SWISS IT SECURITY GROUP (SITS) acquired by TRITON PARTNERS

Capza and Parquest Capital entered the capital of Advens as minority shareholders, alongside founder Alexandre Fayeulle and the management team, who retain majority control. This operation is notable for its integrated philanthropic structure: a significant portion of the company’s capital gains and dividends are directed toward a large-scale endowment fund. The primary objective of the partnership is to fuel Advens’ technological R&D and international expansion, aiming to establish the firm as the premier Security-as-a-Service provider in Europe. The deal also involved a significant employee secondary component, allowing 33% of the staff to become shareholders.

Adista and Unyc, both supported by Keensight Capital, have signed an exclusivity agreement for a strategic merger. This transaction creates a new national champion with a combined turnover of €220 million and 900 employees in 2021. Under the leadership of Group President Patrice Bélie, the two entities will maintain their operational specializations: Adista focusing on direct sales and Unyc on indirect/white-label distribution. Damien Watine, founder of Unyc, becomes a shareholder in the new holding company and continues to lead Unyc’s operations while joining the group’s executive board. The merger aims for massive scale, targeting €500 million in revenue by 2025.

Charterhouse Capital Partners acquired Labelium, a leading Paris-based digital marketing agency. This transaction marked a significant milestone, as Labelium had more than doubled in size since its previous acquisition by Qualium Investissement in 2018. Charterhouse outbid competitors IK Investment Partners and Naxicap Partners in the final round of bidding, which was managed by Cambon Partners. This acquisition enabled the exit of Qualium Investissement who had acquired Labelium in 2018 for EUR140 million, when the company's EBITDA was EUR11 million and revenue stood at EUR22 million.

Axcel has successfully finalized the acquisition of a majority stake in ProData Consult from Polaris and the organization's founders, marking the sixth platform investment for its Axcel VI fund. This strategic transaction aims to accelerate the target’s growth trajectory to establish a leading European talent-centric platform for IT consultants. The strategic rationale for the move is rooted in the convergence of an increasingly buoyant market for specialized digital talent and the target’s proven capability to deliver scalable, high-end technical solutions through its proprietary IT infrastructure. By incorporating the target’s market-leading position in Denmark and its strong established footprints in Poland, Sweden, and Norway, the group intends to drive a significant European consolidation program. The partnership focuses on scaling the unique "Nearshoring-as-a-Service" offering and entering new geographic markets to meet the surging demand for agile IT workforces. The founders and management remain significant shareholders, ensuring the preservation of the entrepreneurial culture and operational expertise that have driven the firm’s historical outperformance. This integration reinforces the group's standing as a primary enabler of digital growth and industrial efficiency in the Northern European professional services landscape.

Infra Group has finalized its fourth LBO, with ICG stepping in as the new majority shareholder to support its next growth phase. Previously backed by Andera Partners, which remains an investor, the Belgian infrastructure specialist aims to accelerate its European expansion. The group focuses on strengthening its market position in multi-technical services through an active build-up strategy and organic growth across its core territories.

Keensight Capital has signed an agreement to acquire a majority stake in Adista, taking over from Equistone Partners Europe. The deal was structured via a preemptive offer, bypassing a planned auction process due to Adista's strong performance, having doubled its revenue since 2016. The current management team, led by Patrice Bélie, reinvested significantly alongside Keensight and a pool of minority investors including FEF (Mubadala and Bpifrance), GEI, and ILP. The transaction is financed by a unitranche facility provided by Idinvest. This new strategic cycle aims to fuel Adista's "Buy-and-Build" strategy, following the successful integrations of Fingerprint Technologies and Waycom, with the objective of doubling the group's size again within four years.

ICG acquired a majority stake (slightly over 50%) in Circet from Advent International, in a deal valuing the company at over EUR3.2 billion. The management team reinvested significantly to hold more than 40% of the capital. This third LBO aims to accelerate Circet's international expansion, particularly in the US, and support the deployment of 5G and fiber across Europe.

Eurazeo and Sagard NewGen are acquiring a 51% controlling interest in I-TRACING from Keensight Capital. The transaction was structured as a secondary LBO following a restricted competitive process that deliberately focused on financial sponsors rather than industrial buyers. The management team and founders are significantly reinvesting in the operation to retain the remaining 49% of the capital. The investment strategy is focused on accelerating the group's international footprint, particularly in Europe, North America, and Asia, to better serve its global corporate clients. The plan also includes an active external growth strategy to complement the existing service range and enter new geographical markets. The financing of the transaction included a unitranche debt facility provided by a major European private debt investor to support both the acquisition and future development needs.

The IK IX Fund has successfully finalized the acquisition of a majority stake in the share capital of the target from its previous institutional owner, alongside a significant reinvestment from the founding management team. This strategic transaction represents a pivotal step in the organization’s evolution, marking the transition from a regional specialist to an international platform contender. The strategic rationale for the move centers on the acquirer’s objective to capitalize on the structural growth of the cybersecurity market and the target’s unique ability to attract high-tier technical talent in a competitive landscape. The partnership is designed to leverage the acquirer’s extensive European network to develop new service capabilities and professionalize the group’s scalability. This integration facilitates the further development of high-value managed security services and incident response forensics, providing the strategic resources required to navigate the increasing complexity of global cyber threats. The move solidifies the group’s standing as a primary enabler of digital resilience.

Adista signed a definitive agreement to acquire 100% of its peer Waycom. This transformative operation, supported by majority shareholder Equistone, allowed Adista to solidify its position as the premier alternative French B2B operator, second only to the three historical national carriers. The transaction involved a massive reinvestment by Waycom’s management shareholders into the new group, ensuring operational continuity. This merger followed the acquisition of Fingerprint Technologies in 2020, densifying the group's presence in the Paris region and strengthening its capabilities in multi-cloud and connected retail. The combined entity reported a pro-forma turnover of €153 million in 2020 with a total workforce of 720 employees.