LAGARDE MEREGNANI acquired by SOCIETE GENERALE CAPITAL PARTENAIRES, CAPITAL GRAND EST & BTP CAPITAL

Hanab Group, through its Hanab Installation Technology (HIT) division and with the backing of its financial sponsor Triton Partners, has acquired CTC Solutions. This strategic acquisition is central to Hanab's growth strategy, aimed at significantly strengthening and broadening its capabilities within complex and high-technology end markets. The transaction creates a powerful synergy by combining CTC's specialist, high-grade expertise in cleanroom design and airtight construction with Hanab's extensive installation knowledge, national operational scale, and robust project management organization. For Hanab, the deal provides immediate access to a highly specialized and demanding market segment, enhancing its service proposition to clients in critical sectors such as semiconductors, pharmaceuticals, healthcare, and defense. For CTC Solutions, becoming part of the larger Hanab platform offers a solid foundation for future growth, providing access to additional resources, a broader network, and the scale required to undertake larger and more integrated projects. The acquisition is structured to preserve CTC's operational identity; it will continue to operate as an independent entity under its own name, maintaining its existing organizational structure, culture, and client relationships, ensuring continuity for employees and customers while leveraging the strategic benefits of the new ownership structure.

QXO, Inc. has finalized a definitive agreement to acquire TopBuild, a maneuver designed to fundamentally accelerate the group’s trajectory toward becoming a multi-category industrial distribution leader. The strategic rationale for this transaction centers on a "platform-unification" play, merging the target's industry-leading technical operational depth in insulation and installation with the group’s vast capital resources and tech-enabled execution framework. This fusion effectively creates a specialized powerhouse in the building products arena, providing the organization with the scientific talent and logistical hardware required to address the increasing complexity of energy-efficient infrastructure and large-scale residential projects. This operation allows the group to execute a definitive structural expansion across the roofing, insulation, and waterproofing verticals. By incorporating the target's innovative integrated distribution model, the organization can now provide a more robust and integrated solution set for national builders seeking consistent, coordinated execution across multiple geographies.

Montefiore Investment has signed an agreement to acquire a majority stake in Face Group, replacing Hivest Capital Partners as the lead shareholder. Hivest, which entered the capital in 2021, is exiting after a five-year period during which the group was professionalized and its revenue grew from 250 million EUR to nearly 400 million EUR. The transaction, managed by Investec and Adviso Partners, was finalized through a competitive bidding process where Montefiore was selected for its deep expertise in energy services and territorial networking. The strategic rationale for the acquisition is to accelerate Face Group’s transformation into a multi-technical powerhouse. Montefiore plans to support the management team, led by President Nicolas Petit, in expanding into HVAC (Heating, Ventilation, and Air Conditioning) and strengthening its presence in the photovoltaic and electrical engineering sectors.

AF Gruppen has completed the acquisition of a 70% majority stake in H.A. Bygg Entreprenad through its subsidiary, AF Bygg Syd. This strategic transaction is designed to strengthen the group’s specialized concrete operations within the Swedish market, specifically targeting the growing niche of water and wastewater treatment infrastructure. The remaining stake will be retained by the target’s employees, ensuring the preservation of the organization’s specialized workforce and operational continuity. The strategic rationale for the acquisition centers on the integration of a leading regional player with a strong track record of operational performance and technical excellence in reinforced concrete. By absorbing this specialist platform, the group enhances its structural engineering capacity and establishes a more robust competitive position for large-scale infrastructure tenders in Western Sweden.

MasTec has finalized the acquisition of McKee Utility Contractors from Boyne Capital, marking a full exit for Boyne’s second fund (BCM Fund II LP). The transition reflects the integration of a specialized water infrastructure platform into a global publicly traded diversified services group. Under Boyne's three-year ownership, the organization underwent a significant operational transformation, which included doubling its crew count and establishing new regional divisions across Oklahoma and Texas. The rationale for the transaction centers on the acquisition of a high-growth platform with a dominant position in the Southern United States water utility sector. The target provides the acquirer with specialized technical capabilities in large-diameter pipeline construction, an increasingly critical infrastructure segment due to urban expansion and aging municipal water systems. The partnership is expected to leverage the target's recently upgraded project management systems and safety protocols to take on larger, more complex water infrastructure projects. By integrating this founder-led specialist into its broad portfolio, the acquirer reinforces its status as a leading consolidator in the North American specialized contracting market.

FCDE has entered into exclusive negotiations to acquire a majority equity stake in Groupe Allez, orchestrating the transmission of this nearly centennial independent family business. The transaction is triggered by the upcoming retirement of the current, and aims to ensure managerial continuity under the leadership of the current General Manager who will assume the Presidency. While FCDE becomes the controlling shareholder, the founding Allez family will reinvest to retain a significant minority stake, ensuring alignment for the next growth phase. The strategic plan targets annual revenue growth of 5-10%, driven by both organic development in energy transition sectors (solar, EV charging) and a secured financing line dedicated to future external growth acquisitions.

The management team of Snic Technologies organized a tertiary LBO (LBO ter) to regain majority control of the group, facilitating the exit of the previous majority sponsor, Innovafonds. The transaction is backed by a debt package of around EUR100 million, refinanced in mid-2025. The new capital aims to fund sizeable acquisitions in Europe, with a specific focus on penetrating the German market, where barriers to entry for signaling equipment are high.

Accelerating its expansion into the mission-critical digital infrastructure sector, Dycom Industries has finalized the acquisition of Power Solutions. This strategic move positions the organization as a leading provider of electrical contracting services specifically tailored for the fast-growing data center market in the Mid-Atlantic region. The transaction involves the full integration of the Bowie-based specialist into the broader group platform, while maintaining its established brand identity and management structure to ensure operational continuity. The rationale for the transaction centers on capturing the structural growth of data and AI infrastructure, which requires increasingly complex electrical engineering and installation capabilities. By combining technical resources, the organization significantly enhances its multidisciplinary service offering to telecommunications and digital infrastructure providers. The partnership is designed to leverage the target’s deep regional expertise and established relationships with global data center developers. Furthermore, the integration is expected to optimize free cash flow and improve the group’s overall service margins within the high-barrier digital infrastructure landscape. This acquisition reinforces the organization’s commitment to being a primary enabler of modern connectivity and data storage networks.

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. The rationale for this transaction is rooted in Syclef's exceptional performance and Ardian's conviction in its future potential. Since the initial investment, Syclef has executed a successful buy-and-build strategy, completing 25 acquisitions that significantly scaled its operations. The continuation fund provides fresh capital and a reset timeline to pursue a more ambitious European expansion plan, targeting fragmented markets in Southern Europe and beyond. The transaction also included a comprehensive refinancing of the company's debt, replacing the previous structure with a new term loan and revolving credit facility. This new financing extends debt maturity and provides substantial means for future external growth, positioning Syclef to become a consolidated European leader in the refrigeration and HVAC sectors.