovation of docking infrastructures to meet new environmental standards and enhance the tourist experience.

The acquisition of World Freight Company International (WFCI) by PAI Partners and Baring Private Equity Asia represents a significant strategic move in the global air freight industry. The deal is driven by the growing demand for air cargo services, particularly in the Asia-Europe corridor, and the need for companies to consolidate and expand their networks to remain competitive. WFCI's strong market position, extensive network, and experienced management team make it an attractive target for investors looking to capitalize on the growth potential of the industry. The acquisition is expected to support WFCI's continued expansion and improvement of its services, as well as its strategy to increase its presence in key markets and to enhance its customer experience. The partnership between PAI Partners and Baring Private Equity Asia brings together two experienced investors with a deep understanding of the industry and a strong track record of delivering returns for investors. The deal is expected to have a positive impact on the industry, driving growth and innovation, and providing opportunities for companies to improve their logistics and supply chain management capabilities.