NextStage AM has acquired a majority stake in the Société des Eaux Minérales d’Arcachon (SEMA), taking over from the long-term owner and wine merchant Jean Merlaut, who exited his entire position. The transaction was carried out pari passu through the NextStage Evergreen vehicle and the "Pépites & Territoires" FPCI, representing a combined equity ticket of €30 million. Hervé Maudet, the co-owner and long-standing director of the company, has been appointed President and maintains a minority stake in the new structure. The strategic rationale for the acquisition is focused on transforming SEMA from a regional powerhouse into a national premium brand. With the company currently producing 50 million bottles annually and generating approximately 50% of its revenue from the restaurant trade, NextStage aims to double the size of the business over the next five years. The strategy involves strengthening the premium brand identity of the Abatilles and Source des Pins labels and expanding distribution networks significantly beyond the Southwest region of France. A key factor in the investment decision was SEMA’s superior water resource availability, with current extraction volumes remaining well below authorized administrative limits, providing a clear path for organic growth without the resource constraints faced by competitors. The deal was supported by a senior debt package (Tranches A and B) provided by the company’s historical banking pool and followed a competitive process involving generalist funds and family offices.

Founded in the early 20th century, the Société des Eaux Minérales d’Arcachon (SEMA) is a premium French mineral water producer owning the renowned "Abatilles" and "Source des Pins" natural springs. Located in the Arcachon Bay, the company operates a vertically integrated business model ranging from water extraction at deep natural sources to bottling and multi-channel distribution. Its value proposition is built on the high-end positioning of its mineral waters, which are recognized for their purity and specific geological properties. SEMA serves a diverse client base, with a significant presence in the high-end restaurant sector (CHR) and specialized retail. The company’s strategy focuses on maintaining the ecological integrity of its two natural springs while capitalizing on the premium bottled water trend. By holding extraction permits that significantly exceed current production levels, the company possesses a unique competitive advantage in terms of scalable resource availability compared to other regional players. Its portfolio includes still and sparkling varieties, marketed as regional heritage products with a strong emphasis on artisanal quality and local terroir.