RENTMAT BTP acquired by NORD COFFRAGE

QCapital acquired a 42.5% stake in Venpa for EUR15 million. This primary LBO was designed to professionalize the family-owned business (Pege and Piovan families) and launch an aggressive "buy-and-build" strategy. Between 2021 and 2024, Venpa's revenue grew from EUR40M to EUR100M through multiple acquisitions (Nolotecnica, Torinoleggi, Loca Top).

SNCF sold its 100% stake in Ermewa to a consortium composed of CDPQ and DWS. This major infrastructure transaction allows the group to reduce the its debt.

Ardian has announced the acquisition of a majority stake in GBA Group, partnering with the existing management team and Quadriga Capital. This transaction follows a period of significant growth under the previous ownership, during which the target successfully institutionalized its platform and expanded its geographic reach through targeted acquisitions. The strategic rationale for the new partnership is to further accelerate the target,s international buy,and,build strategy, leveraging the acquirer,s extensive network in the TIC sector. The investment will focus on enhancing the company's core business, expanding into new high,growth markets, and maintaining a commitment to operational excellence. By combining the target,s scientific expertise with the acquirer,s financial strength and global reach, the group aims to solidify its competitive position as a leading bioanalytical service provider in Europe, focusing on the highly resilient food and pharmaceutical end markets.

Clayton, Dubilier & Rice has completed the acquisition of Wolseley UK from its former parent company, Ferguson plc (LSE: FERG). This strategic carve-out allows Ferguson to focus exclusively on its North American operations while providing Wolseley with the dedicated capital and operating capabilities needed to accelerate its growth in the UK market. The investment marks CD&R’s 12th industrial distribution investment in a decade, signaling a strong belief in Wolseley’s platform as an "inflection point" for operating improvements and future inorganic expansion. Under the new ownership, the company is led by CEO Simon Oakland and Chairman Bruno Deschamps (former COO of Ecolab), focusing on building an entrepreneurial culture and pursuing a "buy and build" strategy to consolidate the UK's plumbing and heating distribution landscape.

Apax Partners and Bpifrance have entered into an exclusive agreement to acquire a majority stake in BTP Consultants Group, marking a pivotal primary LBO and management transmission. The transaction facilitates the handover from the founder to a new leadership team, which is reinvesting significantly alongside the institutional shareholders. This transition includes an expansion of the employee shareholding base, increasing the number of management-shareholders from six to over twenty. The transaction is driven by the strategic objective of transitioning the group into a national leader through a combined strategy of organic growth and targeted external consolidation. Key development axes include the reinforcement of high-potential segments such as energy renovation, energy diagnostics, and BIM-integrated project management. With the support of its new partners, the organization aims to pursue a proactive build-up strategy to enter new geographic regions and acquire complementary technical expertises, specifically in carbon performance and civil engineering inspection. The operation is supported by a unitranche debt facility designed to provide the group with the financial flexibility required to meet its ambitious scaling objectives while maintaining a focus on technical excellence and customer-centric innovation.

Kiloutou acquired Salmat Nord to strengthen its historical stronghold in the Hauts-de-France region. This "bolt-on" transaction allowed Kiloutou to integrate a high-quality local fleet and a loyal customer base, optimizing its logistics and network density in a key industrial and construction hub.

A group of financial investors led by SGCP and Geneo Capital took a majority stake in DSL to support its "buy-and-build" strategy and national expansion. The deal, valued at approx. EUR70M, highlights the premium attached to specialized rental players with high technical expertise compared to generalist rental companies.

Applus+ has acquired 100% of the share capital of QPS Evaluation Services Inc. from its founding partners. The three senior managers of QPS, including the President, have committed to remaining with the business for several years to ensure a smooth integration. The strategic rationale for the acquisition is to significantly increase the global reach of the Applus+ Laboratories division, particularly in the North American and E&E certification markets. By combining QPS’s recognized certification marks with Applus+'s existing electromagnetic compatibility and wireless communication testing capabilities, the group aims to create a comprehensive global solution for manufacturers. The deal allows Applus+ to capitalize on the rapid growth in E&E product regulations and provides QPS with the scale needed for global expansion. This acquisition follows a three-year partnership between the two companies and aligns with Applus+'s strategy of targeting high-margin, technically specialized assets within the TIC sector.

SGS SA has completed the acquisition of the Analytics & Services (A&S) unit from SYNLAB Group. The transaction, initially announced in November 2020, represents a strategic carve-out that allows SYNLAB to divest its non-core laboratory activities and fully concentrate on its primary medical diagnostic services. For SGS, the acquisition significantly strengthens its footprint in North-Western Europe, specifically consolidating its market position in Germany and the Benelux region while establishing a new presence in the Nordic countries. The strategic rationale centers on the integration of A&S’s 37 specialized laboratories into the SGS global network, enhancing the group’s portfolio in environmental, food, and life sciences testing. Following the closing, the unit was rebranded as SGS Analytics. This combination provides A&S with the necessary scale to pursue future growth under the ownership of a dedicated TIC industry leader.

Utac Ceram acquired 100% of Millbrook from the British group Spectris. This transformative transaction, signed shortly after the acquirer's secondary LBO, allowed the group to double its size in terms of both revenue and headcount. The strategic rationale is centered on creating the most comprehensive vehicle testing and validation offering in the European market by combining the acquirer's autonomous vehicle expertise with the target's electric vehicle testing capabilities. Geographically, the merger provides a balanced footprint for both hot and cold weather testing and strengthens the group's position with international manufacturers, particularly through shared teams in China and the United States. Financing for the operation was secured as part of the group's recent leveraged buyout.