TEPU HOLDING (PFANNER & FREI + RE.COM ELEKTROANLAGEN) acquired by TSG (TECHNICAL SERVICES GROUP)

Eurazeo has finalized a definitive agreement to acquire a majority stake in the target organization from its previous financial sponsor, Ardian. This strategic transaction marks a significant milestone in the group’s expansion, as the founding family reinvests substantially to accelerate the entity’s development as a global market leader. The strategic rationale for the move centers on the high degree of resilience and fragmentation in the critical maintenance sector, which offers extensive opportunities for consolidation and international growth. The partnership focuses on leveraging the acquirer’s global operational footprint, particularly in the United States and China, to drive the target’s international scaling. By combining a disciplined M&A strategy with a focus on operational excellence, the organization aims to further densify its network and reinforce its standing as a primary provider of integrated material handling solutions. This integration facilitates the target's transition into a truly global platform, providing the strategic depth and financial resources required to capitalize on the increasing outsourcing of maintenance services across multiple industrial continents.

Astorg has reached an agreement to acquire a majority stake in Barkene from Montefiore Investment, marking the ninth investment from its €1.3 billion mid-cap fund. Barkene’s founder will continue to lead the group during this new phase of institutional ownership. The strategic rationale for the acquisition is focused on accelerating Barkene’s "buy-and-build" engine in a market that remains highly atomized. Under Montefiore’s ownership, Barkene successfully integrated 16 acquisitions, growing its revenue to over €110 million by 2025. Astorg intends to double the size of the group within the next five years, primarily through the continued acquisition of small-scale targets (typically under €5 million in revenue) and mid-sized regional players. The strategy capitalizes on Barkene’s high share of recurring contractual revenue and a structural market demand for fire safety and electronic security. The deal, expected to close before the summer of 2026, will be supported by a new debt package currently under negotiation with various lenders. For Astorg, Barkene represents a perfect "platform" asset with 4 to 5% organic growth potential and strong margins, serving as a consolidation vehicle in the French multi-technical security services landscape.

CapVest has acquired a controlling stake in TSG from HLD. The transaction values the company at EUR1.8 billion. HLD, which acquired the business in 2020, will retain a 30% minority stake to benefit from future growth. The management team is also reinvesting significantly. The deal structure involves a "portable" debt package of EUR750 million (Term Loan B) which remains in place, speeding up execution. PAI Partners and CVC were also bidders in the process.

Halma plc has acquired the entire share capital of Safetec S.r.l. from the founding Stumpo and Modoni families. The transaction involves a full cash consideration. Safetec will continue to operate as a standalone company within Halma's Safety sector, retaining its current management team led by CEO Marco Stumpo. This acquisition enhances Halma's capabilities in fire and gas detection for complex industrial environments and expands its geographical footprint in the Middle East and Africa energy sectors. The deal provides a full exit for the founding families while ensuring operational continuity for the business.

Eurofeu, backed by pan-European private equity firm IK Partners, has acquired Pighi, a key Italian player in the fire safety sector. This transaction marks Eurofeu's entry into the Italian market, previously uncovered by the group. Alessandro Campedelli, the former sole owner via Gruppo Pighi Holding, has sold his stake but will retain an operational leadership role to drive future growth. The deal is part of Eurofeu's broader buy-and-build strategy to consolidate the European fire safety market.

Capza has successfully emerged as the winner of a highly competitive auction process for Myrium, orchestrated by Edmond de Rothschild Corporate Finance. The transaction marks the company's fifth LBO and the first time a private equity fund has taken a majority stake. Capza prevailed in the final round against bidders including Adagia, Eurazeo, and Towerbrook. To adequately capitalize this new cycle, a senior bank debt package was structured at 4x EBITDA. The remaining capital is shared between the management, the Rougnon family, and an employee stock ownership fund (FCPE), with Amundi PEF expected to join as a minority syndicate partner.

BNP Paribas Developpement took a minority stake in AGP to support its long-term growth and digital acceleration. The deal facilitated the exit of historical shareholders, including A Plus Finance. Simultaneously, AGP executed its first strategic build-up with the acquisition of E-proc Factory (a specialist in communication procurement with EUR11.8M in business volume). The operation aims to strengthen AGP's digital roadmap and fuel European expansion.

Montefiore Investment has exited its majority stake in Xelians (slightly over 50%) following a seven-year holding period. The operation allows the current Chairman, Jacques Thibon, to increase his stake to over 80%, up from 45% previously. The management team, led by CEO Jérôme Pariscoat and CFO Thomas Perche, now holds nearly 10% of the equity. Andera Acto completed the transaction with a €34 million investment, structured as over 90% in bonds. The financing package also included a €10 million private debt facility provided by CIC Private Debt. The total transaction was completed at a leverage ratio of less than 4.5x EBITDA. The strategic rationale marks the completion of the industrial integration phase and a successful digital shift. Under this new majority-management ownership, Xelians aims to reach €100 million in revenue within five years, with digital services expected to grow to 40% of the overall activity. This MBO secures the long-term independence of the group while providing a stable financial platform for its next growth cycle.

Turenne Capital and Euro Capital acquired a majority stake in M-ENERGIES from its historical shareholders, including the founder's family and previous financial backers. The deal is structured to provide the group with the financial resources to accelerate its "Buy-and-Build" strategy in a fragmented market. The management team reinvested significantly in the operation to remain aligned with the new sponsors.

H.I.G. Capital has acquired Rentokil Initial’s Workwear business in France. The strategic rationale for the divestment is to streamline Rentokil Initial's portfolio, allowing the group to focus exclusively on its core market-leading Pest Control and Hygiene & Wellbeing segments. For H.I.G. Capital, the acquisition represents a strategic entry into the French textile services market, providing a high-quality platform with recurring revenues and mission-critical services. The deal was supported by bespoke financing from CVC Credit. This carve-out significantly improves Rentokil’s capital efficiency by reducing annual CapEx requirements and is expected to boost the group's free cash conversion margin by approximately 100 basis points.