HENCO acquired by BNP PARIBAS DEVELOPPEMENT & BPIFRANCE
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 LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Business Services sector (10.9x).
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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.
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 20M - 50M EUR
Revenue range: 25M - 50M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: henco
Acquirer: bnp paribas developpement / bpifrance