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NextStage AM, a pioneer in growth capital in France, has announced the acquisition of a majority stake, through its vehicles NextStage Evergreen and the FPCI “Pépites & Territoires by AXA and NextStage AM”, in Société des Eaux Minérales d’Arcachon (SEMA), the owner of access rights to and operator of two natural mineral water springs located in Arcachon: Source Sainte Anne and Source des Pins. Advised by Largillière Finance, this transaction aims to further develop the Abatilles brand — a benchmark water for restaurateurs, particularly in the South-West of France — as well as Source des Pins, in order to expand their distribution across France.

Natural mineral waters renowned for their outstanding qualities: pure, local and sustainable

Founded more than 100 years ago, Société des Eaux Minérales d’Arcachon (SEMA) is built on two rare and exceptional assets located in Arcachon: two major natural mineral water springs among the deepest in France — Source Sainte Anne (drawn from a depth of 472 meters and fed by water from the Massif Central), from which Abatilles waters originate, and Source des Pins (drawn from a depth of 330 meters), from which Source des Pins waters originate.

This depth naturally protects both springs from any pollution (zero nitrates), thanks to multiple layers of sand, clay, limestone and sandstone that act as a geological barrier. It gives the water unique mineral characteristics, thermal properties and a neutral taste — a profile highly valued by fine dining establishments as it does not alter the flavor of the dishes served. This quality, recognized by leading chefs, makes Abatilles a must-have water on France’s finest tables.

Since its acquisition in 2013 by a duo of entrepreneurs, Jean Merlaut and Hervé Maudet, SEMA has undergone a profound transformation. Significant investments have enabled the modernization of its production and drilling facilities, the creation of a range of three complementary product lines (“La Bordelaise” and “L’Eau de Tous les Jours” for Abatilles waters; “La Source des Pins” for Source des Pins waters), in terms of formats and water types (still and sparkling), and the repositioning of the Abatilles brand in the premium natural mineral water segment.

The company employs around fifty people and generated revenues of more than €20 million in 2025, with over 50 million bottles sold.

A strong growth potential

The growing demand for traceability and water purity is driving an increasing number of consumers to seek out natural, untreated water. Heat waves, which are becoming more frequent and intense, are also driving up water consumption. In this context, the intrinsic qualities of natural mineral water and the therapeutic benefits often associated with it have thus become key differentiators.

SEMA benefits from a strong premium brand image for Abatilles waters, particularly in the South-West of France, supported by its regional roots and a 100% French production chain. The availability of water from its springs and its production capacity also represent a strong competitive advantage in meeting growing demand: the volumes extracted remain well below the authorized limits, unlike many French natural mineral water sources that have already reached their maximum extraction capacity.

The entry of NextStage AM, which has been supporting high-growth SMEs and mid-sized companies for nearly 25 years, into SEMA’s share capital — in a transaction advised by Largillière Finance — aims to accelerate the company’s nationwide development into new regions (South-East, Île-de-France, Brittany and Normandy), by strengthening the group’s presence in out-of-home consumption channels (CHD – restaurants, etc.) and accelerating its expansion in mass retail distribution (GMS). The investment by NextStage AM, carried out alongside Hervé Maudet, who remains a shareholder and continues to lead the group, is intended to reinforce SEMA’s marketing strategy and enhance the group’s commercial capabilities.

“The arrival of NextStage AM marks a decisive milestone in the development of our natural mineral waters. After repositioning our brands with Jean Merlaut, I am delighted to partner with a long-term partner who understands our local DNA and our industrial challenges. And I would like to thank Largillière Finance for its support throughout the preparation of this transaction, which led us to partner with a strategic ally, NextStage AM. This alliance will enable us to build our team and bring our exceptional waters to the finest tables in France, while maintaining our responsible model.” - Hervé Maudet, Group Chairman.

"SEMA is a perfect example of the SMEs across our regions that benefit from unique expertise and distinctive strengths. We are proud to support Hervé Maudet and his team as they enter a new phase of growth. Our objective is clear: to leverage SEMA’s high-performing industrial platform and the rare mineral qualities of its waters to make Abatilles the French premium water champion and to further develop Source des Pins." - Jean-David Haas, CEO and Co-Founder of NextStage AM.

"Société des Eaux Minérales d’Arcachon is an emblematic company of South-West France. This financial support through the Pépites & Territoires program is a tangible demonstration of our commitment to using savings as a driver of regional economic development. By supporting a French company with more than 100 years of history, this investment reinforces our conviction that the democratization of private equity enables French savers to allocate their capital to the local economic fabric, while diversifying their investment portfolios. This is a positive outcome both for savers and for companies." - Corinne Calendini, CEO of AXA Vie Individuelle et IARD & Partenariats.

"In a growing mineral water market, SEMA has strong development potential. We are proud to have supported Jean Merlaut and Hervé Maudet in this transformative transaction. We were involved at a very early stage to analyze the company’s key challenges and identify the right investor profile, while preserving the independence and identity of the brand. With NextStage AM, the company now has the ideal partner to expand at a national level and in the premium segment." - Laurence d’Halleine, Partner at Largillière Finance.

Stakeholders in the operation:

Press Contact

Margie 

Aliénor Miens - +33 6 64 32 81 75 - alienor.miens@margie.fr