Ardian, the majority shareholder in Syclef since 2020, has orchestrated a GP-led secondary transaction to continue its investment in the company. This deal was structured through a single-asset continuation fund, Ardian Expansion Syclef Continuation Fund, allowing Ardian to retain control while providing a liquidity event for the limited partners of its predecessor fund, Ardian Expansion V. The new vehicle attracted significant external capital, with Eurazeo acting as the senior lead investor and Astorg participating as a co-lead investor through its GP Equity Solutions strategy. The rationale for this transaction is rooted in Syclef's exceptional performance and Ardian's conviction in its future potential. Since the initial investment, Syclef has executed a successful buy-and-build strategy, completing 25 acquisitions that significantly scaled its operations. The continuation fund provides fresh capital and a reset timeline to pursue a more ambitious European expansion plan, targeting fragmented markets in Southern Europe and beyond. The transaction also included a comprehensive refinancing of the company's debt, replacing the previous structure with a new term loan and revolving credit facility. This new financing extends debt maturity and provides substantial means for future external growth, positioning Syclef to become a consolidated European leader in the refrigeration and HVAC sectors.

SYCLEF, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN.

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