PIGHI acquired by EUROFEU

CapVest has acquired a controlling stake in TSG from HLD. The transaction values the company at EUR1.8 billion. HLD, which acquired the business in 2020, will retain a 30% minority stake to benefit from future growth. The management team is also reinvesting significantly. The deal structure involves a "portable" debt package of EUR750 million (Term Loan B) which remains in place, speeding up execution. PAI Partners and CVC were also bidders in the process.

TSG Group acquired Tepu Holding to significantly bolster its subsidiary, TSG Switzerland. This transaction is part of an aggressive buy-and-build strategy, marking the group’s 45th acquisition in four years. The deal allows TSG to nearly double its Swiss workforce (increasing from 105 to 200 employees) and adds €40 Million in annual revenue. Strategically, the acquisition integrates key expertise in medium-voltage and photovoltaic systems, which are essential for delivering "turnkey" electric charging hubs that incorporate local energy production and management.

Halma plc has acquired the entire share capital of Safetec S.r.l. from the founding Stumpo and Modoni families. The transaction involves a full cash consideration. Safetec will continue to operate as a standalone company within Halma's Safety sector, retaining its current management team led by CEO Marco Stumpo. This acquisition enhances Halma's capabilities in fire and gas detection for complex industrial environments and expands its geographical footprint in the Middle East and Africa energy sectors. The deal provides a full exit for the founding families while ensuring operational continuity for the business.

Capza has successfully emerged as the winner of a highly competitive auction process for Myrium, orchestrated by Edmond de Rothschild Corporate Finance. The transaction marks the company's fifth LBO and the first time a private equity fund has taken a majority stake. Capza prevailed in the final round against bidders including Adagia, Eurazeo, and Towerbrook. To adequately capitalize this new cycle, a senior bank debt package was structured at 4x EBITDA. The remaining capital is shared between the management, the Rougnon family, and an employee stock ownership fund (FCPE), with Amundi PEF expected to join as a minority syndicate partner.

Turenne Capital and Euro Capital acquired a majority stake in M-ENERGIES from its historical shareholders, including the founder's family and previous financial backers. The deal is structured to provide the group with the financial resources to accelerate its "Buy-and-Build" strategy in a fragmented market. The management team reinvested significantly in the operation to remain aligned with the new sponsors.

Montefiore Investment has exited its majority stake in Xelians (slightly over 50%) following a seven-year holding period. The operation allows the current Chairman, Jacques Thibon, to increase his stake to over 80%, up from 45% previously. The management team, led by CEO Jérôme Pariscoat and CFO Thomas Perche, now holds nearly 10% of the equity. Andera Acto completed the transaction with a €34 million investment, structured as over 90% in bonds. The financing package also included a €10 million private debt facility provided by CIC Private Debt. The total transaction was completed at a leverage ratio of less than 4.5x EBITDA. The strategic rationale marks the completion of the industrial integration phase and a successful digital shift. Under this new majority-management ownership, Xelians aims to reach €100 million in revenue within five years, with digital services expected to grow to 40% of the overall activity. This MBO secures the long-term independence of the group while providing a stable financial platform for its next growth cycle.

BNP Paribas Developpement took a minority stake in AGP to support its long-term growth and digital acceleration. The deal facilitated the exit of historical shareholders, including A Plus Finance. Simultaneously, AGP executed its first strategic build-up with the acquisition of E-proc Factory (a specialist in communication procurement with EUR11.8M in business volume). The operation aims to strengthen AGP's digital roadmap and fuel European expansion.

H.I.G. Capital has acquired Rentokil Initial’s Workwear business in France. The strategic rationale for the divestment is to streamline Rentokil Initial's portfolio, allowing the group to focus exclusively on its core market-leading Pest Control and Hygiene & Wellbeing segments. For H.I.G. Capital, the acquisition represents a strategic entry into the French textile services market, providing a high-quality platform with recurring revenues and mission-critical services. The deal was supported by bespoke financing from CVC Credit. This carve-out significantly improves Rentokil’s capital efficiency by reducing annual CapEx requirements and is expected to boost the group's free cash conversion margin by approximately 100 basis points.

LBO France and Andera Partners entered into exclusive negotiations for the sale of their combined stake in Prenax Group to Triton. LBO France had acquired its majority stake in October 2020 alongside Andera Acto and the management team, specifically to finance the acquisition of LM Information, which created the European market leader in outsourced subscription management. Over the five-year holding period, LBO France supported Prenax through a major transformation encompassing three bolt-on acquisitions, a management transition, and the launch of a new technology-driven service offering. The transaction is subject to antitrust clearance from the relevant competition authorities.

ICG acquired a majority stake in Groupe Climater, facilitating the exit of previous financial sponsors (including Credit Agricole Regions Investissement and others). The deal was structured to support the group's "LBO 4" phase, focusing on accelerating national coverage and expanding service offerings in energy renovation. The management team, which has led the group through several successful LBO cycles, remains significantly invested.