TOPBUILD acquired by QXO

The transaction structures a minority leveraged buy-out, transferring a portion of equity to incoming financial sponsors for the first time in the company's history. Ownership changes to institutionalize the capital structure while accelerating growth through targeted buy-and-build acquisitions. The current management team retains majority control of the equity to ensure operational continuity and maintain local commercial relationships. Funding includes an equity check from the investor group paired with a senior debt facility underwritten by regional commercial banks. The capital structure intentionally embeds an over-advancement credit facility to fund upcoming pipeline acquisitions. This funding mix preserves structural agility, leaving ongoing operational free cash flow available to support internal commercial development across the target geographies.

Hanab Group, through its Hanab Installation Technology (HIT) division and with the backing of its financial sponsor Triton Partners, has acquired CTC Solutions. This strategic acquisition is central to Hanab's growth strategy, aimed at significantly strengthening and broadening its capabilities within complex and high-technology end markets. The transaction creates a powerful synergy by combining CTC's specialist, high-grade expertise in cleanroom design and airtight construction with Hanab's extensive installation knowledge, national operational scale, and robust project management organization. For Hanab, the deal provides immediate access to a highly specialized and demanding market segment, enhancing its service proposition to clients in critical sectors such as semiconductors, pharmaceuticals, healthcare, and defense. For CTC Solutions, becoming part of the larger Hanab platform offers a solid foundation for future growth, providing access to additional resources, a broader network, and the scale required to undertake larger and more integrated projects. The acquisition is structured to preserve CTC's operational identity; it will continue to operate as an independent entity under its own name, maintaining its existing organizational structure, culture, and client relationships, ensuring continuity for employees and customers while leveraging the strategic benefits of the new ownership structure.

AF Gruppen has completed the acquisition of a 70% majority stake in H.A. Bygg Entreprenad through its subsidiary, AF Bygg Syd. This strategic transaction is designed to strengthen the group’s specialized concrete operations within the Swedish market, specifically targeting the growing niche of water and wastewater treatment infrastructure. The remaining stake will be retained by the target’s employees, ensuring the preservation of the organization’s specialized workforce and operational continuity. The strategic rationale for the acquisition centers on the integration of a leading regional player with a strong track record of operational performance and technical excellence in reinforced concrete. By absorbing this specialist platform, the group enhances its structural engineering capacity and establishes a more robust competitive position for large-scale infrastructure tenders in Western Sweden.

Montefiore Investment has signed an agreement to acquire a majority stake in Face Group, replacing Hivest Capital Partners as the lead shareholder. Hivest, which entered the capital in 2021, is exiting after a five-year period during which the group was professionalized and its revenue grew from 250 million EUR to nearly 400 million EUR. The transaction, managed by Investec and Adviso Partners, was finalized through a competitive bidding process where Montefiore was selected for its deep expertise in energy services and territorial networking. The strategic rationale for the acquisition is to accelerate Face Group’s transformation into a multi-technical powerhouse. Montefiore plans to support the management team, led by President Nicolas Petit, in expanding into HVAC (Heating, Ventilation, and Air Conditioning) and strengthening its presence in the photovoltaic and electrical engineering sectors.

MasTec has finalized the acquisition of McKee Utility Contractors from Boyne Capital, marking a full exit for Boyne’s second fund (BCM Fund II LP). The transition reflects the integration of a specialized water infrastructure platform into a global publicly traded diversified services group. Under Boyne's three-year ownership, the organization underwent a significant operational transformation, which included doubling its crew count and establishing new regional divisions across Oklahoma and Texas. The rationale for the transaction centers on the acquisition of a high-growth platform with a dominant position in the Southern United States water utility sector. The target provides the acquirer with specialized technical capabilities in large-diameter pipeline construction, an increasingly critical infrastructure segment due to urban expansion and aging municipal water systems. The partnership is expected to leverage the target's recently upgraded project management systems and safety protocols to take on larger, more complex water infrastructure projects. By integrating this founder-led specialist into its broad portfolio, the acquirer reinforces its status as a leading consolidator in the North American specialized contracting market.

FCDE has entered into exclusive negotiations to acquire a majority equity stake in Groupe Allez, orchestrating the transmission of this nearly centennial independent family business. The transaction is triggered by the upcoming retirement of the current, and aims to ensure managerial continuity under the leadership of the current General Manager who will assume the Presidency. While FCDE becomes the controlling shareholder, the founding Allez family will reinvest to retain a significant minority stake, ensuring alignment for the next growth phase. The strategic plan targets annual revenue growth of 5-10%, driven by both organic development in energy transition sectors (solar, EV charging) and a secured financing line dedicated to future external growth acquisitions.

The management team of Snic Technologies organized a tertiary LBO (LBO ter) to regain majority control of the group, facilitating the exit of the previous majority sponsor, Innovafonds. The transaction is backed by a debt package of around EUR100 million, refinanced in mid-2025. The new capital aims to fund sizeable acquisitions in Europe, with a specific focus on penetrating the German market, where barriers to entry for signaling equipment are high.

Accelerating its expansion into the mission-critical digital infrastructure sector, Dycom Industries has finalized the acquisition of Power Solutions. This strategic move positions the organization as a leading provider of electrical contracting services specifically tailored for the fast-growing data center market in the Mid-Atlantic region. The transaction involves the full integration of the Bowie-based specialist into the broader group platform, while maintaining its established brand identity and management structure to ensure operational continuity. The rationale for the transaction centers on capturing the structural growth of data and AI infrastructure, which requires increasingly complex electrical engineering and installation capabilities. By combining technical resources, the organization significantly enhances its multidisciplinary service offering to telecommunications and digital infrastructure providers. The partnership is designed to leverage the target’s deep regional expertise and established relationships with global data center developers. Furthermore, the integration is expected to optimize free cash flow and improve the group’s overall service margins within the high-barrier digital infrastructure landscape. This acquisition reinforces the organization’s commitment to being a primary enabler of modern connectivity and data storage networks.

Siparex Entrepreneurs, supported by Bpifrance, acquired a majority stake in Brifer as part of a primary Management Buy-Out (MBO). The transaction allows the founding family to step back from majority control while retaining a minority stake to ensure a smooth transition. The current CEO, who took the helm in 2020, significantly increased his equity stake alongside key operational managers (site supervisors). The deal is leveraged with a senior debt package provided by CIC and Societe Generale. The new ownership structure is designed to finance organic growth (recruitment of expertise) and pursue external growth opportunities (build-ups), without putting excessive pressure on the company's cash flow.

Electrical engineering specialist Groupe Fauché has successfully completed the acquisition of Sylpa, an Île-de-France-based peer, following a highly competitive, industrials-only auction process advised by Investec. The transaction facilitates the full exit of private equity sponsor Andera Partners, which had backed the target since 2019 through its sponsorless vehicle, Acto Mezz III. The acquisition was funded utilizing Groupe Fauché’s existing bank debt—secured during its recent MBO backed by minority investor EMZ—coupled with a private debt facility provided by GSO Financement. The targeted sell-side process generated significant market appetite, attracting six indicative offers from various corporate players. For the acquirer Groupe Fauché, this first milestone acquisition since its corporate reorganization is highly complementary to its geographic footprint. By integrating Sylpa, the Montauban-based group secures a dedicated regional subsidiary and significantly expands its business volume within the highly strategic Île-de-France market. The operation should also allow the Group to exceed €500M in revenue.