IK PARTNERS takes majority stake in Francks Kylindustri

Communication Zone has been acquired by Hexatronic Group AB, with the transaction closing on 25 November 2025. The acquisition was executed as an asset purchase following a pre‑closing tax‑free reorganization, allowing Hexatronic to treat the deal as an asset acquisition for tax purposes. Financing was provided through a combination of available cash and existing debt facilities, and the target will operate as part of Hexatronic’s Data Center business area. Hexatronic pursued the transaction to broaden its geographic coverage into the United States Midwest and to incorporate Communication Zone’s portfolio of national accounts

Siparex Entrepreneurs, supported by Bpifrance, acquired a majority stake in Brifer as part of a primary Management Buy-Out (MBO). The transaction allows the founding family to step back from majority control while retaining a minority stake to ensure a smooth transition. The current CEO, who took the helm in 2020, significantly increased his equity stake alongside key operational managers (site supervisors). The deal is leveraged with a senior debt package provided by CIC and Societe Generale. The new ownership structure is designed to finance organic growth (recruitment of expertise) and pursue external growth opportunities (build-ups), without putting excessive pressure on the company's cash flow

Ardian, the majority shareholder in Syclef since 2020, has orchestrated a GP-led secondary transaction to continue its investment in the company. This deal was structured through a single-asset continuation fund, Ardian Expansion Syclef Continuation Fund, allowing Ardian to retain control while providing a liquidity event for the limited partners of its predecessor fund, Ardian Expansion V. The new vehicle attracted significant external capital, with Eurazeo acting as the senior lead investor and Astorg participating as a co-lead investor through its GP Equity Solutions strategy

Electrical engineering specialist Groupe Fauché has successfully completed the acquisition of Sylpa, an Île-de-France-based peer, following a highly competitive, industrials-only auction process advised by Investec. The transaction facilitates the full exit of private equity sponsor Andera Partners, which had backed the target since 2019 through its sponsorless vehicle, Acto Mezz III. The acquisition was funded utilizing Groupe Fauché’s existing bank debt—secured during its recent MBO backed by minority investor EMZ—coupled with a private debt facility provided by GSO Financement

VINCI has entered into an agreement to acquire FM Conway, a leading UK-based infrastructure and public works company, as part of a strategic expansion of its operations in the United Kingdom. The transaction encompasses all of FM Conway's activities and aims to integrate the company into VINCI's existing operational platforms in the country. This acquisition enables VINCI to strengthen its presence in southeast England, a region characterized by significant investment momentum in infrastructure and urban services

Groupe GUINIER 1823, a historic French specialist in energy transition and smart building solutions, has announced a strategic investment from Waterland Private Equity. Led by Andrea Paoletti, who has presided over the group since 2008, the company generates over �80 million in annual revenue. This partnership marks a pivotal step in transforming the bicentennial firm into a national leader in high-technicality renovation and multi-technical maintenance.

The acquisition of the target by the group marks a definitive structural expansion into the high-performance commercial arena, continuing a multi-year strategy to diversify beyond core steel production. The strategic rationale for this transaction centers on a "downstream-integration" play, merging the target's industry-leading technical operational depth in high-speed door systems with the group’s vast industrial reach and existing overhead door platform. This fusion effectively creates a specialized powerhouse in the building products space, providing the organization with the scientific talent and technological hardware required to address the increasing complexity of modern facility management and logistics

Strengthening its presence in the renewable energy sector, SPIE has finalized an agreement to acquire a majority stake in MBG energy to reinforce its technical capabilities in the rapidly expanding photovoltaic market. This strategic move allows the group to capitalize on a highly favorable regulatory environment, specifically the adoption of the EU Solar Standard within the European Energy Performance of Buildings Directive, which mandates solar installations across the Union. The rationale for the transaction centers on creating significant commercial synergies with the group's existing technical facility management segment in Germany

Spie batignolles has successfully finalized the acquisition of a controlling block in CIFE / Groupe ETPO, followed by a simplified tender offer to acquire the remaining share capital. This strategic transaction is designed to establish a new specialized autonomous branch within the group, significantly broadening its service offering in maritime, fluvial, and underwater engineering (segments where the acquirer was historically less active). The strategic rationale centers on geographic densification and territorial expansion, particularly in French Overseas Territories and international markets such as Canada and Africa

Demathieu Bard has completed its fifth management buy-out, a strategic transaction designed to further align company ownership with its operational leadership. The deal facilitates a significant increase in the stake held by the company's internal stakeholders. The historical management team, the group's executive board, and over 225 senior managers, alongside an employee savings fund (FCPE), now collectively own a controlling majority of the company's capital. This move solidifies management's control and is intended to foster long-term commitment and drive continued growth from within