MEWS PARTNERS acquired by AZULIS CAPITAL

Applus+ Group acquired 100% of APEM Group. The transaction marks a transformative shift for APEM, which will now lead the Environmental Services division for the entire Applus+ organization. The deal was financed by Applus+ through a EUR350 million incremental term loan. The strategic rationale focuses on the "sustainability mega-trend," combining APEM's scientific depth with Applus+'s industrial scale to capture global demand for environmental compliance and renewable energy advisory.

NextStage AM acquired a minority stake (slightly over 30%) in Emargence for a ticket exceeding €10 million. The four founding partners retain majority control. The transaction, negotiated by Eurvad, values the firm at a premium multiple reflecting the high quality of its diversified service mix. Supported by a senior debt package from BNP Paribas, CIC, and Bred (leveraged at ~3x EBITDA), the deal aims to transform Emargence into a major regional leader. The strategic roadmap includes a "capex line" to acquire at least three firms per year, with the goal of tripling the firm’s EBITDA within five years.

ABC Company acquired a 34% stake in Bonfiglioli Consulting to form a long-term financial and industrial partnership. The transaction is characterized by a high degree of alignment, as the selling shareholders will reinvest approximately 80% of their proceeds into newly issued Class A shares of ABC Company. The deal includes an earn-out component based on economic performance targets for the 2026–2028 period. The strategic rationale is to create an integrated platform combining capital and operational transformation expertise to support the scale-up of Italian SMEs.

The arrival of Bridgepoint as a shareholder in Interpath marks a significant milestone in the growth of this advisory firm, which was founded in 2021 by former members of KPMG's UK branch. This GBP 800 million transaction will enable Interpath to strengthen its presence in Europe, with the ambition of tripling its workforce by 2030. As a specialist in corporate restructuring, the firm aims to consolidate its position in Europe before expanding internationally. The new partnership with Bridgepoint is expected to leverage the investment firm's expertise in the professional services sector, built on a long history of successful partnerships with companies in this industry. The goal is to enhance Interpath's platform by attracting new talent and expanding its service offerings, particularly in restructuring and advisory services. The transaction is subject to customary regulatory approvals and is expected to be completed in the third quarter of 2026.

The French accounting and consulting group Endrix completes a significant capital reorganization by welcoming IK Partners as a strategic financial shareholder. This operation aims to fuel the group's ambitious external growth strategy. After an initial partnership with Bpifrance in 2021, Endrix steps up to a pan-European investor to reach its target of EUR100 million in revenue, consolidating a highly fragmented market through targeted acquisitions (Build-ups).

Elixirr has acquired 100% of the Hypothesis group, its fourth acquisition in the United States, strengthening its presence in the world's largest consulting market. Elixirr was founded in 2009 to disrupt the consulting industry by trying to deliver a better model to clients and with specific expertise across digital, data, AI and innovation.

Japanese HR giant Persol acquired an 85%, facilitating a full exit for historical venture capital and impact investors including Amundi PEF, Banque des Territoires, Breega, Kois, and Alter Equity. Founder Pascal Lorne and the management team retain 15% of the equity. The strategic rationale focuses on deploying Gojob's advanced AI matching technology across Persol's global network, particularly in Asia, while supporting Gojob's international scale-up in the US and Europe. This exit marks a major success for Breega, which returned 20x its seed investment.

Parella successfully completed its second LBO via a club deal. The transaction marks the entry of three new partners (SGCP, BRED, Bpifrance) alongside historical investor Qualium Investissement (partner since 2018), who chose to reinvest. Notably, the three founding partners significantly reinvested to regain majority control of the group. Key executives and managers across France and international offices also participated in the round. The operation is supported by a senior debt package provided by a pool including LCL, SG, BNP Paribas, Arkea, and Credit Mutuel. The strategic roadmap aims to double the company's size within 5 years through international expansion (Europe) and innovation (AI).

Elixirr acquired 100% of TRC Advisory, which represents Elixirr's largest acquisition to date and its fifth in the US, significantly scaling its North American presence. The deal is structured with an initial payment of US$57 million (mix of cash and shares), followed by performance-based top-ups and earn-outs. The acquisition provides immediate earnings enhancement and unlocks major cross-selling opportunities, particularly by introducing Elixirr's AI and digital capabilities to TRC's industrial and manufacturing clients.

TowerBrook Fund VI completed the acquisition of RYDGE Conseil, the former chartered accountancy arm of KPMG France. This complex carve-out creates a new independent leader in the French SME services market. TowerBrook intends to support a transformational phase, investing in scalable infrastructure and digital tools while maintaining the partnership-driven culture of the firm. Francois Enaud (formerly Steria) joins as Chairman to guide the strategic transition away from the Big Four network.