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M&A

HENCO

Acquired by

BNP PARIBAS DEVELOPPEMENT / BPIFRANCE

FRANCE Facility Management EV [1m EUR - 100m EUR] 11/2024

Target

HENCO

Acquirer

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).

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

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
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2023
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Other operations with HENCO