PROVALLIANCE acquired by CORE EQUITY HOLDINGS

To support its aggressive growth strategy and double its size within five years, Groupe Materiel-Velo reorganized its equity structure by welcoming Garibaldi Participations as a new key shareholder. The company had been backed by Societe Generale Capital Partenaires (SGCP) since 2012, who accompanied the initial transformation from a pure web player to a physical retailer. This new round of funding is designed to accelerate the deployment of the group's "cross-channel" strategy, financing the opening of new physical showrooms while upgrading digital logistics. The management team remains at the helm, capitalizing on the strong post-pandemic momentum in the cycling market.

Equistone Partners Europe has finalized the acquisition of a majority stake in Vertbaudet from Alpha Private Equity. The transaction marks a new chapter for the childhood specialist following a successful repositioning strategy initiated in 2015, which shifted the business from traditional mail-order to a digital-first platform. The executive team reinvested alongside Equistone to maintain operational continuity. The deal was completed on July 22, 2021, following the regulatory carve-out of Cyrillus (sold separately to MGA Paris). Despite the global pandemic, Vertbaudet demonstrated significant resilience, growing its turnover by 8% in 2020. The partnership intends to fuel further product diversification and strengthen the group's presence in Northern and Southern European markets.

Inspiring Sport Capital acquired a majority equity stake in Piguy Golf Challenge, buying out the previous financial holding companies. The current operational management team retained a minority stake in the company to ensure continuity and alignment of interests. This acquisition serves as the platform investment for a broader "Buy-and-Build" strategy in the European golf distribution market. The new shareholders aim to accelerate the company's digital transformation by implementing a B-to-B-to-C model (enabling pro shops to sell online via Piguy's inventory) and to pursue external growth opportunities to consolidate the fragmented European market.

Eleven years after its founding in Annecy, the outdoor sports retailer Snowleader reports nearly EUR35 million in sales, with 40% coming from international markets. To support its growth (38% in 2019), the company raised EUR10 million from 123 IM, BNP Paribas Developpement, and Sofimac Regions. A minority portion of this funding allows for the exit of some shareholders who had invested EUR2.5 million at the end of 2015—namely Turenne CP, Bpi, and Expansinvest.

Ergon Capital acquired a majority stake in Haudecoeur through a Primary LBO (the first time the family opened its capital to a financial investor). The transaction was the result of an unsolicited offer orchestrated by Raphael Financial Advisory. The Haudecoeur family retained a significant minority stake and continued to be involved in the business. The deal structure included senior debt with specific "acquisition lines" to fund future external growth. The strategic goal is to transform this national champion into a European platform for ethnic foods.

Equistone acquired 100% of Courir from Groupe Go Sport for an Enterprise Value of EUR283 million. This disposal was vital for Rallye, which was seeking to reduce its debt load. The transaction was structured as an MBO: the existing management team reinvested alongside Equistone to gain autonomy.

Ramphastos Investments, owned by Dutch billionaire Marcel Boekhoorn, acquired HEMA from Lion Capital in October 2018. The deal ended Lion's 11-year ownership since 2007 and positioned HEMA for renewed focus under domestic ownership. HEMA's scale (700+ stores, €1bn+ sales) and iconic Dutch status made it attractive despite losses (€31 million net loss 2017). Ramphastos targeted HEMA's e-commerce potential, international growth, and profitability recovery amid discounter competition. Boekhoorn's local expertise offered continuity after Lion's failed 2010/2018 sales. Post-deal priorities included debt reduction (€753 million gross), margin improvement, and digital/international acceleration.

Ouest Croissance injected less than €5 million into Easy Cash to acquire a minority stake of slightly under 20%. This fundraising is specifically designed to accelerate the group's territorial density, focusing on opening new company-owned branches (subsidiaries) in the city centers of major French metropolises. The transaction also marks the entry of the network leader since 2010, into the capital structure. The historical founders based in Mérignac remain majority shareholders but accepted a slight dilution. Beyond physical expansion, the funds are intended to upgrade the group's digital offering to boost e-commerce revenues. The consolidated revenue of the franchise network is €150 million.

Ardian, a leading private investment firm, entered into an agreement to acquire a majority shareholding in Prosol, the operator of the highly successful Grand Frais fresh food retail chain. This transaction marked a significant shift in ownership, as Prosol's founder, Denis Dumont, who had previously maintained a controlling interest, agreed to the preemptive offer from Ardian. The deal was structured as a leveraged buyout, signaling a new phase of development for the rapidly growing retailer. As part of the agreement, key stakeholders demonstrated their long-term commitment to the business, with both the founder and the existing management team, led by President Hervé Vallat, reinvesting alongside the new majority owner. The rationale for Ardian was to partner with a unique and exceptionally well-positioned company that has demonstrated remarkable growth in a competitive market. The firm had been monitoring Prosol for several years and saw an opportunity to apply its resources and expertise to support the company's ambitious expansion plans. For Prosol, the partnership provides access to a well-capitalized and experienced partner, equipping the management team with substantial new resources to accelerate its development strategy and continue its impressive growth trajectory across France.

JD Sports acquired 100% of Go Outdoors (>�200m of revenues) from its founders and private equity backers (YFM Equity Partners and 3i Group). The strategic rationale was purely about portfolio complementarity: while JD's existing brands (Blacks, Millets) dominated the traditional "High Street" locations with smaller footprints and higher price points, Go Outdoors dominated the "Out-of-Town" destination market with massive inventory and lower prices. There was minimal geographic overlap between the two estates. This "Hub and Spoke" coverage allowed JD Sports to capture the full wallet of the outdoor enthusiast—from the casual walker buying a jacket in the city center to the family buying a 6-person tent at a retail park. The founders exited the business post-completion.