HYPRED acquired by ARDIAN

Chequers Capital has acquired a majority stake in Alkern, taking over from Fondations Capital. Chequers secured the deal through a competitive auction process managed by Rothschild & Cie, reportedly outbidding the Irish industrial giant CRH. This secondary LBO is supported by a €75 million unitranche debt facility provided by Hayfin (two-thirds) and Tikehau IM (one-third). The strategic rationale for Chequers is to continue the aggressive "buy-and-build" trajectory established during Fondations Capital's six-year tenure, which saw 14 acquisitions including the major takeover of Duroux (€55M revenue). Chequers intends to use Alkern as a platform to acquire smaller regional competitors, allowing the group to better amortize fixed costs and ensure production sites remain within close proximity to local construction projects. Under this new ownership, Alkern aims to leverage its operational excellence to further dominate the sustainable and low-carbon building materials market in France and Belgium.

Imerys has finalized an agreement to acquire Kerneos from Astorg, a maneuver designed to fundamentally expand its specialized materials offering for the building and infrastructure markets. The strategic rationale for this transaction centers on a "technological-integration" play, merging the Kerneos's industry-leading technical operational depth in calcium aluminate binders with the group’s established global distribution and mineral processing infrastructure. This structural alignment provides the organization with the scientific talent and high-performance hardware—specifically the target's nine international production sites—required to address the increasing complexity of modern construction chemistry.

Eurazeo and Mérieux Développement have signed an agreement to acquire a majority stake in Novacap from Ardian, which had held the company since March 2011. Ardian will retain a minority stake to maintain its commitment to the management team led by Pierre Luzeau. During Ardian's five-year ownership, Novacap underwent a massive transformation, executing six external acquisitions (notably in China and Germany) totaling approximately €240 million. This was complemented by an €85 million organic investment program to upgrade production tools. The strategic rationale for the new owners is to capitalize on Novacap’s reinforced position in high-margin target markets (pharmacy, health, and cosmetics), which now represent 68% of the group's activity compared to 44% previously. The transaction highlights Novacap's shift into a truly global player, with a strong footprint in Asia and a diversified revenue stream across essential chemical sectors. The new partnership aims to leverage Eurazeo’s financial strength and Mérieux’s healthcare network to pursue further international growth and solidify the group’s leadership in the specialty ingredients market.

Conventya has been acquired by Silverfleet Capital, marking the end of a successful expansion cycle under Equistone Partners Europe. The strategic rationale for this transaction centers on a "global-scaling" play, merging Coventya’s industry-leading technical operational depth in specialty surface chemicals with the sponsor’s extensive expertise in executing high-velocity buy-to-build strategies. This structural alignment provides the organization with the scientific talent and logistical hardware required to address the increasing demand for specialized coatings in the United States and emerging markets.

Following the integration of NS Etiquettes, Alliance Etiquettes has finalized its second build-up operation with the acquisition of Maumy. Ideally situated in the Bordeaux region, this transaction reinforces the group's dominance in its core historical territory. Xavier Sinsou, the company's manager, will continue to lead operations at the La Reole site and is expected to acquire a minority stake in the Alliance Etiquettes platform in the near future.

Alliance Etiquettes has completed its first external growth operation since its formation with the acquisition of 100% of NS Etiquettes. This transaction expands the group's geographical footprint into Brittany, a key region for the French food industry, and diversifies its end-markets beyond wine into general agri-food and spirits. Under the terms of the deal, Bruno Quaesaet, the owner and manager of NS Etiquettes, has sold his entire stake to the platform. Simultaneously, he has reinvested a portion of the proceeds to become a minority shareholder in the wider Alliance Etiquettes group, ensuring management continuity and alignment of interests.

Saint-Gobain finalized the sale of its glass packaging subsidiary, Verallia, to a consortium led by Apollo Global Management and Bpifrance. The strategic rationale for Saint-Gobain was to complete its refocusing on high-performance habitat and industrial materials. For the acquirers, the deal represented a massive industrial carve-out of a profitable, market-leading business. Apollo won a highly competitive auction process against several private equity rivals (Blackstone, CVC, Bain/Ardian) and strategic bidders (Ba Vidro) by submitting a superior bid and partnering with Bpifrance to provide social and governmental guarantees regarding French employment. The transaction resulted in a significant reduction of Saint-Gobain's net debt and established Verallia as an independent player ready for a new cycle of industrial investment.

Activa Capital has officially launched "Alliance Etiquettes," a strategic build-up platform designed to consolidate the fragmented French market for premium wine and spirits labels. The initiative began with the control acquisition of Imprimerie Laulan in July 2015, followed by the acquisition of Groupe Enes in December 2015. By combining these regional specialists, Activa Capital aims to build a leading national player capable of leveraging industrial synergies and digital printing technologies. The group is led by Olivier Laulan, the former head of the founding entity, and has an aggressive roadmap to acquire further independent competitors to rapidly scale its revenue base.

Unipex (owned by IK Investment Partners) sold its subsidiary Lucas Meyer Cosmetics to IFF. This "build-down" strategy allowed Unipex to monetize its most valuable asset. Following this sale, Unipex refocused solely on its distribution business in France/Benelux (which was later the subject of the 2019 transaction).

Multi-Color Corporation has successfully completed the acquisition of Barat, a leading French wine label printer. The transaction involves the purchase of 100% of the company's shares from the private equity firm Cobalt Capital (which held a 55% majority stake), the founding Le Tellier family, and the management team led by Manuel Lenglet. This deal marks the exit of Cobalt Capital following a Buy-In Management Buy-Out (BIMBO) structured in 2010. By integrating Barat, MCC significantly strengthens its foothold in the strategic Bordeaux wine region, adding a high-quality manufacturing platform and over 200 skilled employees to its European network. The acquisition aligns with MCC's strategy to consolidate the fragmented wine label market by acquiring local leaders with strong customer relationships.