LA TÊTE DANS LES NUAGES acquired by BYWAY CAPITAL & BPIFRANCE

Emirates International Investment Company (EIIC), a leading UAE‑based private investment firm and the strategic investment arm of National Holding Group, acquired a minority stake in Joe & the Juice. The transaction is structured as a mix of secondary share purchases from General Atlantic and the issuance of new equity, with General Atlantic remaining the majority shareholder and retaining control of the business. The move deepens an existing partnership between the two parties, as EIIC already operates as a franchise partner for Joe & the Juice in several markets, including Spain and Turkey, where it combines local market knowledge with capital to support store rollout and brand‑building. The fresh capital injection is intended to accelerate Joe & the Juice’s global expansion, with a clear ambition to scale from over 480 locations to around 1,000 stores by 2028, particularly in high‑growth corridors such as the Middle East, North America, and selected emerging markets.

Apollo Global Management has agreed to acquire a minority stake in The GoodLife Group a Canadian fitness giant. This transaction represents the first time GoodLife has taken on external equity capital in its 47-year history. The founder will remain as Chairman and a significant shareholder, maintaining the company's operational continuity. The strategic rationale for the deal is to provide GoodLife with the necessary capital to accelerate its long-term expansion strategy and reinforce its leadership position in the Canadian market. The investment highlights a broader trend of private equity interest in large-scale gym chains, following similar high-profile transactions in the US fitness sector involving firms like Leonard Green & Partners and TSG Consumer Partners.

The transaction involves the acquisition of Bäckerei Kamps GmbH by Argos Wityu from the French conglomerate Le Duff Group. This acquisition is a pivotal step in Argos Wityu's overarching strategy to consolidate the German bakery market, following its 2024 acquisition of Bäckerei Schmidt and subsequent add-on deals in 2025. The integration of Kamps into the existing platform creates a powerhouse in the sector, operating over 400 branches nationwide. The rationale for the deal is rooted in achieving significant economies of scale, particularly in procurement, production, and logistics, while maintaining the strong local brand identities of the individual chains. By combining Kamps' extensive high-traffic retail network with the operational platform of Bäckerei Schmidt, Argos aims to build the leading bakery group in Germany. The group plans to drive further growth through both organic store expansion and continued opportunistic acquisitions in the fragmented German artisanal and industrial bakery landscape. This deal also marks the exit of Le Duff Group from the German retail bakery market, allowing them to refocus their portfolio while Kamps enters a new phase of independent, PE-backed consolidation.

Friendly Hotels has secured a new round of investment to accelerate its expansion in major Alpine ski resorts. The operation sees the historical financial sponsor, 123 Investment Managers, renewing its commitment, strategically joined by new institutional partners Bpifrance and Smalt Capital. This newly formed financial consortium provides the crucial capital required for Friendly Hotels to successfully acquire the business and real estate of a new prime hotel, alongside purchasing the underlying property of one of its historically managed assets. The primary strategic objective is to finance comprehensive renovations, elevate the brand's premium positioning, and secure a solid foundation for upcoming external acquisitions.

Antin Infrastructure Partners entered into exclusive negotiations to acquire a majority stake (>90%) in Belambra Clubs from Caravelle. The transaction marks the exit of the family holding Caravelle after a 12-year holding period. The deal is executed via Antin's Midcap I fund. The management team remains in place to execute a EUR100 million investment plan. The strategic roadmap focuses on moving upmarket, opening at least one new site per year, and notably acquiring the real estate assets ("walls") of several clubs to secure the asset base.

TriArtisan Capital Advisors, Treville Capital Group, and Yadav Enterprises completed their acquisition of Denny's Corporation. The all-cash transaction closed on January 16, 2026, following shareholder approval and regulatory clearances, with Denny's common stock ceasing Nasdaq trading. The consortium sought Denny's iconic brand, strong franchise base, and loyal customers as a platform for growth. TriArtisan's restaurant experience, Treville's capital solutions, and Yadav's operational scale align with accelerating Denny's and Keke's initiatives while supporting franchisees. Key terms delivered a premium to shareholders, with Denny's management, led by CEO Kelli Valade, retaining leadership. Advisors included Truist Securities, Morgan Lewis, Sidley Austin, and Joele Frank for Denny's; Global Leisure Partners and Ropes & Gray for TriArtisan; and Choate Hall for Treville.

L’Orange Bleue has completed a management transition as CEO Jose Nercellas becomes President, supported by historical investor Axio Capital and founder Thierry Marquer. The fitness network, which operates 400 clubs, secured new bank debt and mezzanine financing to fund its next growth cycle. The strategy focuses on expanding the network to 500 clubs across France, Spain, and Portugal while leveraging improved profitability following a structural reorganization.

Bchef acquired its direct competitor "Les Burgers de Papa" to create a group with EUR40M in revenue and 70 restaurants. The transaction was funded by Bchef's previous fundraising with Elevation Capital Partners and senior bank debt. The founder of Les Burgers de Papa, Yves Hecker, exits the business. Both brands will maintain their distinct identities.

The transaction follows a period of operational headwinds and strategic reassessment under prior ownership (JACK IN THE BOX), resulting in a materially reset valuation and positioning the deal as both a divestiture and a turnaround opportunity. The transaction follows a period of operational headwinds and strategic reassessment under prior ownership (JACK IN THE BOX), resulting in a materially reset valuation and positioning the deal as both a divestiture and a turnaround opportunity. The transaction follows a period of operational headwinds and strategic reassessment under prior ownership (JACK IN THE BOX), resulting in a materially reset valuation and positioning the deal as both a divestiture and a turnaround opportunity.

The tour operator Groupe Partir-Visiteurs organizes a managerial transition through an LBO led by B & Capital. The historic founders, Didier Rabaux and Didier Blanchard, hand over the operational leadership to the current General Manager, Patrice Arezina, while retaining a minority stake. B & Capital enters as the majority shareholder to support this succession. The deal aims to accelerate the group's development by opening new destinations, diversifying into new segments, and strengthening its CSR commitments.