Impala / Management & Private Investors take majority stake in Mazarine

Paul-Emmanuel Reiffers raised his holding in Mazarine Groupe to 86% on 24 September 2026, buying out LBO France, Mirabaud Private Equity and FG Bros, the family office of the Frère-Galienne family, which had held minority positions for more than three years. Impala, the investment vehicle of Jacques Veyrat, took 9%, and management held the balance. The transaction valued the group at an enterprise value of €100–350M, an EV/EBITDA multiple of 6.7x, above the multiples of listed companies in the sector. It was the company’s fourth leveraged transaction, financed with senior debt from a banking pool, and consolidated the founder’s control ahead of an eventual family succession. Founded in 1993, Mazarine produces communication for luxury, fashion and cultural brands. Its principal business, La Mode en Images, stages the runway shows of the large fashion houses, work that combines set design, casting, lighting, sound and the logistics of a single event watched worldwide and impossible to rehearse twice. Around it the group handles advertising production, image, events and public relations, and owns Numéro, a magazine covering fashion, contemporary art and culture, acquired in 2019. It generated revenue of €250–500M with an EBITDA margin of [members only], employing more than 500 people in Paris, New York, London, Shanghai and Dubai. Revenue had nearly doubled over the previous three years, from 186 million euros in 2023, driven by growth in the United States, new clients and acquisitions, among them the cultural events producer Arter in 2024 and the British public relations and influence agency Bacchus in 2026. Rothschild & Co advised the sellers on the M&A and the financing, with King & Spalding as their corporate counsel, while White & Case advised the buyers and Jeausserand Audouard the management team.