BNP Paribas Developpement & Bpifrance invest in Henco
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)
Other operations with BNP Paribas Developpement / Bpifrance
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 05/2025 | AMUNDI PRIVATE EQUITY / ARKEA CAPITAL / BNP PARIBAS DEVELOPPEMENT | EDUSERVICES | FRANCE | Education Providers |
| 12/2024 | WEINBERG CAPITAL PARTNERS / BNP PARIBAS DEVELOPPEMENT | COSMOGEN | FRANCE | Packaging & Containers |
| 09/2024 | OUEST CROISSANCE / BPIFRANCE | TEXELIS | FRANCE | Heavy Duty & Special Vehicles |
| 05/2024 | BPIFRANCE / MUBADALA | SOCOTEC | FRANCE | TIC (Testing, Inspection, Certification) |
| 01/2024 | BNP PARIBAS DEVELOPPEMENT / SOCIETE GENERALE CAPITAL PARTENAIRES / BTP CAPITAL / BPIFRANCE / CREDIT MUTUEL EQUITY | DEMATHIEU BARD | FRANCE | Construction |
| 01/2024 | ARDIAN / BPIFRANCE / MACSF | APRIUM PHARMACIE | FRANCE | Pharmacy |
| 10/2023 | MONTEFIORE INVESTMENT / BNP PARIBAS DEVELOPPEMENT / SOCIETE GENERALE CAPITAL PARTENAIRES / CARVEST (CRÉDIT AGRICOLE RÉGIONS INVESTISSEMENT) | KOESIO | FRANCE | MSP (Managed Services) |
| 07/2023 | CREDIT MUTUEL EQUITY / BNP PARIBAS DEVELOPPEMENT | DIMOTRANS | FRANCE | Freight Transport |
| 03/2023 | BNP PARIBAS DEVELOPPEMENT / BPIFRANCE / BTP CAPITAL / ESFIN PARTICIPATIONS | GCC | FRANCE | Construction |
| 12/2022 | IXO PRIVATE EQUITY / BNP PARIBAS DEVELOPPEMENT | AIR SUPPORT | FRANCE | MRO (Maintenance, Repair & Overhaul) |
Similar deals in Facility Management
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2025 | HPS INVESTMENT PARTNERS / OAK HILL ADVISORS / ONE INVESTMENT MANAGEMENT / BC PARTNERS | GARDAWORLD SECURITY | CANADA | Security & Guarding |
| 02/2025 | BAIN CAPITAL | APLEONA | GERMANY | HVAC |
| 11/2024 | MSA MIZAR | VETA+ | SPAIN | BPO & Outsourcing |
| 11/2024 | LITERACY CAPITAL | AMPLIFY5 | UNITED KINGDOM | Call Centers |
| 10/2024 | MITIE GROUP | GRUPO VISEGURITY | SPAIN | Security & Guarding |
| 07/2024 | CHURCHES FIRE | TAYLOR FIRE SPRINKLERS | UNITED KINGDOM | Security & Guarding |
| 07/2024 | EMZ PARTNERS | FAUCHE | FRANCE | Maintenance |
| 04/2024 | EQT PARTNERS | OCEA GROUP | FRANCE | Maintenance |
| 04/2024 | API GROUP | ELEVATED FACILITY SERVICES | UNITED STATES | Maintenance |
| 03/2024 | IK PARTNERS | CHECKMATE FIRE | UNITED KINGDOM | Security & 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?
How was the acquisition of Henco by BNP Paribas Developpement valued, and what multiples were paid?
What was Henco’s revenue at the time of the deal?
What sources support the information on this transaction?
What is mynth?