HEMA acquired by RAMPHASTOS INVESTMENTS

Ergon Capital acquired a majority stake in Haudecoeur through a Primary LBO (the first time the family opened its capital to a financial investor). The transaction was the result of an unsolicited offer orchestrated by Raphael Financial Advisory. The Haudecoeur family retained a significant minority stake and continued to be involved in the business. The deal structure included senior debt with specific "acquisition lines" to fund future external growth. The strategic goal is to transform this national champion into a European platform for ethnic foods

Equistone acquired 100% of Courir from Groupe Go Sport for an Enterprise Value of EUR283 million. This disposal was vital for Rallye, which was seeking to reduce its debt load. The transaction was structured as an MBO: the existing management team reinvested alongside Equistone to gain autonomy.

Ouest Croissance injected less than €5 million into Easy Cash to acquire a minority stake of slightly under 20%. This fundraising is specifically designed to accelerate the group's territorial density, focusing on opening new company-owned branches (subsidiaries) in the city centers of major French metropolises. The transaction also marks the entry of the network leader since 2010, into the capital structure. The historical founders based in Mérignac remain majority shareholders but accepted a slight dilution

Ardian, a leading private investment firm, entered into an agreement to acquire a majority shareholding in Prosol, the operator of the highly successful Grand Frais fresh food retail chain. This transaction marked a significant shift in ownership, as Prosol's founder, Denis Dumont, who had previously maintained a controlling interest, agreed to the preemptive offer from Ardian. The deal was structured as a leveraged buyout, signaling a new phase of development for the rapidly growing retailer. As part of the agreement, key stakeholders demonstrated their long-term commitment to the business, with both the founder and the existing management team, led by President Hervé Vallat, reinvesting alongside the new majority owner

JD Sports acquired 100% of Go Outdoors (>�200m of revenues) from its founders and private equity backers (YFM Equity Partners and 3i Group). The strategic rationale was purely about portfolio complementarity: while JD's existing brands (Blacks, Millets) dominated the traditional "High Street" locations with smaller footprints and higher price points, Go Outdoors dominated the "Out-of-Town" destination market with massive inventory and lower prices. There was minimal geographic overlap between the two estates

Maisons du Monde successfully completed its initial public offering (IPO) on Euronext Paris in May 2016, marking a key milestone in the group's evolution following several leveraged buyout (LBO) cycles. The transaction was structured as a global offering, combining a new share issue and a sale of existing shares by historical financial shareholders, including Bain Capital. The IPO raised approximately €330 million, with a fixed price of €17 per share, resulting in a market capitalization of around €769 million at the time of listing

Lagardere acquired 100% of the holding company of Paradies. The sellers were the private equity firm Freeman Spogli & Co and the founding Paradies family. The transaction combined Lagardere's existing North American operations with Paradies to create a new entity generating ~$800 million in sales.

Dufry AG has signed an agreement to acquire 100% of The Nuance Group. This transformational operation confirms the group as the global leader in the airport retail industry, reaching a 15% worldwide market share and a combined presence in 63 countries. The strategic rationale centers on the highly complementary nature of the two portfolios, strengthening the group's positioning in key regions such as the Mediterranean, Asia, and North America. Specifically, the acquisition adds significant retail operations in strategic markets like Turkey, Malta, and mainland China, while reinforcing the group's leadership in the United States and Canada

The transaction marks the sale of Maisons du Monde to Bain Capital, following a competitive process involving several private equity players, including Axa Private Equity and PAI Partners. LBO France, Apax Partners, and NiXEN Partners, which had held a stake in the group since the secondary LBO in 2008, are divesting their interest in this deal, while management retains a significant stake to ensure strategic and operational continuity. The founder also remains invested, providing stability to the entrepreneurial project and continuity of the brand's original vision

PPR (Kering) entered into exclusive negotiations with Alpha Private Equity Fund 6 for the sale of its Children & Family division (Cyrillus and Vertbaudet). The transaction was valued at an Enterprise Value of €119 million. This divestment is a strategic step in PPR's transformation into a pure-play global leader in Luxury and Sport & Lifestyle (Gucci, PUMA, etc.). For the targets, the deal marks the end of their era within a large retail conglomerate (Redcats) and the beginning of their journey as an independent group