Largillière

Advised by Largillière Finance, Tethys, a specialist in pyromechanical systems for critical applications, welcomes Abenex as its new majority shareholder, alongside its management team and Bpifrance

Fanny Gény — Wed, 06 May 2026 14:57:12 +0000

Abenex has announced the acquisition of a majority stake in Tethys (revenues: €10 million), a specialist in pyromechanical systems for critical applications, alongside the management team and Bpifrance. The objective is to accelerate Tethys’ development in France and internationally, across markets driven by increasing investment in the defense, space and energy sectors.

In this transaction, Largillière Finance acted as M&A advisor to the management team, Tethys’ shareholders and Bpifrance. This marks Largillière Finance’s fifth transaction in the aerospace and defense sector over the past 12 months, following the acquisition of Satys Cabin by UUDS Aéro, the LBO of Coraxes with Sodero and Cita, the sale of KEP Metal Solutions to Tikehau and Aciturri Aeroengines, and the MBO of UUDS Aéro with CAPZA.

Founded in 2004, Tethys has established itself as a recognized European player in the design, assembly and production of pyromechanical systems for defense, aerospace and security industry leaders such as MBDA, Naval Group, ArianeGroup and Safran.

Positioned in a niche market with high barriers to entry, and operating in a sector largely dominated by major groups, Tethys stands out through its status as an independent player, a source of agility and strategic attractiveness.

Driven by rising investment in defense, space and critical energy infrastructure, the pyromechanical devices market is experiencing sustained growth momentum. Tethys benefits from strong commercial visibility, supported by long-term programs generating recurring revenues and contracts frequently awarded on a single-source basis for periods ranging from 10 to 20 years.

With the support of Abenex and Bpifrance, Tethys intends to accelerate its growth strategy along several key pillars, notably through a significant expansion of its industrial capabilities via the extension of its production site, the development of business prospecting activities in France and across Europe, and the continuation of an active external growth strategy aimed at positioning Tethys as an independent European leader in pyromechanics.

The management team, led by Philippe Saussol, is also making a significant reinvestment alongside Bpifrance as part of the transaction.

Philippe Saussol, Chairman of Tethys, said: “The arrival of Abenex marks a new phase of development for Tethys. Their operational approach, entrepreneurial DNA and ability to mobilize the right expertise were decisive factors in our decision. The Largillière Finance team was a highly committed partner from the initial reflection phase through to the selection process. Their deep understanding of both our company culture and the challenges specific to our market within the defense sector enabled them to introduce highly relevant potential investors.”

Paul Bougnoux, Chairman and Co-Founder of Largillière Finance, added: “The Largillière Finance team is very pleased to have supported Tethys’ management team and Bpifrance in this transaction in the defense sector, where we have recognized expertise. The implementation of an in-depth competitive process enabled us to identify a leading financial partner, perfectly aligned with management’s ambitions.”

Stakeholders in the operation:

Sellers	Management, actionnaires de Tethys et Bpifrance
Buyers:
Abenex	Christian Dorléac, Angèle France, Emmanuel Herbinet, Aurélie Heckel
Bpifrance Investissement	Laurence Gauthier, Xavier Gelot, Guillaume Dagorn
Seller Advisors:	Igor Doumenc, Julien Brouwer, Ghita Bouzoubaa
M&A Advisor: Largillière Finance	Paul Bougnoux, Thomas Bureau, Maxime Fournely, Jean-Baptiste Francois
Financial: Exelmans	Manuel Manas, Maxime Grelou
Sell-side legal advisor: Franklin
Corporate M&A	Antoine Denis-Bertin, Camille Menard, Jessica Arias, Hélène Bulut
Tax	Jacques Mestoudjian (Associé), Rudy Marouani
Management package	Antoine Denis-Bertin, Camille Menard
Buyer Advisors
Stratégy: Archery Strategy Consulting	Rémy Bonnery, Baptiste Rosell
Financial: Oderis	Thomas Corbineau, Sophie Barre de Saint-Venant
Legal: Lerins	Laurent Julienne, Yohann-David Saadoun, Noé Mingeon
M&A Advisor: Solid Partners	Philippe Demigné, Salah Ben Hamoudi
Financing: Finaxeed	Vincent Rivaillon, Anselme Fouelac Keunang
ESG: Oderis	Radia Benhallam, Lucile Cotelle
Valuation: Oderis	Matthieu Bullion, Nelson Fernandes
Debt arranger: BPMed	Isabelle Dusserre
Financing legal advisor: Nabarro Béraud	Magali Beraud, Marie Santunione, Margaux Houdin-Blondeau
Debt legal advisor: Simmons & Simmons	Mary Serhal, Pierre Joly

Press Contact

Margie

Aliénor Miens – alienor.miens@margie.fr – +33 (0)6 64 32 81 75

Sophia Beau de Loménie – sophia.beau.de.lomenie@margie.fr – +33 (0)7 82 67 84 82

Advised by Largillière Finance, insurance brokerage firm Granier Assurances joins Kereis to strengthen its growth and service offering

Fanny Gény — Tue, 28 Apr 2026 08:45:32 +0000

Granier Assurances, an insurance broker specialized in corporate and personal risk coverage, joins Kereis, a leading European player in health and protection insurance brokerage. Supported by Largillière Finance, this shareholder reorganization aims to accelerate the company’s growth by partnering with a structured group, while strengthening Kereis’ position in the property and casualty (P&C) insurance brokerage market in the South-East region.

Founded in 1970, Granier Assurances is an independent, family-owned company specializing in corporate and personal insurance brokerage, with a strong positioning in B2B P&C insurance. Well established in the PACA region, the company primarily supports regional SMEs and mid-sized companies across all sectors and offers a broad range of insurance policies.

Kereis offers a diversified, multi-channel product range (direct distribution, wholesale brokerage and financial institutions) across health, protection and property and casualty (P&C) insurance. It also operates around fifteen regional offices dedicated to its direct brokerage activities for French companies. Present in seven European countries, Kereis is notably the leading French broker in borrower insurance, with more than 19 million contracts under management across Western Europe.

For Kereis, this acquisition is fully in line with its external growth strategy in corporate insurance brokerage and enables the group to strengthen its regional footprint in the south-eastern quarter of France.

Stéphane Granier, Managing Director of Granier Assurances, said:
“For several years, I had been considering how best to prepare the succession of Granier Assurances in order to ensure its continued development and long-term sustainability. Orchestrated by the teams at Largillière Finance, who have a strong understanding of the specificities of our business, the meeting with Kereis quickly proved to be a natural fit, as we share a common vision of brokerage and client support. This transaction is fully aligned with our values: preserving the quality of our services, ensuring client satisfaction, and maintaining the corporate culture that is the strength of Granier Assurances.”

Nicolas Ibanez, Partner at Largillière Finance, said:
“We are very pleased to have supported this major succession transaction for Granier Assurances, in a brokerage sector we know particularly well. The partnership with Kereis ensures the company’s long-term sustainability and provides security for its teams, while offering a strong platform to pursue growth and expand its service offering. Backed by Kereis, Granier Assurances will be able to continue accelerating its development in a particularly dynamic brokerage market.”

Stakeholders in the operation:

Seller	Granier Assurances
Buyer	Kereis
Sell-side M&A advisor: Largillière Finance	Nicolas Ibanez, Melvin Guy
Sell-side legal advisor	Jean-Michel Levallois
Sell-side due diligence: Talenz	Olivier Rousset
Buy-side legal advisor: Morgan, Lewis & Bockius	Lancelot Montmeterme, Pauline Plancke, Laïla El Kihal Bouadla, Stanislas Kulaga, Alexandre Dalel, Marcus Schmidbauer, Mathilde Carle, Sébastien Pontillo, Romain Nowak

Press Contact

Margie

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

Advised by Largillière Finance, Imagine Human sells For Me Assistance to Empreinte Humaine

Fanny Gény — Tue, 21 Apr 2026 07:59:40 +0000

Empreinte Humaine, a leading player in the prevention of psychosocial risks (PSR) and workplace quality of life (QWL), has announced the acquisition of For Me Assistance, a specialist in individual employee support programs related to quality of life and working conditions (QWL&C), from Imagine Human, advised by Largillière Finance.

Founded in 2019 and a subsidiary of the Imagine Human Group, For Me Assistance is a recognized leader inindividual employee support programs (EAP – Employee Assistance Programs). The company supports more than 2 million employees and insured beneficiaries, offering personalized and confidential support to individuals facing professional and personal challenges across physical and mental health, family and social issues, and legal matters.

This acquisition represents the first external growth transaction carried out by Empreinte Humaine since Generis Capital Partners took a stake in the company at the end of 2024, a transaction that enabled the company to structure its shareholding around one of its founders, Christophe Nguyen, and to equip the group with the necessary resources to accelerate both its organic and external growth.

For Me Assistance’s expertise perfectly complements Empreinte Humaine’s historical approach focused on organizational prevention. This combination:

strengthens Empreinte Humaine’s positioning in the psychosocial risks (PSR) and workplace quality of life (QWL) market;
enables the delivery of an integrated offering covering the entire value chain, from diagnosis and organizational transformation to individual employee support;
demonstrates Empreinte Humaine’s ability to continue its consolidation strategy in the consulting and services market for psychosocial risk prevention and workplace quality of life.

For software publisher Imagine Human, an international “impact tech” group backed by the fund Extens, which completed three acquisitions in 2025 — including two with the support of Largillière Finance — this divestment enables the group to refocus its activities.

Yannick Jarlaud, Chairman of Imagine Human Group, said:
“Following a strategic review conducted shortly after Extens took a stake in our company at the end of 2023, we sought to identify an industrial partner capable of enabling For Me Assistance to fully realize its potential. Thanks to the teams at Largillière Finance, who have a strong understanding of our sector and business, we were able to identify a player with highly complementary activities, Empreinte Humaine. The combination of their offerings provides a meaningful response to today’s workplace mental health challenges.”

Nicolas Ibanez, Partner at Largillière Finance, said:
“We are proud to have supported Imagine Human and Extens in the sale of For Me Assistance to Empreinte Humaine. This transaction perfectly illustrates the complementarity between a health insurance-like model, with For Me Assistance, and Empreinte Humaine’s psychological and organizational expertise, while further strengthening the group’s recurring revenue base. This is the third transaction we have completed with Imagine Human in less than a year, following two acquisitions in 2025.”

Stakeholders in the operation:

Empreinte Humaine	Founders, Christophe Nguyen
Generis Capital Partners	Franck Saal
Imagine Human	Yannick Jarlaud, David Limoni
Extens	Charles Bourgain, Antoine Pringiers
Sell-side M&A : Largillière Finance	Nicolas Ibanez, Paul Sardinha Marques

Press Contact

Margie

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

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