Largillière

Largillière Finance advises the shareholders and management of Source Eau des Abatilles on a majority LBO with NextStage AM.

Fanny Gény — Wed, 25 Mar 2026 11:26:21 +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.

“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:

Entrepreneurs	Jean Merlaut, Hervé Maudet
NextStage AM	Jean-David Haas (Directeur Général et co-Fondateur), Emilio Johnston (Chargé d’Affaires Senior), Godefroy Droulers (Analyste)
Advisors to NextStage AM:
Financial: Ekem Partners	Yannick de Kerhor, Mathias Benarosch, Blandine Mugnier
Corporate legal: Yards Avocats	Igor Doumenc, Julien Brouwer, Ghita Bouzoubaa
Financing legal: Yards Avocats	Igor Doumenc, Maud Gendron, Laurie Martel
Tax legal: Yards Avocats	Dorothée Traverse, Marin du Repaire
Public law legal: Ducos-Ader et Olhagaray	Philippe Olhagaray, Clément Germain
Human capital : Lauda Capital	Marika Puppinck Rathle
Strategy and ESG: Bartle	Jean-Baptiste Prache, Louis Raynaud de Lage, Nooreen Javid
Industrial: Artesial	Gabriel Heusse, Yvan Lebredonchel
Hydrogeology and pollution: Suez Consulting	Antoine Tarbès, Carmen Argueyrolles, Benoit Lauzier, Raphael Cognée, Nina Sulpy, Iris Préau, Maella Dréan, Bruno Sevin
Brand: Lonsdale	Sandra Joly, Félix Mathieu
Advisors to Société des Eaux Minérales d’Arcachon:
M&A advisor: Largillière Finance	Laurence d’Halleine, Maxime Fournely, Guillaume Segonne, Mathurin Maugendre
Corporate legal: Ramure Avocats	Alexandre Adrian, Aurélie Perraud
Financial VDD: Oderis	Hugo Primas, Alexandre Bartoszek, Yoan Cassam Chenai, Margaux Buri
Banking partners: Crédit Agricole Aquitaine, Banque CIC Sud-Ouest, Société Générale

Press Contact

Margie

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

Advised by Largillière Finance, the Brussels-based institution Chez Léon joins the family-owned Groupe Joulie

Fanny Gény — Tue, 24 Feb 2026 10:23:16 +0000

Chez Léon, the iconic Brussels restaurant, announces its sale to Groupe Joulie, a leading independent, family-owned player in the restaurant and hospitality sector, driven by a commitment to preserving tradition and ensuring the long-term continuity of this Belgian institution. Advised by Largillière Finance, the founding family is therefore transferring ownership of the establishment located in the heart of the bustling Grand-Place district.

Founded in 1893 in the heart of Brussels, Chez Léon is an institution of Belgian cuisine, renowned for its warm and lively atmosphere and its iconic specialty, moules-frites. Located just steps away from the Grand-Place, the restaurant has embodied the Brussels art of living for more than 130 years, attracting tourists, celebrities and loyal regulars alike. With 370 indoor seats and 75 on the terrace spread over 2,000 square meters across nine 17th-century buildings, Chez Léon is the largest restaurant in the Belgian capital and gave rise to the eponymous restaurant chain developed in France.

At the helm of the establishment for six generations, the Vanlancker family instills a family spirit among its workforce of around one hundred employees. With a very solid volume of business, Chez Léon serves over a thousand meals a day.

Founded in Paris in 1975 by Gérard Joulie, a passionate gastronome, the group dedicated to restaurant and hospitality activities has gradually expanded while remaining family-owned and independent. With twelve restaurants and four hotels in Paris, it offers a distinctive culinary experience and service, combining French tradition with contemporary innovation. Among its flagship venues are the three Bouillon Chartier restaurants, Le Café du Commerce, l’Auberge DAB, l’Européen and Le Congrès.

Advised by the teams at Largillière Finance, the shareholders of Chez Léon sought to facilitate an intergenerational transfer while ensuring the preservation of the tradition of this iconic Brussels venue. For Groupe Joulie, this flagship of Belgian gastronomy joins its portfolio of establishments offering unique and memorable experiences.

Christophe Joulie, Chairman of the Management Board of Groupe Joulie, said: “Chez Léon upholds a Belgian culinary tradition while elegantly revisiting the great classics of popular Belgian cuisine. Owned and managed by the founding family since its inception, this establishment embodies our core values of excellence, authenticity and passion. We are proud to welcome this institution into our group of renowned venues, and we will be committed to contributing our expertise to continue its story for generations to come.”

Kevin Vanlancker, Managing Director and representative of the Vanlancker family, said: “An iconic and internationally renowned address, Chez Léon embodies the spirit of the traditional Belgian brasserie, where generous cuisine is paired with a warm, family-friendly atmosphere. Our family has led the establishment for six generations. With Groupe Joulie, Largillière Finance identified a group with the same family DNA, sharing our values, committed to preserving tradition while looking firmly to the future. We are pleased to pass on this landmark of Brussels’ popular gastronomy while safeguarding the spirit of the venue that has built its international reputation.”

Gabriel Hainault, Managing Director at Largillière Finance, said: “We have a strong understanding of the specific challenges faced by family-owned groups. Chez Léon is a strategic establishment in the historic center of Brussels. Ensuring continuity in the spirit of the place and preserving the friendly and popular atmosphere that is so special to Chez Léon were essential challenges. We are delighted to have supported the Vanlancker family in this operation, which enables a seamless transfer between two family stories built on the same values of tradition and excellence.”

Stakeholders in the operation:

Sellers:	Famille Vanlancker
Buyers:	Groupe Joulie
Sell-side M&A advisor: Largillière Finance	Gabriel Hainault, Jean-Baptiste François
Sell-side legal advisor: Thales Brussels	Rodolphe Horion, Valérie-Anne de Brauwere
Buy-side legal advisor: 4 Marceau Avocats	Fabrice Piro

Press contact

Margie

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

Largillière Finance continues its expansion with the arrival of Josselin Bert as Senior Director of M&A

Fanny Gény — Tue, 17 Feb 2026 08:57:36 +0000

Leader in M&A advisory services for growth companies with nearly 30 transactions completed in 2025, Largillière Finance, an independent investment bank specializing in mid-cap transactions, continues its growth momentum and announces the arrival of Josselin Bert as Senior Director of M&A.

With 18 years of M&A experience, Josselin joins a team of more than 45 professionals and will support executives, shareholders and investors in their mergers and acquisitions transactions, both in France and internationally.

Josselin Bert began his career in financial auditing and transaction services at EY and then KPMG, where he developed solid expertise in financial analysis and due diligence. In 2007, he joined the investment bank Hottinguer Corporate Finance in Paris as an M&A manager, before joining Société Générale in 2015 in the Mid Cap Investment Banking department in La Défense, where he managed small and mid cap transactions in France and internationally. In 2022, Josselin Bert became Director of Strategy and Corporate M&A for the Inter Invest Group in Paris, where he contributed to the group’s development through strategic acquisitions before joining Largillière Finance.

Over the course of his career, Josselin has been involved in more than 50 transactions across a wide range of sectors and has, in recent years, developed particular expertise in financial services and fintech.

Josselin Bert is a graduate of HEC Paris (Advanced Master in Audit & Finance), holds the DCG qualification and is an ICAM engineering graduate. He is also AMF-certified, a reserve officer in the French Navy, and a young auditor of the Institute of Advanced Studies in National Defense (IHEDN).

Paul Bougnoux, Chairman and Founder of Largillière Finance, said: “We are delighted to welcome Josselin. With his M&A background within leading institutions and his strong expertise in mid-cap transactions, his arrival reinforces Largillière Finance’s ambitions. Josselin will actively contribute to supporting companies and their corporate or financial shareholders with rigor, high standards and commitment.”

Josselin Bert, Senior M&A Director at Largillière Finance, added: “Largillière Finance is an independent investment bank recognized for its quality of execution and its close relationships with executives and their shareholders, as well as for its entrepreneurial culture and particularly agile approach, including internationally. I am very pleased to join Paul and the entire team and to leverage my mid-cap experience in support of the executives, shareholders and investment funds we advise.”

Press contact

Margie

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

Advised by Largillière Finance, SCOB, a regional leader in precast concrete collective housing, strengthens its shareholder base with the entry of UI Investissement and BFC Croissance, alongside the investment of several executives, to accelerate its growth

Fanny Gény — Tue, 03 Feb 2026 09:16:22 +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.

Pascal Bertolini, CEO of SCOB: “For several years, I had been considering how to prepare the succession of SCOB in order to secure its long-term development and sustainability. Orchestrated by the teams at Largillière Finance, the meeting with UI Investissement and BFC Croissance was an obvious fit, as we share the same entrepreneurial vision. This transaction, which also brings on board three key managers of the Group, Isabelle, Guillaume and Marcio, is fully aligned with the values that drive me. It aims to preserve the quality of our work, ensure customer satisfaction, and maintain the company’s culture together with our teams.”

Hugues Béringer, Investment Director at UI Investissement: “Meeting Pascal, Isabelle, Guillaume and Marcio was a decisive factor in our decision to invest. Beyond the financial aspects, the managerial dynamic within the company immediately reassured us about SCOB’s ability to continue its growth. Pascal has built a company recognized for the quality of its execution and technical expertise, while also preparing for the future with skilled and committed managers.”

Bastien Borne, Investment Manager at BFC Croissance: “At SCOB, we discovered more than a fast-growing SME. We met a management team with a clear strategic vision, a deeply human approach to management, and a culture focused on operational optimization, which are the foundations of the company’s success. This combination, which is a strong driver of sustainable growth, was the decisive factor behind our commitment. As a regional fund, we are therefore proud to support Pascal, Isabelle, Guillaume and Marcio as they embark on this new phase.”

Nathanaël Blanc, Managing Partner at Largillière Finance: “We are very pleased to have supported Pascal Bertolini in this new, transformative milestone for SCOB, a highly reputable construction player in the Lyon region. Backed by two committed investors aligned with his vision, he now has the resources required to support the company’s development, while clearly positioning the organization for the future by opening the shareholding to three key managers.”

Stakeholders in the operation:

CEO:	Pascal Bertolini
Managers:	Isabelle Blanchet, Guillaume Berthelot, Marcio da Costa
Management Advisors
M&A Advisor: Largillière Finance	Nathanaël Blanc, Hubert Bisognin
Financial advisor: Advance Capital – BDO France	Pascal Ripaux, Malek Benteldjoune, Arnaud Barret, Anatole Devroe
Legal advisor: Legi Avocats	Olivier Giordano, Marine Daguet
Investors
UI Investissement	Hugues Béringer
BFC Croissance	Bastien Borne
Investors’ advisors
Legal advisor : G&P Avocats	Johanna Grognu
Due diligences performed
Legal Due Diligence: G&P Avocats	Johanna Grognu
Financial Due Diligence: Oderis	William Tartier, Clara Cheliout, Théo Scaglione, Wandrille Baudriller
Social and tax Due Diligence: Advolis Orfis
Advolis Orfis	Christophe Velut, Claire Evain, Séverine Nguyen
Orlyse	Céline Chambost, Déborah Sokol
Transaction banks
Arranger: CIC Lyonnaise de Banque	Linda Taoufiq, Sylvain Berger, Yann Coulange
Participants:
Crédit Agricole Centre-Est	Anne Christine Da Silva, Philippe Bonnet
BNP Paribas	Nicolas Pointel, Christophe Demontvert
Bank’s advisors
Legal advisor: Mermoz Avocats	Benjamin Guilleminot, Charles Mathieu-Raibaud

Press contact

Margie

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

Advised by Largillière Finance, Imagine Human expands its digital QSE offering with the acquisition of Qualnet® and strengthens its position as a leader in QSE and CSR software solutions

Fanny Gény — Thu, 29 Jan 2026 11:10:23 +0000

Supported by European investment fund Extens, Lyon-based group Imagine Human continues its expansion with the acquisition of Qualnet®, a publisher of specialized QSE management solutions. This transaction, advised by Largillière Finance, is part of Imagine Human’s strategy to develop and consolidate its position in the French and international markets.

Imagine Human, a software publisher, is an international group specializing in “impact technologies” that address the major economic, social, and environmental challenges currently facing private and public companies. It develops and provides companies with a comprehensive range of solutions in more than 40 countries to improve Quality, Health and Safety at Work, the Environment (QSE) and Corporate Social Responsibility (CSR) governance.

Qualnet® is a French software publisher founded in 1997 and recognized for its Intraqual software suite, dedicated to the digitization of quality management systems. Its no-code solutions enable private and public organizations to digitize their quality processes, strengthen regulatory compliance, and improve operational efficiency through customizable and collaborative workflows.

The Imagine Human group is owned by its managers and has been supported since 2024 by Extens, a leading European investment fund dedicated to healthcare software publishers, which invests in high-potential tech companies.

With this new acquisition, the Imagine Human Group:

Enriches its QSE offering with Qualnet® and its Business Process Management solutions, which enable the customized digitization of Quality, Safety, and Environment processes.
Increases its industrial development capacity in terms of innovative solutions.
Strengthens its expertise and sector experience in serving the needs of customers regardless of their size or geographical location.

“The integration of Qualnet® perfectly complements our range of digital QSE and CSR solutions and offers our customers new perspectives in the digitization of their Quality, Safety, and Environment processes. Our ambition is to meet their needs regardless of their size, sector of activity, and the maturity of their organization. This acquisition significantly strengthens our position in the French market and, of course, supports the acceleration of our international development. We are delighted to welcome Olivier Le Pape and the entire Qualnet® team to the Group. We would also like to thank the teams at Largillière Finance, who played a decisive role in the success of this operation, acting as a true partner we could trust over time,” said Yannick Jarlaud, President of the Imagine Human Group.

“Qualnet® and its team are thrilled to be joining the Imagine Human group today. Integrating a software suite and its ecosystem of QSE professionals will enable us to further enhance our value proposition in France and develop it internationally within a rapidly growing group. I am delighted to be turning this new page in our history and contributing to the accelerated development of the Imagine Human Group,“ said Olivier Le Pape, CEO of Qualnet®.

“This acquisition perfectly illustrates the strategy we are pursuing with Imagine Human: to build, through consolidation, a benchmark QSE and CSR software platform. Qualnet® provides complementary building blocks, particularly in process digitization, which strengthen the group’s value proposition to organizations of all sizes. At Extens, we are proud to support this sustainable growth trajectory and the acceleration of Imagine Human’s international deployment,” said Charles Bourgain, Associate Director of Extens.

“This external growth operation is the second we have carried out alongside Imagine Human’s management team in just a few months, following the acquisition of the Fletchr® SaaS solution, demonstrating our ability to support high-potential software publishers in their growth operations. Qualnet® has a solid positioning and recognized expertise in the market for the digitization of quality management, perfectly complementing Imagine Human’s offering. This merger creates a coherent and ambitious entity, in line with the regulatory and operational challenges facing companies today,” said Nicolas Ibanez, Partner at Largillière Finance.

Staheholders in the operation:

Buyer: Imagine Human	Yannick JARLAUD, David LIMONI / EXTENS : Charles BOURGAIN, Antoine PRINGIERS
Investment Bank: Largillière Finance	Nicolas IBANEZ, Jean-Baptiste FRANCOIS
Financial Due Diligence: Squareness	Antoine SUDERIE, Pierre DUFOUR, Arthur BONNET-GONNET
Tech Due Diligence: Globant	Andrei GAVRILA
Corporate / IP / Tax Legal Due Diligence: Chammas & Marcheteau	Nicolas LECOCQ, Pierre ROUGEMOND, Sandie DION, Antoine AUZOUX-DUTHEIL
Seller: Relyens
Legal: Périclès Avocats	Ludovic BELLEIN, Hadjer ROUABAH

Press contact

Margie

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

Advised by Largillière Finance, UUDS Group, the global leader in premium aircraft cabin interior solutions, partners with CAPZA

Fanny Gény — Thu, 29 Jan 2026 09:39:33 +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.

Gilles Nègre, Founder of UUDS, and Julian Ehrhard, CEO of UUDS, commented on this partnership: “We are proud of this partnership, which is based on the strong human, industrial, and commercial values shared by UUDS and CAPZA. It will reinforce the strategy developed in recent years and consolidate UUDS’s operational excellence, ensuring robust, sustainable production and services that create an enriched passenger experience. We would like to thank the teams at Largillière Finance who have supported us every step of the way with their expertise and in-depth knowledge of the aviation sector. Their ability to understand our challenges has been crucial in enabling us to identify international partners who share our vision.”

Marion de Bonneville and Antoine Druais, Partners at CAPZA Flex Equity Mid-Market, add: “Gilles, Julian, and their teams have transformed UUDS into a key partner for premium aircraft interior design. Its loyal customer base, robust in-house engineering capabilities, and global industrial footprint, with a strong focus on customer proximity, clearly position UUDS as a trusted partner for leading airlines and OEMs. With the successful integration of Satys Cabin and a clear roadmap for continued growth, UUDS is now ideally positioned to accelerate its expansion into new programs and new geographies. We are proud to support the team and look forward to contributing to this new chapter in their development.”

Paul Bougnoux, President and founder of Largillière Finance, said: “In recent years, we have worked alongside Gilles Nègre and Julian Ehrhard during key phases in the development of UUDS Group, particularly during the transformative acquisition of Satys Cabin in 2025. Today, we are particularly pleased to have supported the management team in establishing this strategic and trusting partnership with the CAPZA teams, which opens up new opportunities in a high-potential aerospace market.”

Stakeholders in the operation:

UUDS Group
M&A Advisor: LARGILLIERE FINANCE	Paul Bougnoux, Gabriel Hainault, Florian Leginy, Maximilien Foix, Thibault Arnoult
Legal: JEAUSSERAND AUDOUARD	Judith Raoul-Bardy, Ronan Lajoux, Joséphine Rolland, Manel Medjkane, Benjamin Marcuzzo
Financial Due Diligence: FORVIS MAZARS	Grégory Volpi, Corentin Hillereau
CAPZA	Nicolas Ibanez, Florian Leginy, Paul Sardinha Marques, Thibault Arnoult, Melvin Guy
Investment Team	Marion de Bonneville, Antoine Druais, Nils Poinot, Thomas Lavack
Legal: HOGAN LOVELLS	Stéphane Huten, Arnaud Deparday, Alexander Premont, Alexis Caminel, Ouassila El Asri, Gabrielle Le Rolland, Barthelemy Montpezat, Elise Criez, Nawelle Saoui Letellier, Laurine Offroy, Elias Kamouche
Financing Advisor: MARLBOROUGH PARTNERS	Romain Cattet, Philippe de Courrèges, Alejandro Sosa, Jean-Baptiste Perrot
Financing:
SOCIETE GENERALE	Frida Lun, Tom Amery
BANQUE POSTALE	Jeremie Malin, Gregoire Lefebure
BNP PARIBAS	Etheldreda Grandchamp des Raux, Karine Papazian
CREDIT AGRICOLE	Farid Raach, Adrien Bontemps, Pierre-Adrien Oger
CIC	Carole Guittard, Kevin Andre, Sylvain Verdier
Strategic Due Diligence: OLIVIER WYMAN	Jérôme Bouchard, Virgile Bertola, Damien Polis, Matthew Anderson, Berenice Van Moere
Financial Due Diligence: EY	Stéphane Vignals, Marion Lassus Pigat, Marie Morteveille
Legal, Tax and HR Due Diligence: EY	Magali Levy, Frederic Reliquet, Sophie Muyard, Anne-Elisabeth Combes, Alexis de Foucault, Elise Roux
Insurance Due Diligence: FINAXY	Déborah Hauchemaille, Baptiste Civiero
ESG Due Diligence: WEASTEM	Emmanuel Parmentier, Joachim Lacombe, Claudia Campisi

Press contact

Margie

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

Advised by Largillière Finance, Akao joins Sage to accelerate the digitalization of businesses

Fanny Gény — Wed, 07 Jan 2026 10:29:32 +0000

This acquisition positions Sage as one of the leading providers of end-to-end digital invoicing solutions
A strategic decision aimed at helping French SMEs and mid-market companies prepare for the electronic invoicing reform scheduled for September 2026

Akao, a French expert in flow automation and digitalization, joins Sage, a leader in accounting, financial, HR, and payroll technologies for small and medium-sized enterprises (SMEs). This sale, advised by Largillière Finance, enables Sage to strengthen its position in a market profoundly transformed by the arrival of electronic invoicing in September 2026.

Akao is a long-standing partner of Sage as an Independent Software Vendor (ISV), serving more than 2,700 SMEs and mid-market companies and processing over 100,000 invoices per day. The Akao solution covers the entire invoicing lifecycle, from receiving and processing supplier invoices to issuing customer invoices. It enables companies to simplify and digitalize their operations, strengthen their internal controls, and improve their productivity and the visibility of their financial process by leveraging a comprehensive workflow engine and document management capabilities.

As technological innovations accelerate and the electronic invoicing reform draws closer, companies must reach a critical milestone in their digital transformation. Indeed, according to a recent study by Sage, only one in four SMEs feels ready to tackle these changes, despite the significant impact expected on their financial processes. Akao’s AI-based SaaS solution provides a concrete response to these challenges by combining accounting automation, document digitalization, digital archiving, compliance, and comprehensive process management—offering companies a reliable and fully digitalized environment to manage their invoicing flows.

“Millions of businesses in France are adapting to prepare for the electronic invoicing reform. By joining forces with Akao, Sage is uniquely positioned to support companies through this crucial transition, helping them to easily maintain compliance while reaching new levels of efficiency, traceability, and growth,” says Arnaud Petit, Managing Director, Sage Southern Europe.

“Our solution was designed to offer the most comprehensive integration for Sage 100 and Sage FRP 1000 on the market. This acquisition is the logical next step in that work, and the support of the Largillière Finance teams has enabled us to carry out this ambitious project while protecting the interests of the company and its employees. By joining Sage, we can accelerate innovation and offer fully connected automation solutions to even more businesses,” says Abdel Halitim, Founder and CEO of Akao.

Fully integrated into Sage 100 and Sage FRP 1000 since 2020 under the names Sage Automatisation Comptable and Sage FRP 1000 Dématérialisation, the solution is now an integral part of the Sage Network, ensuring that customers benefit from a unified, compliant, and scalable platform.

“This transaction illustrates our ability to support management teams in structuring transactions in the tech and AI sectors, which are at the core of our expertise. Akao’s full SaaS solution is ideally positioned for Sage customers as they transition toward electronic invoicing. This is the second successful sale we have completed with Sage within a year,” adds Nathanaël Blanc, Managing Director at Largillière Finance.

Stakeholders in the operation:

Advisors to Akao
Investment Bank: Largillière Finance	Nathanaël Blanc, Guillaume Segonne
Legal: Franklin	M&A: Antoine Denis-Bertin, Antoine Fouassier, Louis Santelli Tax: Jacques Mestoudjian, Rudy Marouani Employment & Labor Law: Hind Jalal
Advisors to Sage
Legal: Deloitte	Due Diligence: Thomas Fischer, Ignacio Inoa Tax : Augustin Delacou, Edouard Hulot
M&A: A&O Shearman	Anne-Caroline Payelle, Antoine Messent, Yasmine Benhmida, Clémence d’Almeida, Thomas Feigean, Laurie Anne Ancenys, Dalila Korchane

Press contact

Margie

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

ARMONIA accelerates hospitality management and employee experience with the acquisition of ENFIN LUNDI

Fanny Gény — Thu, 18 Dec 2025 10:15:00 +0000

Against a backdrop of profound changes in working practices and a return to the office, ARMONIA, a leading hospitality management and facility management player, has reached a new strategic milestone with the acquisition of a majority stake in ENFIN LUNDI, one of France’s market leaders in phygital concierge and hospitality management services.

This transaction is fully aligned with ARMONIA’s growth strategy, with a clear objective: to enhance the employee experience, create new drivers of attractiveness for companies, and accelerate the roll-out of human-centric, purposeful, and committed hospitality, at the heart of new working practices.

Founded over 20 years ago, ENFIN LUNDI currently operates more than 80 service areas across France, mainly in the Île-de-France and Lyon regions, supported by a workforce of nearly 90 employees. The company supports major accounts and key players in the commercial real estate sector in the evolution of their work environments, in order to meet the growing expectations of both employees and prospective candidates.

ENFIN LUNDI has developed a comprehensive offering combining corporate concierge services, hospitality management, and digital services, all designed to improve quality of life at work and the employee experience.

With this acquisition, ARMONIA is pursuing a clear strategy of internalizing high value-added expertise. Previously largely outsourced, expertise in concierge services and phygital hospitality is now becoming an essential pillar of the Group’s offering. This integration will strengthen commercial synergies, broaden the range of solutions offered to customers, and enable the co-development of new services focused on quality of life and working conditions (QLWC), hospitality, and the workplace.

The management teams at ENFIN LUNDI are fully commited to the project and will support ARMONIA throughout a gradual integration phase, ensuring operational continuity, knowledge transfer, and cultural alignment.

This transaction was carried out with the support of LARGILLIÈRE FINANCE as financial advisor to the sellers, namely GROUPE LA POSTE, through its subsidiary LA POSTE SANTE & AUTONOMIE, and the management of ENFIN LUNDI.

“This acquisition marks a key milestone in ARMONIA’s development. ENFIN LUNDI deeply shares our vision of human-centric, purposeful, and committed hospitality at the heart of evolving workplace practices. By combining our expertise, we aim to go further: creating work experiences that inspire people to come, to stay, and to engage.” Sophie Auger-Mongenot, CEO of ARMONIA

“We are excited to join the ARMONIA teams. We share a culture of excellence and a strong sense of innovation and commitment. Together, we will leverage our expertise and know-how to benefit our clients, designing tailor-made solutions and continuing to anticipate the major transformations in the corporate world.” Benoit Guislain, CEO of ENFIN LUNDI

“We are very pleased to have supported GROUPE LA POSTE and the management of ENFIN LUNDI in this strategic merger with ARMONIA, whose service offerings are highly complementary. Thanks to these synergies, ENFIN LUNDI is now strengthened and ideally positioned to contribute to the sector’s move upmarket for the benefit of its clients.” Ludovic Balkany, Senior Director at LARGILLIERE FINANCE

Stakeholders in the operation:

Target compangy: ENFIN LUNDI
Sellers: GROUPE LA POSTE, Dirigeants d’ENFIN LUNDI
Buyer: ARMONIA
Sell-side M&A Advisor / Investment Bankers: LARGILLIERE FINANCE	Paul BOUGNOUX, Ludovic BALKANY, Maxime FOURNELY, Esteban ASCOS
Sell-side Corporate Lawyer: GRAMOND AVOCATS	Macha SOKOLOW, Fabio PIRES
Buy-side Corporate Lawyer: RSM AVOCATS	Denys ANGELOGLOU, Sophie VILLER
Management Corporate Lawyer: BG2V	Roland GUENY, Mathilde PERIER
Sell-side Financial DD: FORVIS MAZARS	Pierre TCHERTOFF, Nicolas GUILLO, Benjamin RAUT, Claire ZAROUR
Buy-side Financial DD: ACA-NEXIA	Philippe MENDES, Alexis NIOCHAU

Press contact

Margie

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

Advised by Largillière Finance, TNP joins forces with Pixis Conseil to accelerate the transformation of distribution, luxury goods, and consumer products

Fanny Gény — Wed, 10 Dec 2025 11:01:09 +0000

TNP Consultants and Pixis Conseil have announced their strategic merger, marking the birth of a leading consulting firm in the retail, luxury goods, and consumer goods sectors. Largillière Finance advised on the transaction.

This alliance combines Pixis’s sectoral, strategic, and operational expertise with TNP’s integrated transformation capabilities: a comprehensive consulting model covering all transformation challenges, from strategy to artificial intelligence, within a secure, compliant, and innovative framework

A natural alliance built on a shared result-oriented culture

Founded in 2005, Pixis Conseil has established itself as a recognized partner of major French and European brands, thanks to its 360° approach to transformation: strategy, offering, customer relations, supply chain, digital, and omnichannel.

For Benoit Ranini, president and co-founder of TNP, “This merger illustrates our desire to combine highly targeted expertise with our multi-specialist model in order to provide our clients in the retail, luxury goods, and consumer goods sectors with concrete, high-impact, and perfectly executable solutions.”

Damien Ferraro, partner at TNP Strategy, adds: “The Pixis teams share our belief that a strategy is only valuable if it is implemented quickly and effectively in the field. Their expertise in business challenges ideally complements our ability to manage end-to-end transformations. We would like to thank the teams at Largillière Finance, whose in-depth understanding of our sector and the human challenges associated with our business enabled us to successfully complete this merger.”

Addressing new retail and consumer challenges together

Players in the retail, luxury goods, and fast-moving consumer goods (FMCG) sectors are currently facing profound change: rapidly evolving purchasing behaviors, a search for meaning and transparency, expectations of sustainability, and the widespread adoption of omnichannel retailing. The TNP–Pixis merger will enable us to support brands in five key areas:

Adapting historical models to today’s consumption challenges.
Optimizing supply and operations through data and artificial intelligence.
Strengthening supply chain resilience in the face of cost, time, and environmental constraints.
Rethinking customer journeys to create a seamless, personalized, and responsible experience.
Accelerating digital and regulatory transformation by securing practices and fostering compliance.

As Noria Cung, President of Pixis Conseil, highlights, “This merger opens up new perspectives for our teams and our clients. It provides us with the resources to deploy our proven expertise on a larger scale, while remaining true to our DNA: the ability to combine vision, pragmatism, and proximity.”

Christophe Lahay, Managing Director of Pixis Conseil, adds: “Together, we are strengthening the alignment between strategic vision, operational excellence, and responsible innovation.”

According to Tanguy Mantelin, Founding Partner at Largillière Finance, “This transaction confirms TNP’s strategy of combining strong organic growth with targeted external acquisitions. The expertise provided by Pixis Conseil strengthens retail activities in France by offering a more comprehensive value proposition to clients, and will also be deployed internationally, particularly in Africa, the Middle East, and India, where TNP already maintains a strong presence.”

Stakeholders in the operation:

Buyer: TNP Consultants	Benoit Ranini, Damien Ferraro
Seller: Pixis Conseil	Noria Cung, Christophe Lahay
Buy-side M&A Investment Banker / Advisor: LARGILLIERE FINANCE	Tanguy Mantelin
Legal Advisor: August Debouzy	Philippe Lorentz, Coralie Foucault, Hadrien Auzoux

Press contact

Margie

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

The shareholders of the Suire-Sogeas group are joining forces with Meanings Capital Partners in a secondary LBO transaction to accelerate its development in personal insurance brokerage

Fanny Gény — Wed, 26 Nov 2025 10:51:11 +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.

“With Meanings Capital Partners, we share the conviction that it is possible to reconcile economic performance and impact within a dynamic, innovative, and sustainable entrepreneurial approach, all while serving our clients. We are eager to begin this new growth phase for our group,” declare Thibault Suire, President, and Diego de La Buharaye and Alexandre Pimont, General Managers of Suire-Sogeas. “This dual transaction, which facilitated the combination of our two groups and the partnership with a reference investor, was made possible by the creativity and unfailing support of the teams at Largillière Finance. Their expertise in the financial services sector and their perfect understanding of our challenges were decisive in the success of this major step forward. Finally, the trio adds, “Very soon, new high value-added activities should also complement the range of solutions offered by the group.”

François Tranié and François Galand, respectively Mid Cap Partner and Investment Director within the Mid Cap team at Meanings Capital Partners, add: “In a market undergoing consolidation, where critical mass and agility are decisive levers, the Suire-Sogeas group’s management team convinced us with their proactive vision and ability to anticipate profound changes in the sector, while innovating in high value-added segments.”

Nicolas Ibanez, Partner at Largillière Finance, comments: “We sincerely thank the management team of Suire and Sogeas as well as Capital Croissance for once again renewing their trust in us. We have known these teams for many years, particularly following the transactions carried out alongside them, including Suire’s fundraising with Capital Croissance in 2021, and we are delighted to continue this long-term relationship. Their vision, dynamism, and ability to structure a leading player in a rapidly transforming market are truly admirable. With the arrival of Meanings Capital Partners, they now have the ideal partner to pursue the implementation of their ambitions.”

Stakeholders in the operation:

Buyer or Investor: MEANINGS CAPITAL PARTNERS	Hervé Fonta, François Tranié, François Galand, Emma Chabrol, MANAGERS, Thibault Suire, Diego de La Buharaye, Alexandre Pimont, CAPITAL CROISSANCE, Sami Chayeb, Christophe Jadot, Ariane Jomeau
Sellers:
MANAGERS	Thibault Suire, Diego de La Buharaye, Alexandre Pimont,
CAPITAL CROISSANCE	Sami Chayeb, Christophe Jadot, Ariane Jomeau
Sell-side Investment Banker / M&A Advisor: LARGILLIERE FINANCE	Nicolas Ibanez, Florian Leginy, Paul Sardinha Marques, Thibault Arnoult, Melvin Guy
Sell-side Corporate Lawyer:
THÉMIS AVOCATS	Xavier Roguet, Mickaël Fruchart, Pauline Jouas
FIDAL	Jean-François Yerle, Yohan Jabbour Gédéon, François Genuyt, Vianney de Bagneaux, Vram Haroutiounian
Sell-side Legal and/or Tax and Social DD: THÉMIS AVOCATS
Sell-side Financial DD: EXELMANS	Stéphane Dahan, Eric Chan, Edouard De la Motte Rouge, Marin Douceret
Buy-side Legal and/or Tax DD: DE PARDIEU BROCAS MAFFEI	Jean-François Pourdieu, Anne-Laure Drouet, Anne-Lucie Mahé, Pierre-Alexis Biehler, Julien Chetboun, Laura Delas, Enguerrand Maloisel
Buy-side HR DD: DE PARDIEU BROCAS MAFFEI	Sandrine Azou
Buy-side Financial DD: INTERPATH ADVISORY	Marc Civita, Ghita Sefiani
Buy-side Strategic DD: ARES & CO	Gilles Fabre, Giovanni Di Francesco, Adrien Chacon, Letizia Baltateanu
Buy-side DD: ITEY-PARTHENON	Damien Dixsaut
Debt Arranger: BANQUE POPULAIRE RIVES DE PARIS
Senior Debt: BANQUE POPULAIRE RIVES DE PARIS, LCL, CREDIT AGRICOLE ATLANTIQUE VENDEE (CAAV)

Press contact

Margie

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