Archives des LBO/MBO/OBO - Largillière

LBO of Société des Eaux Minérales d’Arcachon with NextStage AM

Fanny Gény — Wed, 25 Mar 2026 11:41:07 +0000

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.

Becoming the leading premium natural mineral water player in France

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.

LBO of SCOB with UI Investissement and BFC Croissance and the association of several executives

Fanny Gény — Wed, 04 Feb 2026 10:49:09 +0000

SCOB, a regional leader in concrete structural works, mainly for collective housing and office buildings, has announced the entry of UI Investissement and BFC Croissance into its share capital, as well as the participation of three managers as shareholders. Supported by Largillière Finance, this shareholder restructuring is part of a long-term vision aimed at ensuring the company’s independence, strengthening its position as a regional leader, and continuing its growth trajectory.

SCOB, a specialist in the construction of reinforced-concrete multi-family residential buildings

Founded in 1969 and acquired by Pascal Bertolini in 1991, SCOB, based in La Chapelle-de-Guinchay (Saône-et-Loire), is a specialist in reinforced-concrete structural works, focused on the construction of new-build multi-family residential developments, office buildings, senior living residences and student housing. The company mainly serves private real estate developers, with a strong regional footprint at the heart of the Lyon–Mâcon–Dijon area. Over time, SCOB has progressively structured itself around an integrated and industrialized model, including an in-house methods engineering department, a proprietary equipment fleet and the digitalization of site layout planning. In 2024, the company delivered more than 1,000 housing units, generating revenues of nearly €50 million.

SCOB operates in the structural works market, which has been gradually recovering since early 2025. Despite an environment that remains challenging (material costs, scarcity of available land and rising interest rates), the company benefits from favorable structural dynamics: a housing shortage, demographic pressure in regional metropolitan areas and the return of public incentive schemes.

Objective: to ensure growth while preserving managerial momentum

Advised by the Largillière Finance team, the transaction enables:

the opening of the capital to three key managers: Isabelle Blanchet (CFO), Marcio Da Costa (Construction Director) and Guillaume Berthelot (Head of Methods Engineering), reflecting their past and future role in the company’s operational and strategic leadership;
the demonstration of management’s strategic ambition, supported by the backing of financial partners UI Investissement and BFC Croissance.

LBO of UUDS Group with CAPZA

Fanny Gény — Thu, 29 Jan 2026 09:48:37 +0000

CAPZA, a leading private investment firm focused on European SMEs and mid-sized companies, announced the eighth investment of its Flex Equity Mid-Market II fund through a strategic partnership with UUDS Group, the global leader in premium aircraft cabin interior solutions. This milestone marks a new chapter for UUDS, strengthening its capabilities and its position as a trusted partner to premium airlines and original equipment manufacturers (OEMs), while supporting its ambition for international expansion.

Founded in 1981 by Gilles Nègre and based in Roissy, France, UUDS is a global leader in premium aircraft cabin interior solutions, supplying leading airlines and OEMs in Europe, the Middle East, and Asia, and now expanding rapidly in the United States. The Group is led by Julian Ehrhard, whose commitment, along with that of his team, has played a decisive role in UUDS’s strong growth in recent years. Under his leadership, the company has continued to offer high value-added cabin equipment, fully customized for the business and first class segments, drawing on in-depth expertise in design, engineering and certification, manufacturing, installation, spare parts, and maintenance.

UUDS’ solutions are recognized by leading players in the aerospace industry, including Emirates, Air France, Airbus Atlantic, Safran and Daher, and are deployed through a global network of nine sites worldwide. The recent acquisition of Satys Cabin has strengthened the Group’s position in the cabin equipment sector, expanded its expertise in composite materials, and accelerated its entry into the linefit segment.

Leveraging advanced engineering, comprehensive certifications (DOA, POA, and MOA), and a highly vertically integrated global industrial footprint, UUDS continues to set industry standards for quality, agility, and customer partnership. The company is also committed to sustainability through R&D programs focused on lighter and more eco-friendly materials, recycling initiatives, and a clear ambition to transition to panels made from natural sources.

CAPZA brings its sector and transformation expertise to support the next stage of UUDS’s development. Drawing on its international presence and resources, CAPZA will work closely with UUDS’s management team to accelerate growth and international expansion, both organic and external, while strengthening the Group’s leadership in the premium aircraft cabin interiors segment. UUDS management will reinvest significantly alongside CAPZA, ensuring full alignment around ambitious growth objectives.

Transmission of RGF Group to its management team, supported by IdiCo, Capital Transmission (Banque Cantonale de Genève), and Bpifrance

Fanny Gény — Wed, 03 Dec 2025 14:20:32 +0000

Second LBO of Suire-Sogeas group with Meanings Capital Partners

Fanny Gény — Fri, 28 Nov 2025 11:05:13 +0000

A leading player in mid-cap investment in the unlisted market, Meanings Capital Partners has acquired a stake in the Suire-Sogeas group, a major player in personal insurance brokerage in France.

The transaction led by Meanings Capital Partners brings together two specialists in life insurance brokerage, Suire Vie & Patrimoine and Sogeas. It aims to accelerate market consolidation, strengthen the group’s development platform, and position the entity as a leading player in a rapidly changing sector.

The executive trio is composed of Thibault Suire (President), Diego de La Buharaye and Alexandre Pimont (General Management). They are significantly reinvesting alongside Meanings Capital Partners and their management team, demonstrating their confidence in the project and their commitment to pursuing long-term development. Capital Croissance, already a shareholder in Suire Vie & Patrimoine since a fundraising operation in 2021 led by Largillière Finance, is reinvesting alongside the reference shareholders.

The group combines two founding companies:

Suire Vie & Patrimoine has 30 employees and five offices located in western, southwestern, and central-eastern France, as well as in Paris. Historically based in Vendée, the firm specializes in personal insurance, both individual and group, for VSBs and SMEs.
Sogeas, with a team of 30 employees, is based in Normandy. The firm stands out for its expertise in group personal insurance for mid-sized companies and large groups. A pioneer in the development of individual insurance products for vulnerable groups, Sogeas operates accross mainland France.

With more than €100 million in premiums under management, the group holds leading positions in the health insurance and retirement markets.

A proven consolidation platform

Suire-Sogeas has demonstrated its ability to establish itself as a consolidation platform in its sector.

Since 2018, the group has successfully completed six external growth operations, generating structural synergies and enabling the development of new skills. With a substantial M&A pipeline, the group intends to accelerate its build-up strategy in a market that remains highly fragmented, in order to complete its national network, expand its teams, and enrich its product offering.

Since 2022, Suire-Sogeas has posted robust organic growth of over 10% per year, driven by a recurring business model and strong customer loyalty. As a partner to major insurance groups (SwissLife, Apivia, AXA, Generali, GAN, Malakoff Humanis, April, etc.), the group offers a range of products covering health, personal protection, retirement, savings, and property and casualty insurance. This meets the needs of a solid and dynamic market, stimulated by the coverage of self-employed workers, the widespread adoption of group health and life insurance plans, and the rise of solutions dedicated to the social and solidarity economy (SSE).

Growth based on social utility

The Suire-Sogeas group stands out for its “Solidarity” offering dedicated to vulnerable populations. Its solutions, developed in partnership with the medical-social sector, meet specific needs in a rapidly growing segment. In 2024, this activity already accounted for nearly 25% of the group’s revenue, making it a leading player in the sector.

This strategic direction, combined since 2021 with a proactive CSR policy, reflects Meanings Capital Partners’ Humanly Responsible Investor® approach and the resulting social and environmental sustainability requirements.

Second LBO of The Corporate Gym with Arts et Biens

Fanny Gény — Wed, 24 Sep 2025 12:11:15 +0000

The holding company Arts et Biens has announced a majority MBI, alongside the managers at The Corporate Gym, a European leader in corporate fitness. On this occasion, Naxicap sold its stake, advised by Largillière Finance.

Second LBO of Coraxes with Sodero and CITA

Fanny Gény — Tue, 16 Sep 2025 15:48:41 +0000

Sodero, a private equity firm based in Western France, announces a minority stake in Coraxes, a Breton specialist in precision engineering, alongside the management team and CITA. This transaction aims to support a new stage in Coraxes’ development, as the company positions itself as a leading player in a sector undergoing consolidation.

A long-standing industrial player in promising sectors

Founded 50 years ago and based in Plancoët (Côtes-d’Armor), Coraxes has established itself as a recognized player in high value-added precision engineering. The company designs a wide range of small technical components, individually or in series, for the defense, aerospace, space, and nuclear sectors. It also offers a complete range of machining-related services. ISO 9001 certified since 2003, it has earned the trust of major contractors such as Leach International, Galileo, the CEA, and OneWeb, thanks to the rigor of its processes.

Supported by a team of 30 highly qualified employees and equipped with a robotic fleet of around thirty machines, the company produces nearly 300,000 parts per year thanks to its proven expertise and agile industrial organization. Led by Rodolphe Henry since 2020, Coraxes forecasts revenues of nearly €5 million in 2025, with more than 25% generated in the defense sector.

A transaction to capture market momentum

Demand for industrial mechanics in the aerospace, defense, and nuclear sectors is on the rise. In Brittany, the defense market accounts for 30,000 industrial jobs spread across 400 companies. The company aims to position itself in this fragmented market, which has high barriers to entry, particularly due to the investments required.

With this transaction, Coraxes secures additional financing to support growth, strengthen its industrial resources, particularly through the acquisition of new production equipment, and pursue an external growth strategy starting in 2026. Sodero is taking a minority stake alongside management and CITA, which has held a stake in the company since 2020. Key executives are also acquiring a stake in the company.

The transaction was advised by Largillière Finance.

An investment aligned with Sodero’s strategy

With its strong local presence, Sodero is ideally positioned to meet the equity financing needs of growing SMEs and SMIs. Coraxes, which combines technical expertise, a strong regional footprint, and ambitious growth plans, embodies the industrial and territorial values that Sodero seeks to support. The development project led by Rodolphe Henry and his teams fits perfectly with Sodero’s investment strategy.

Sale of Groupe DREYER to its management, supported by Siparex, BNP Paribas Développement, and Caisse d’Épargne Rhône Alpes Entreprises

Fanny Gény — Wed, 30 Jul 2025 11:35:01 +0000

French industrial group DREYER, a specialist in the manufacture of cold rooms and modular solutions, has announced a change in its shareholder structure, with a management buy-out to launch a new strategic dynamic. This capital transition accompanies the exit of the historical partners, Pierre PERNIAS (founder), Thierry RUSCICA, and the LT Capital fund, advised by Largillière Finance.

Based in Avignon, Vedène and Lyon, the DREYER group meets the essential challenges of industry and the demands of its markets by offering innovative, high-performance and responsible solutions for cold rooms, off-site buildings and customized sea container conversion.

Founded 50 years ago by Alain DREYER and Philippe PUY of Lyon, France, DREYER specializes in the deployment of cold room solutions.
In recent years, it has consolidated a modular construction business with the creation of EASYCUBE, which builds off-site buildings, and the acquisition of CAPSA in 2019, which transforms and fits out customized sea containers for construction, industry and events. Today, the DREYER Group has total sales of around €40 million and employs 200 people.

Positioning itself as an “essential industry”, the group designs infrastructures that are often inconspicuous but always vital, particularly in the world of refrigeration and storage, and that contribute to the country’s food, energy and health sovereignty. At the crossroads of industrial, logistical and environmental challenges, our products and services are fully in line with the ongoing changes in Europe’s industrial fabric. The group is particularly committed to the environment, offering solutions for re-use, using recyclable or bio-sourced materials, and constantly reducing its carbon footprint, with energy production exceeding consumption.

Thanks to the strategy led by the historical partners, Pierre PERNIAS and Thierry RUSCICA, supported by LT Capital which joined in 2017, the group has become a key player in its two sectors, with a solid business model, and is ready to embark on a new strategic dynamic.

This shareholder transition is accompanied by a new managerial organization. The Group is now led by Félix BAEZNER, Chairman, and Guillaume BOISSIERE, Managing Director, who joined in 2019 via the acquisition of CAPSA. They are reinvesting with key managers alongside a majority pool of private equity funds including Siparex Territoires (via Fonds Souverain Auvergne-Rhône-Alpes), BNP PARIBAS Développement and Caisse d’Épargne Rhône Alpes Entreprises.

LBO of COFARCO with Siparex Entrepreneurs and Bpifrance

Fanny Gény — Mon, 27 Jan 2025 16:18:22 +0000

COFARCO welcomes Siparex Entrepreneurs and Bpifrance to its capital, alongside Frédéric Blanchi, Founder-Director, and key managers who strengthen their presence on this occasion, including Mircea Bala who becomes Managing Director.

COFARCO, founded in 2009 by Frédéric Blanchi, is an insurance broker specializing in credit, political risk and surety insurance, with offices in Paris, Geneva and London, where it has been an accredited member of the Lloyd’s market since 2019.

With direct access to more than sixty partner insurers, COFARCO serves key accounts in Europe, the Middle East and Africa, mainly multinational companies and financial institutions operating in sectors where the company has differentiating technical expertise, including commodities trading, infrastructure financing and the gas and electricity markets.

With the support of Siparex Entrepreneurs and Bpifrance, COFARCO aims to deploy an ambitious strategic development plan, based on operational excellence and innovation, with a view to expanding its customer portfolio, opening new international offices and exploring external growth opportunities. The financial operation also enables key employees to acquire a stake in the company, including Mircea Bala, who has been with the company for 14 years and has been appointed Managing Director.

Minority LBO of Norman K.

Fanny Gény — Thu, 09 Jan 2025 08:32:34 +0000

Norman K., an innovative, independent and international wealth management platform, announces the acquisition of a minority stake by MBO+. As a corollary to this transaction, the investment fund will now join forces with Norman K.’s founding directors to accelerate the company’s development, notably through external growth.

Founded in 2021 and with offices in Paris, London and Geneva as well as on the French Riviera, Norman K. offers its customers 360° expertise, supported by a dedicated multidisciplinary team of over 60 people. This open-architecture platform model enables in-house design of tailor-made solutions, and is built around 4 main pillars to cover all the needs of an international clientele of entrepreneurs and families: portfolio management, financing (real estate and corporate), corporate advisory and wealth structuring.

Norman K. embodies a new vision of wealth management, offering a “one-stop-shop” approach combining ultra-personalization, performance and innovation. In addition to its direct clientele, the company also offers its platform to a BtoB clientele of wealth management advisors, family offices and other institutional clients.

Since its creation, the company has made remarkable progress, posting 50% growth and a net inflow of almost 300 million euros in 2024. At the same time, it was managing almost 1.5 billion euros in assets, with the aim of crossing the 2 billion euro mark by 2025.

This upward trajectory is underpinned by a significant structuring effort led by Norman K’s founding partners. Building on this solid base, Olivier Liot, Mathieu Mercati, Brice Monvoisin and Jean-Philippe Petit plan to deploy an ambitious external growth strategy in France and internationally. To achieve its objectives, the company also intends to rely on strong organic growth, with the firm intention of attracting private bankers, offering them the opportunity to join a complete and innovative platform, designed for their customers, as well as an intrapreneurial adventure full of meaning and perspectives.

To this end, the managers chose MBO+ to support them strategically and capital-wise, via its MBO Flex fund, whose aim is to meet the needs of ambitious entrepreneurs by enabling them to finance organic and external growth projects while limiting their dilution.

Advised by investment bank Largillière Finance, this new alliance marks a key step in Norman K’s development.