I-RUN acquired by GENEO

Asda Group has reached a definitive agreement to acquire the UK and Ireland operations of EG Group, representing a transformational step in its strategic expansion into the convenience and foodservice markets. The transaction involves the integration of approximately 350 petrol filling station sites and over 1,000 food-to-go locations into a consolidated retail group. This combination is designed to create a value-led consumer champion, significantly increasing the accessibility of competitive pricing for fuel and groceries to a broader customer base. The strategic rationale for the move is rooted in the high growth potential of the convenience sector, driven by the rise of local shopping and demand for immediate consumption products. The acquisition will allow for the rollout of specialized convenience formats across the newly acquired estate, leveraging a heritage in low-cost retailing to serve millions of weekly visitors more effectively. To support the integration and future growth, the involved shareholders have committed to providing significant additional equity. The merged entity anticipates generating substantial synergies through economies of scale, improved procurement, and cross-selling opportunities across its omni-channel platform. This move strengthens the group’s financial profile and positions it to benefit from attractive structural drivers in the retail and foodservice industries.

JD Sports submitted a binding offer to acquire 100% of Courir from the private equity firm Equistone Partners Europe. The transaction values the French company at an Enterprise Value of EUR520 million. For Equistone, this exit represents a remarkable success: the fund had acquired Courir in 2018 (a carve-out from Go Sport) for EUR283 million, transforming it into an autonomous and highly profitable player. The acquisition allows JD Sports to significantly strengthen its presence in France and integrate a brand with a strong female identity, which complements JD's historically more male-focused positioning.

The specialist in online distribution and sales of outdoor sports equipment is accelerating its growth with a primary LBO and opening up its capital to IDI and Garibaldi Participations.

LBO France acquired a majority stake in Alliance Marine from Weinberg Capital Partners (who had backed the company since 2016). The management team reinvested significantly in the new structure to ensure continuity. The deal was financed with a mix of equity and senior debt. The exit provided a strong return for Weinberg, who oversaw the group doubling in size during their tenure. The new shareholder's roadmap focuses on continuing the aggressive external growth strategy to create a global platform.

Propolis Developpement has successfully acquired a 100% stake in Bonabio, marking another decisive step in its buy-and-build strategy to consolidate the French organic fresh produce distribution sector. This transaction represents a complete shareholder transition as the founding director executed his retirement succession plan, selecting a qualified strategic sponsor to guarantee corporate continuity and team stability. Prior to the final agreement, the transaction was conducted through a highly structured, competitive M&A auction process managed on the sell-side. From a strategic perspective, this build-up operation is highly complementary to Propolis Developpement’s existing asset portfolio, following its notable 2018 acquisition of Dynamis, a major player in organic and Demeter fruit and vegetable distribution. By incorporating Bonabio’s EUR 17 million revenue profile, specialized tropical fruit sourcing networks, and Rungis-based ripening infrastructure, the combined platform significantly scales its purchasing power and category expertise. The integration will unlock substantial logistical, operational, and commercial synergies, positioning the expanded group as a primary counterparty for specialized organic distribution networks.

Ciclad acquired a majority stake in Ceradel from its founding shareholders in a transaction advised by Clairfield International. The deal was structured as a Leveraged Buy-Out (LBO) aimed at reorganizing the capital structure to facilitate the exit of historical shareholders while bringing in financial firepower for expansion. The new strategic roadmap focuses on accelerating digitalization (e-commerce growth) and pursuing a "Buy-and-Build" strategy to consolidate the fragmented European market for ceramic supplies.

Equistone Partners Europe has finalized the acquisition of a majority stake in Vertbaudet from Alpha Private Equity. The transaction marks a new chapter for the childhood specialist following a successful repositioning strategy initiated in 2015, which shifted the business from traditional mail-order to a digital-first platform. The executive team reinvested alongside Equistone to maintain operational continuity. The deal was completed on July 22, 2021, following the regulatory carve-out of Cyrillus (sold separately to MGA Paris). Despite the global pandemic, Vertbaudet demonstrated significant resilience, growing its turnover by 8% in 2020. The partnership intends to fuel further product diversification and strengthen the group's presence in Northern and Southern European markets.

To support its aggressive growth strategy and double its size within five years, Groupe Materiel-Velo reorganized its equity structure by welcoming Garibaldi Participations as a new key shareholder. The company had been backed by Societe Generale Capital Partenaires (SGCP) since 2012, who accompanied the initial transformation from a pure web player to a physical retailer. This new round of funding is designed to accelerate the deployment of the group's "cross-channel" strategy, financing the opening of new physical showrooms while upgrading digital logistics. The management team remains at the helm, capitalizing on the strong post-pandemic momentum in the cycling market.

Core Equity Holdings entered into exclusive negotiations to acquire a majority stake (~54%) in Provalliance. Franck Provost and his family, who had regained full control after Chequers Capital's exit in 2017, will retain the remaining ~46% of the capital. The transaction follows discussions initiated in 2019 but delayed by the COVID-19 pandemic. The deal is structured to support an aggressive external growth strategy (including a bid for competitor Dessange International) and the expansion of the Bleu Libellule distribution network. The financing relies on renegotiating the existing bank debt.

Inspiring Sport Capital acquired a majority equity stake in Piguy Golf Challenge, buying out the previous financial holding companies. The current operational management team retained a minority stake in the company to ensure continuity and alignment of interests. This acquisition serves as the platform investment for a broader "Buy-and-Build" strategy in the European golf distribution market. The new shareholders aim to accelerate the company's digital transformation by implementing a B-to-B-to-C model (enabling pro shops to sell online via Piguy's inventory) and to pursue external growth opportunities to consolidate the fragmented European market.