mynth
11/2024Minority

BNP Paribas Developpement & Bpifrance invest in Henco

FRANCE Facility Management / Maintenance EV €20–50M

Context

BNP Paribas Développement and Bpifrance entered the capital of Henco to support its transition into a new phase of institutional growth. In this operation, the minority investors provided a combination of equity and quasi-equity to strengthen the group's capital structure and facilitate a major external growth project. The leadership team that took over the company in 2017 remains the majority shareholder, ensuring continuity in management and strategic execution. The primary rationale for this deal was to provide the necessary firepower for Henco to execute a significant buy-and-build strategy, specifically enabling the simultaneous acquisition of a larger competitor to triple the group's overall size (Groupe G3).

Henco, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only].

-> Deep-dive in Business Services market trends

Target

Established in 2017 following a management buyout, Henco is a technical service provider specialized in the maintenance and repair of professional kitchen equipment for the collective catering sector. Headquartered in the Île-de-France region, the company operates a business model centered on technical excellence and high-speed intervention for a diverse client base that includes schools, universities, and corporate dining facilities. Its value proposition is built on ensuring the operational continuity of critical kitchen infrastructure through preventive and curative maintenance programs. Henco’s strategy focuses on consolidating a historically fragmented market by providing institutional clients with a professionalized and reliable technical partner. The company emphasizes regulatory compliance and the extension of equipment lifecycles for its clients, positioning itself as a key link in the food-service value chain. By focusing on niche technical skills and local proximity, Henco aims to establish itself as a reference leader in the facility management landscape for high-volume catering environments across the French market.

Ent. Value

€20–50M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
€25–50M
[members only]
[members only]
2022
€25–50M
[members only]
[members only]

Other operations with BNP Paribas Developpement / Bpifrance

Other operations with BNP Paribas Developpement / Bpifrance
DateAcquirerTargetCountrySector
05/2025AMUNDI PRIVATE EQUITY / ARKEA CAPITAL / BNP PARIBAS DEVELOPPEMENTEDUSERVICESFRANCEEducation Providers
12/2024WEINBERG CAPITAL PARTNERS / BNP PARIBAS DEVELOPPEMENTCOSMOGENFRANCEPackaging & Containers
09/2024OUEST CROISSANCE / BPIFRANCETEXELISFRANCEHeavy Duty & Special Vehicles
05/2024BPIFRANCE / MUBADALASOCOTECFRANCETIC (Testing, Inspection, Certification)
01/2024BNP PARIBAS DEVELOPPEMENT / SOCIETE GENERALE CAPITAL PARTENAIRES / BTP CAPITAL / BPIFRANCE / CREDIT MUTUEL EQUITYDEMATHIEU BARDFRANCEConstruction
01/2024ARDIAN / BPIFRANCE / MACSFAPRIUM PHARMACIEFRANCEPharmacy
10/2023MONTEFIORE INVESTMENT / BNP PARIBAS DEVELOPPEMENT / SOCIETE GENERALE CAPITAL PARTENAIRES / CARVEST (CRÉDIT AGRICOLE RÉGIONS INVESTISSEMENT)KOESIOFRANCEMSP (Managed Services)
07/2023CREDIT MUTUEL EQUITY / BNP PARIBAS DEVELOPPEMENTDIMOTRANSFRANCEFreight Transport
03/2023BNP PARIBAS DEVELOPPEMENT / BPIFRANCE / BTP CAPITAL / ESFIN PARTICIPATIONSGCCFRANCEConstruction
12/2022IXO PRIVATE EQUITY / BNP PARIBAS DEVELOPPEMENTAIR SUPPORTFRANCEMRO (Maintenance, Repair & Overhaul)

Similar deals in Facility Management

Similar deals in Facility Management
DateAcquirerTargetCountrySector
02/2025HPS INVESTMENT PARTNERS / OAK HILL ADVISORS / ONE INVESTMENT MANAGEMENT / BC PARTNERSGARDAWORLD SECURITYCANADASecurity & Guarding
02/2025BAIN CAPITALAPLEONAGERMANYHVAC
11/2024MSA MIZARVETA+SPAINBPO & Outsourcing
11/2024LITERACY CAPITALAMPLIFY5UNITED KINGDOMCall Centers
10/2024MITIE GROUPGRUPO VISEGURITYSPAINSecurity & Guarding
07/2024CHURCHES FIRETAYLOR FIRE SPRINKLERSUNITED KINGDOMSecurity & Guarding
07/2024EMZ PARTNERSFAUCHEFRANCEMaintenance
04/2024EQT PARTNERSOCEA GROUPFRANCEMaintenance
04/2024API GROUPELEVATED FACILITY SERVICESUNITED STATESMaintenance
03/2024IK PARTNERSCHECKMATE FIREUNITED KINGDOMSecurity & Guarding

REFERENCES

Valuation range: EV €20–50M

Revenue range: €25–50M

EV/Revenue range: 1x - 3x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Henco by BNP Paribas Developpement / Bpifrance are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: henco

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Henco, a French company specialised in Maintenance, by BNP Paribas Developpement and Bpifrance in 2024.

How was the acquisition of Henco by BNP Paribas Developpement valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €20–50M band and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What was Henco’s revenue at the time of the deal?

At the time of the transaction, Henco’s annual revenue was estimated within the €25–50M range (FY 2023). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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