TRC ADVISORY acquired by ELIXIRR INTERNATIONAL

Elixirr has acquired 100% of the Hypothesis group, its fourth acquisition in the United States, strengthening its presence in the world's largest consulting market. Elixirr was founded in 2009 to disrupt the consulting industry by trying to deliver a better model to clients and with specific expertise across digital, data, AI and innovation.

Japanese HR giant Persol acquired an 85%, facilitating a full exit for historical venture capital and impact investors including Amundi PEF, Banque des Territoires, Breega, Kois, and Alter Equity. Founder Pascal Lorne and the management team retain 15% of the equity. The strategic rationale focuses on deploying Gojob's advanced AI matching technology across Persol's global network, particularly in Asia, while supporting Gojob's international scale-up in the US and Europe. This exit marks a major success for Breega, which returned 20x its seed investment.

Parella successfully completed its second LBO via a club deal. The transaction marks the entry of three new partners (SGCP, BRED, Bpifrance) alongside historical investor Qualium Investissement (partner since 2018), who chose to reinvest. Notably, the three founding partners significantly reinvested to regain majority control of the group. Key executives and managers across France and international offices also participated in the round. The operation is supported by a senior debt package provided by a pool including LCL, SG, BNP Paribas, Arkea, and Credit Mutuel. The strategic roadmap aims to double the company's size within 5 years through international expansion (Europe) and innovation (AI).

TowerBrook Fund VI completed the acquisition of RYDGE Conseil, the former chartered accountancy arm of KPMG France. This complex carve-out creates a new independent leader in the French SME services market. TowerBrook intends to support a transformational phase, investing in scalable infrastructure and digital tools while maintaining the partnership-driven culture of the firm. Francois Enaud (formerly Steria) joins as Chairman to guide the strategic transition away from the Big Four network.

PROMAN has announced the acquisition of the HR tech scale-up Embarq. This transaction strategically propels the acquirer into a top-tier position within the "Portage Salarial" sector, effectively combining the target's high-growth digital platform with the industrial scale of a European HR giant. The strategic rationale for the deal is rooted in the booming demand for professional autonomy and corporate flexibility, a market currently growing at 20% annually. By integrating Embarq’s proprietary "phygital" ecosystem and its high-profile pool of 4,000 interim managers and IT experts, PROMAN increases its sector-specific revenue to nearly €200 million, representing a 9% total market share. The partnership is designed to leverage the target's scalable technology to absorb rapid growth both domestically and internationally, while maintaining the transparency and proximity values that defined the start-up’s success. For the founders, joining PROMAN provides the financial and operational resources required to challenge traditional industry codes on a global scale. This merger highlights the ongoing institutionalization of the freelance economy, where established staffing leaders are increasingly acquiring digital-native platforms to secure specialized talent pools and modernize their service delivery models.

ADIT finalized its 5th LBO with the entry of 8 new investors (UI, Covea, MACSF, etc.) taking 50% of the capital for EUR270M. Historical shareholders (Sagard, Parquest, Amundi) and Management (7%) retain the remaining 50%. Bpifrance reinforces its position (15%) alongside the French State (via APE in DCI). The transaction is supported by a EUR375M unitranche debt (Tikehau, Five Arrows, Eurazeo, CIC, Natixis) to fund a plan aimed at doubling the company's size by 2030.

Bridgepoint acquired a significant minority stake in Argon & Co, joining the existing management team and partners who retain majority ownership. The incumbent financial sponsor, Ardian (which first invested in 2020), also reinvested a minority stake in the business. The transaction aims to fund the next phase of Argon & Co's expansion, specifically targeting growth in North America and Europe. Bridgepoint will support an enhanced M&A strategy to consolidate the operations consulting market.

Groupe EIF reorganizes its shareholding through its third LBO ("LBO Ter"). Five new investment funds join the capital to support the group's domestic and international development. The management team strengthens its majority position while opening the capital to all employees. This partnership aims to accelerate the deployment of SaaS solutions for tax performance and to lead a buy-and-build strategy across Europe, particularly in Italy and Benelux, following the acquisition of Forecast Consulting in Belgium.

Spartes completes a "Sponsorless" transaction with Andera Partners (Andera Acto). This operation allows the management team to reorganize the shareholder structure and provide liquidity to some historical partners without ceding control to a majority private equity fund. This financial backing aims to accelerate Spartes' development, particularly through the expansion of its digital service offering and potential small-scale acquisitions to complement its expertise in tax and social cost optimization.

Siparex Entrepreneurs and Bpifrance acquired a majority stake in NOOUS, marking the group's first opening of capital since its creation 25 years ago. The transaction orchestrates a managerial transition: historical founder retains a significant minority stake but passes the CEO role, while 8 key managers (7 of whom are women) invest in the company. The new funds and governance structure aim to accelerate NOOUS's development through organic expansion of its service offer and targeted external growth acquisitions to consolidate the fragmented HR consulting market.