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

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

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

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

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

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

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

A strong growth potential

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

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

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