SIPAREX takes majority stake in Koalys

Siparex Entrepreneurs finalizes the acquisition of approximately 60% of Koalys for an enterprise value of . The transaction is structured as a buy‑out with a cash ticket of roughly €5 million, complemented by senior debt financing. Siparex, a private‑equity vehicle of the Siparex Group, becomes the majority shareholder while retaining the existing management team; Guillaume Exbrayat, long‑time president, cashes out but remains on the board, and Olivier Héaulme assumes the CEO role, sharing the residual equity with the chief information officer. Diode Invest, the Crédit Agricole‑backed investment vehicle, divests its 35 % stake as part of the same round, providing additional liquidity to the seller base. The deal is advised on the buy‑side by Lamartine Conseil (legal) and Fifteen Partners (financial due diligence), while the sell‑side advisors include Maiana, Aya Partners, Forvis Mazars (legal) and Baker Tilly (financial due diligence). Strategically, Siparex targets the acceleration of Koalys’ franchise expansion in high‑potential French territories such as Paris, Marseille and Montpellier, leveraging the network’s proprietary digital suite (DiagDesk, DiagGPT) to improve franchisee productivity and service breadth. The transaction also secures access to Koalys’ complementary Aléa Contrôles brand, which specializes in pre‑ and post‑work diagnostics, thereby broadening the addressable market. With a revenue of €6M reported by the franchise network, the capital injection is expected to fund organic growth, reinforce operational support for franchisees, and deepen the technology‑driven value proposition. The combination of equity backing and senior debt provides a balanced capital structure, aligning with Siparex’s mandate to scale proven regional champions while preserving managerial continuity. The French diagnostic real‑estate market is characterised by mandatory compliance checks, driving steady demand for BtoC services. Koalys, as a reference franchisor in this segment, benefits from a regulated growth tail, which aligns with Siparex’s investment thesis of backing businesses with defensible barriers and recurring revenue streams. By augmenting the franchise model with enhanced training, regulatory monitoring and digital workflow tools, Siparex aims to increase average franchisee turnover and improve margin stability. The senior debt component, sourced from a consortium of French banks, is structured with a covenant‑light profile to preserve cash flow for reinvestment. Overall, the transaction positions Siparex Entrepreneurs to replicate its recent successful investment in Kiping, reinforcing its presence in Southern France and extending its portfolio of franchise‑based growth platforms.