HENCO acquired by BNP PARIBAS DEVELOPPEMENT & BPIFRANCE

LBO France and Andera Partners entered into exclusive negotiations for the sale of their combined stake in Prenax Group to Triton. LBO France had acquired its majority stake in October 2020 alongside Andera Acto and the management team, specifically to finance the acquisition of LM Information, which created the European market leader in outsourced subscription management. Over the five-year holding period, LBO France supported Prenax through a major transformation encompassing three bolt-on acquisitions, a management transition, and the launch of a new technology-driven service offering

ICG acquired a majority stake in Groupe Climater, facilitating the exit of previous financial sponsors (including Credit Agricole Regions Investissement and others). The deal was structured to support the group's "LBO 4" phase, focusing on accelerating national coverage and expanding service offerings in energy renovation. The management team, which has led the group through several successful LBO cycles, remains significantly invested.

Fauché has completed a new management buy-out (MBO) transaction in partnership with its long-standing partner EMZ Partners. This deal comes nearly three years after a previous capital restructuring and aims to support the group's continued growth while strengthening employee ownership. The distinctive feature of this transaction is the expansion of the employee shareholder base, with over 30% of employees now holding shares in the company. Following the transaction, employees collectively retain more than 80% of the capital, reflecting the group's commitment to preserving an entrepreneurial model that ties team performance to company performance

EQT, through its Active Core Infrastructure fund, has entered into exclusive negotiations to acquire Ocea Group from ICG Infrastructure Equity I. Based in France, Ocea is a leading provider of smart water and heat submetering infrastructure, operating more than four million devices. The company serves over 7,000 public and private clients through long-term, inflation-linked contracts typically exceeding 10 years.

The acquisition of the R+S Group by VINCI Energies is expected to strengthen VINCI Energies' offering in building solutions, expanding its range of electrical and multi-technical solutions for buildings, and increasing its presence in the German market. The R+S Group's expertise in energy and control technology, mechanical HVAC, project development, engineering, and IT services will complement VINCI Energies' existing capabilities, enabling the company to provide more comprehensive solutions to its customers

Vauban Infrastructure Partners has acquired the remaining 38.7 % stake in Proxiserve, bringing its ownership to 99.7 % and making it the sole reference shareholder. The transaction follows a 2019 co‑control arrangement in which Vauban and Asterion Industrial Partners jointly purchased Proxiserve. Since that initial investment, Proxiserve expanded its smart‑meter inventory and launched electric‑vehicle charging solutions, while maintaining steady growth through the pandemic period. Asterion’s Fund I exit marks the first full divestment from that vehicle

Aquirian Limited has entered into a binding agreement to acquire the business and assets of Cybem Mechanical Services for an enterprise value of A$3 million. The acquisition is a key step in Aquirian’s strategy to position itself as a leading provider of equipment and technical services. The transaction was fully debt-funded through a new facility with National Australia Bank (NAB). The strategic rationale for the deal includes enhancing Aquirian’s maintenance capacity to support its rental fleet and introducing fully maintained equipment offerings in Western Australia

Ambienta has acquired a majority stake (~60%) in Groupe Cap Vert, taking over control from the family office Evolem. This transaction was executed off-market following a pre-emptive approach by Ambienta, interrupting Evolem's ownership after only 18 months. During this short holding period, the group successfully completed nine build-up acquisitions, significantly expanding its geographical footprint into the South-West and Loire Valley regions of France. Ambienta intends to support the management's continued consolidation strategy to create a national champion in urban green space management

Cobepa acquired a majority stake in Groupe Climater from Sagard. The deal marks the start of a new growth cycle focused on geographical expansion and energy transition services. The management team and historical founders retained a significant minority stake to maintain the group's entrepreneurial culture.

Ardian, through its Expansion team, has successfully finalized the acquisition of a majority stake in NetCo Group, succeeding IK Investment Partners and Andera Partners. This strategic transaction marks a new phase of international growth for the century-old family business, which remains under the operational leadership of the founding family’s fourth generation. The strategic rationale for the move centers on the accelerating trend of outsourcing industrial maintenance services across Europe and the significant opportunity for consolidation in a fragmented material handling market