INTERCOS acquired by L CATTERTON

PAI Partners has reached an agreement to acquire a majority stake in Asmodee from Eurazeo, following a highly competitive auction process involving major private equity players and strategic investors. The transaction marks the successful conclusion of Eurazeo’s five-year holding period, during which the target underwent a massive transformation through more than 20 build-up acquisitions. Under the new ownership structure, the existing management team, led by CEO Stephane Carville, is expected to reinvest significantly, retaining approximately 30% of the capital. The strategic rationale for PAI Partners is to replicate the company's historical growth trajectory by further accelerating its international expansion, particularly in the United States, and deepening its penetration in the digital gaming and content licensing segments. The acquisition is supported by a robust financing package featuring a leverage level of approximately 6.0x EBITDA, highlighting the resilience and strong cash-flow generation of the board game sector. This move positions Asmodee as a central platform for future consolidation in the global tabletop gaming market.

LVMH acquired a 61% controlling majority stake in Maison Francis Kurkdjian in a highly strategic, friendly transaction designed to accelerate the niche fragrance house's global expansion. The deal was structured via a definitive share purchase agreement under which the French conglomerate bought out the majority position while the remaining 39% of the capital stayed tightly controlled by the founding partners, Marc Chaya and Francis Kurkdjian. The transaction immediately integrates the boutique perfumer into LVMH's institutional infrastructure, granting the brand significant logistical backing, real estate leverage for retail expansion, and enhanced procurement power, while strictly preserving its creative independence, unique brand identity, and standard-setting artisanal quality.

Carlyle acquired a 100% controlling stake in Golden Goose from Ergon Capital Partners and minority investors. The EV represents a massive exit for Ergon, which had purchased the company less than 2 years prior (May 2015) for an enterprise value of EUR100m. The rapid valuation increase was driven by the explosive growth of the sneaker market. Carlyle beat out a long list of bidders, including BC Partners, Permira and the Qatari fund Mayhoola.

3i Group, a London‑listed private equity firm, agreed to invest EUR 150 million in Ponroy Santé (now Havea) to acquire a controlling stake in the French natural‑consumer‑health platform, with Cathay Capital Partners taking a minority co‑investment alongside. The transaction is structured as a leveraged buy‑out in which 3i becomes the majority shareholder while the founding shareholder Arnaud Ponroy and CEO Fabrice Cahierc maintain meaningful equity stakes, preserving continuity of management and entrepreneurial alignment. Under the deal, Philippe Charrier joins as Executive Chairman and minority shareholder, bringing international healthcare and consumer‑goods experience from prior leadership roles at Oenobiol, Labco, and Procter & Gamble France. The EUR 150 million commitment is intended to accelerate both organic and external growth, including the pursuit of bolt‑on acquisitions in the fragmented natural‑health and consumer‑healthcare space, with a strategic focus on consolidating mid‑tier brands and expanding distribution density in priority markets.

Montefiore Investment has acquired a 51% stake in the Isabel Marant fashion house. Isabel Marant and her long-standing partners, Sophie Duruflé and Nathalie Chemouny, will retain the remaining 49% of the capital, ensuring creative and operational continuity. This "capitalistic partnership" marks the end of the brand's pure self-financing era and the beginning of a structured institutional growth phase. The strategic rationale is focused on accelerating international development and diversifying the brand's product ecosystem into highly profitable categories such as accessories, leather goods (handbags), and menswear. Furthermore, the partnership aims to fund a critical digital pivot, including the launch of the brand’s first e-commerce platform. By leveraging Montefiore’s expertise in distribution, Isabel Marant seeks to transition from a designer-led boutique business into a global lifestyle brand.

Ergon Capital Partners III has acquired a majority stake in Golden Goose srl from Dgpa sgr, Riello Investimenti, and founders. Golden Goose is a fast-growing Italian luxury brand, renowned for its high-end casual apparel and iconic sneakers. The transaction follows months of speculation and marks a significant milestone for the brand's expansion.

LBO France entered into exclusive negotiations to acquire a majority stake in IKKS Group from its founder, Roger Zannier. This transaction marks a strategic transition for the apparel group, which had been under the control of the Zannier family since 2000. The deal follows an interrupted auction process from the previous year, which failed to meet valuation expectations amid competition from major international funds and strategic bidders. The current operation was facilitated by a corporate reorganization where the founder consolidated ownership before engaging in direct bilateral discussions with LBO France. The strategic rationale for the acquisition is rooted in the target’s high profitability and its proven ability to scale across different demographic segments. While Roger Zannier will retain a minority interest, the entry of LBO France is designed to provide the governance and capital necessary to triple the group's international revenue share. This move coincides with the investor's potential rotation in the fashion sector, as it explores a concurrent exit from other holdings in the premium apparel space. The partnership aims to capitalize on the resilient "accessible luxury" trend by strengthening the group’s premium positioning and enhancing its industrial and logistics platform to support global growth.

The deal involves Eurazeo's acquisition of a 10% stake in Desigual, a global clothing brand, for a total investment of €285 million. The investment is part of Eurazeo's strategy to expand its portfolio of consumer goods companies and to support the growth of Desigual's international business. The deal provides Desigual with the capital and strategic support it needs to continue its expansion plans, while also giving Eurazeo a foothold in the fashion industry. The investment is expected to help Desigual accelerate its growth plans, particularly in Europe and Asia, where the company sees significant opportunities for expansion. The deal is also seen as a vote of confidence in Desigual's management team and its ability to execute its growth strategy.

Eurazeo has completed the acquisition of an 83.5% majority stake in Asmodee from the private equity firm Montefiore Investment. The transaction follows a strategic agreement announced in late 2013 and received regulatory clearance from European competition authorities. The acquisition is structured to support the company’s ambitious shift from a domestic leader to a global player in the board game industry. To finance the deal, Eurazeo invested c.€100 million in equity, while the management team and the original founders reinvested c.€15 million, representing a total equity injection of €115 million. This "Secondary LBO" provides Asmodee with a specific financing envelope dedicated to future external growth. The strategic rationale centers on accelerating international sales—aiming to increase the export share from 50% to 70%—and developing digital adaptations of the group's physical catalog. Stéphane Carville remains at the helm to lead this new phase of global expansion under Eurazeo's ownership.

Montefiore Investment acquired a 60% majority stake in Asmodee Group from its founders and the minority investor Naxicap. This transaction marked the first investment of Montefiore’s second fund (€120M) and was structured to support the international ambitions of the founder. The strategic rationale for the deal was based on the "resilience of traditional play" in the face of digital entertainment. Montefiore identified a societal paradox where increased digital connectivity actually fuels the demand for physical, social activities like board gaming. Under this partnership, the strategy shifted from self-financed organic growth to an aggressive "Focus and Growth" model. The objective was to professionalize Asmodee’s marketing, treating board games as high, impact consumer "brands" similar to the luxury or spirits industries, and to replicate its successful French distribution and publishing model across new European and international territories.