IKH acquired by GRAFTON GROUP

Adecco Group announced the acquisition of a controlling stake in Akka Technologies from the Ricci family and Swilux, followed by a Mandatory Tender Offer for the remaining shares. The transaction values Akka at an Enterprise Value of EUR2.0 billion. The strategic rationale is to combine Akka with Adecco's high-tech brand, Modis. The combined entity creates the world's second-largest player in the ER&D (Engineering Research & Development) market, with 50,000 engineers and leadership in the "Smart Industry" segment. The deal aims to generate significant synergies (EUR200M revenue, EUR65M cost) and balance the geographical footprint between Europe, North America, and APAC.

Transcat has successfully finalized the acquisition of 100% of the share capital of the target, marking a significant expansion of its technical advisory capabilities within the life sciences sector. This strategic transaction represents a definitive move to incorporate high-margin calibration optimization services into the group’s broader service segment. The strategic rationale for the move centers on the acquirer’s objective to broaden its technical operational depth in asset and reliability management for pharmaceutical and biotechnology clients. By incorporating this technical specialist, the organization reinforces its ability to offer proprietary, software-enabled solutions that drive immediate margin accretion. The partnership is designed to leverage the target’s established footprint in Ireland and the United States to accelerate the scaling of specialized consulting services across the combined global customer base. This integration facilitates the creation of a uniquely integrated metrology and asset management platform, providing the strategic depth required to navigate the complex regulatory landscapes of the medical device and clinical sectors. The transaction includes structured performance incentives to ensure the continued leadership of the founding management team within the group's decentralized operating model.

PAI Partners has finalized a strategic minority investment in Apave Group, marking the first time the organization has opened its capital to an outside institutional partner. GAPAVE, the historical association governing the group, remains the primary shareholder as it transitions toward a foundation structure. This transaction was notably concluded without immediate debt leverage at entry, reflecting a high-equity commitment to support long-term development. The investment thesis for the partnership is the acceleration of Apave’s 2025 development plan, aiming to position the entity among the top five global players in the TIC sector. Key growth axes include a proactive internationalization strategy and the reinforcement of activities in non-regulatory inspection and high-margin certification services. The capital injection provides a significant investment envelope intended for strategic build-ups, with several international targets already identified. Furthermore, the collaboration will leverage PAI’s operational expertise to modernize the group’s digital tools, information systems, and CSR initiatives. This transformation is designed to pivot Apave from a French-centric regulatory body into a diversified, technology-driven global powerhouse serving the industrial, energy, and infrastructure markets.

TowerBrook acquired Uperio from LFPI. This follows a successful consolidation phase where LFPI merged Matebat and Arcomet in 2019 to create a global champion. The transaction was funded by senior debt from CA CIB and BPCE. The management is led by Philippe Cohet (ex-Potain).

Loxam acquired 100% of Maskinslussen to densify its network in Sweden, specifically in the western part of the country. This acquisition added 3 branches to Loxam's existing Swedish operations. The deal allowed Loxam to integrate 35 employees and a high-quality fleet, strengthening its competitive position in the Swedish industrial heartland.

Loxam acquired 100% of JM Trykluft to strengthen its Danish footprint, particularly in the western part of the country. This acquisition added 9 branches to Loxam's existing Danish network (bringing it to 36 branches at the time). The deal integrated 70 employees and a well-maintained fleet into the group's operations.

This strategic acquisition involves the full takeover of a premier global provider of assurance services from its previous private equity owner, Baring Private Equity Asia. The transaction is designed to significantly scale the acquirer's business assurance division, particularly within capital-light and high-margin segments that address the increasing corporate focus on risk-based quality assurance following global supply chain disruptions. The rationale for the move centers on achieving critical mass in key geographic markets, notably Australia, the United Kingdom, and North America, while accelerating growth in the Asian market. By integrating the target's specialized capabilities in food, agriculture, and quick-service restaurant audits, the group broadens its technical expertise in safety-critical industries. Furthermore, the combination creates significant operational synergies by leveraging an extensive global customer base and a shared commitment to total quality assurance. The partnership aligns with long-term trends toward supply chain transparency and sustainability verification, positioning the organization to meet the heightened demands of global stakeholders for mission-critical risk mitigation. This integration reinforces the group's leadership in the assurance landscape, facilitating the delivery of end-to-end systemic quality solutions to a highly diverse international clientele.

SNCF sold its 100% stake in Ermewa to a consortium composed of CDPQ and DWS. This major infrastructure transaction allows the group to reduce the its debt.

QCapital acquired a 42.5% stake in Venpa for EUR15 million. This primary LBO was designed to professionalize the family-owned business (Pege and Piovan families) and launch an aggressive "buy-and-build" strategy. Between 2021 and 2024, Venpa's revenue grew from EUR40M to EUR100M through multiple acquisitions (Nolotecnica, Torinoleggi, Loca Top).

Nord Coffrage acquired Rentmat BTP to solidify its national presence. Following the acquisition of Gradel in 2019, this deal allowed the group to cross the EUR40M revenue milestone. Yann Vuillaumier, Rentmat's founder, reinvested significantly in the group and was appointed Managing Director to lead operations alongside its President.