Ceres Industries Capital, CFJ (Compagnie Financière Jousset) and Montefiore Investment today announce their entry into exclusive negotiations with Equistone Partners Europe (“Equistone”) for the acquisition of Karavel Groupe (“Karavel”), one of the largest tourism groups in France.

The transaction will involve Karavel’s management team, led by Cyrille Fradin, President, and Folco Aloisi, CEO, retaining a significant stake in the business. This investment aims to consolidate Karavel’s market position while supporting the Group’s sustained growth over time. The transaction remains subject to regulatory approval.

Launched in 2001, Karavel is a pioneering e-tourism travel agency that assists nearly one million customers annually. Through its three brand platforms — FRAM, Promovacances, and ABcroisières — and a network of 170 physical agencies across the country, the Group offers discounted travel deals at 250 clubs and resorts, along with over 500 tour packages worldwide. With c. 1,000 employees, Karavel now generates over €1 billion in revenue annually.

“Alongside Ceres and CFJ, we aim to support Karavel in accelerating its development, especially by expanding its international customer base and strengthening its key assets. We found immediate alignment in values with the management team, and we are confident that together we can sustain and grow the competitive advantages of each brand in its market.”
— Eric Bismuth, Chairman of Montefiore Investment

“Karavel benefits from high-quality management, experienced teams committed to the Group’s success, a strong market position and numerous development opportunities. Ceres has built a shareholder base that combines CFJ’s entrepreneurial spirit and Montefiore’s tourism sector expertise to provide tailored, pragmatic operational and strategic support to Karavel.”
— Renaud Besançon, Chairman of Ceres Industries Capital

“CFJ seeks to invest in companies with strong entrepreneurial cultures, led by committed, talented and innovative management teams. Karavel and its leadership embody all these qualities. We share an ambitious and responsible vision and will actively contribute to the Group’s development, its brands and its international reach, in close collaboration with Ceres and Montefiore.”
— Frédéric Jousset, Managing Partner of CFJ and Chairman of the Investment Committee

“We are proud to open a new chapter with Montefiore Investment, Compagnie Financière Jousset and Ceres Industries Capital. This trio of investors share our vision and ambitions. Together, we will accelerate Karavel-FRAM’s growth in France and abroad, and pursue an active investment, innovation and M&A strategy, while reinforcing our commitment to sustainable and responsible performance. Each brings a complementary strength: Montefiore’s sector expertise, Frédéric Jousset’s entrepreneurial and societal vision and Ceres’ industrial DNA. This partnership is a powerful lever to consolidate our strengths, open new opportunities and continue to make a difference for our clients and teams.”
— Cyrille Fradin, President of Karavel and FRAM

“25 years after its creation, Karavel is entering a new strategic phase with the arrival of three top-tier partners — Montefiore, CFJ and Ceres Industries Capital — which are now in exclusive discussions to support the Group’s transition. This new chapter aims to strengthen our development, accelerate innovation and pursue ambitious projects in France and internationally. With their support, we are reinforcing a high-performing, responsible and sustainable business model that serves our clients and our ecosystem of partners at home and abroad.”
— Folco Aloisi, Co-founder and CEO of Karavel and FRAM

“Since we invested in the business in 2018, Karavel has doubled its revenue to exceed €1 billion. We are especially proud to have supported its leadership and management during the COVID-19 pandemic — a particularly challenging time for the tourism industry — by injecting further equity into the business to ensure stability and accelerate its digitalisation strategy. This support enabled Karavel to emerge as a stronger player in the post-COVID market and to fully benefit from the sector’s rebound. This divestment comes at a strategic time for Equistone France, which has now generated over €1 billion of proceeds to its investors since last year through five exits.”
— Julie Lorin, Partner at Equistone

Equistone Partners Europe (“Equistone”), one of Europe’s most established mid-market private equity investors, today announces the completion of its €520m sale of Groupe Courir S.A.S (“Courir”), a leading French retailer of sneakers, to JD Sports Fashion Plc. Completion follows receipt of conditional clearance from the European Commission on 22 October 2024 and the satisfaction of all other outstanding conditions.

With over 320 stores across Europe, including one of the largest store networks in France, and a growing omnichannel approach, Courir has rapidly established itself as a leading retailer in sneakers, particularly amongst women.

Since carving out the company from Groupe Go Sport in 2019, Equistone has worked closely with the Courir management team on realising an ambitious growth strategy. During the investment period, Courir continued to expand its footprint across Europe and, with Equistone’s support, acquired Denmark-based online retailer Naked in July 2021. Since 2019, the business has significantly developed its revenue from €390m to €735m in 2023.

Equistone deal team said: “We are proud to have worked so closely with Courir’s management team on building a company which has become a leading European retailer in sportswear. The company’s growing omnichannel approach, pan-European expansion and consistently strong financial performance is testament to the effectiveness of our partnership. In JD Sports, Courir has the ideal partner for the next stage of its growth journey, and we wish the team all the best.”

Régis Schultz, CEO of JD Sports Fashion Plc, said: “The completion of our acquisition of Courir is an exciting milestone for our “Complementary Concepts” strategy in Europe and we look forward to working with its experienced management team as we deliver on our growth plans. This acquisition will broaden the JD Group’s customer reach adding a more female, fashion-conscious and older customer base to complement the Group’s core customers.”

Equistone Partners Europe (“Equistone”), one of Europe’s most active mid-market private equity investors, is pleased to announce it has signed an agreement for the sale of Acces Industrie (“Acces”), an independent rental specialist of mobile aerial work platforms and handling equipment, to Delmas Investissements & Participations, a French family investment group, based in Bordeaux and active in the energy, handling, lifting and transport sectors.

A solid value creation story achieved through successful collaboration between the Acces Industrie and Equistone management teams

Equistone acquired a majority stake in Acces in 2020, having been convinced by the quality of its management team and specialist workforce, its differentiated position in a thriving market and the company’s strong corporate culture. Since then, Equistone has worked closely with Acces’ leadership to support its strategic focus on end markets that benefit from macro trends such as the global energy transition, e-commerce and infrastructure. 

Under Equistone’s ownership, Acces’ presence has successfully expanded domestically, with the acquisition of Watine Manutention in October 2023 leading to the opening of a number of strategically positioned depots across France

Equistone has also supported Acces with its entry into the Spanish market, via the acquisition of Uping in 2022. A number of new depots are currently in the process of being opened in Spain, while the group has also expanded its offering at each of its existing depots in order to meet changing customer demand in fast-growing sectors. 

Consequently, Acces has grown its headcount from 445 to 650 people, while revenue has grown from €90m in 2020 to €140m in 2023.

Grégoire Châtillon and Jérémy Mathis of Equistone said: “The partnership with Acces Industrie has been a very successful journey driven by an outstanding management team. The company has delivered an impressive performance, growing considerably both organically and through acquisitions, and we are convinced that Acces Industrie is ideally positioned to continue its growth story in France and in Europe.”

Given the synergies with its existing business, Acces has been a long-term target for Delmas Investissements et Participations, Hervé Delmas explains: “We congratulate the management team and Equistone for the superb growth Acces Industrie has achieved in recent years. We are very happy to become, alongside regional investors, the new long-term shareholders of this high-performing  company and, together with the management team, intend to  consolidate its strong regional roots, DNA and brand, while pursuing its broader national and international development.”

Vulcain, the engineering group which specialises in energy transition and life sciences, and employs more than 3,500 people, has announced the exit of its shareholders Equistone Partners Europe and Sagard with a new LBO.

Accompanied by more than 350 employee shareholders, Co-CEOs of Vulcain Frédéric Grard and Alban Guilloteau have strengthened their positions in the group’s capital and governance structures. With the help of their long-standing advisor, D&A Corporate Finance, the founding managers steered a limited process that brought together a consortium of leading investors to support the group’s exponential growth.

Ardian, a world-leading private investment house, coordinates the consortium with Tikehau Capital, a world-leading private equity player in decarbonisation and EMZ, a specialist in supporting founding managers.

Bpifrance, Amundi Private Equity Funds and the Fonds France Nucléaire managed by Siparex complete the financing round by providing specific expertise.

A pool of banks made up of leading players is financing the deal through senior debt, supplemented by mezzanine financing provided by Eurazeo Private Debt, the group’s long-standing partner.

With this transaction, the Group will have access to substantial and diversified financial resources, as well as French institutional shareholders committed to an entrepreneurial approach.

With the support of Equistone and Sagard, Vulcain has expanded rapidly over the past four years, growing from sales of €160m in 2019 to €370m by 2023. The realisation of current external growth opportunities should enable the company to cross the €450m threshold in 2024.

Its positioning as a multi-specialist engineering expert in critical infrastructures allows Vulcain to take advantage of mega-trends linked to the energy transition, with expertise in nuclear power, renewable energies, gas, hydrogen, energy transmission and distribution networks, and railways. The Group’s market opportunity is further bolstered by sovereignty issues in the pharmaceutical industry.

Vulcain’s track record of external growth, with 27 acquisitions made since 2019, has enabled it to strengthen its relationship with its major customers, and to expand its range of high added-value services, as well as its geographical presence. 

It now generates more than 35% of its business abroad, particularly in the UK, Finland, Belgium, Spain, Switzerland, Denmark, Sweden and Germany, as well as in North and Latin America.

The Group’s ambition is to continue to expand internationally and deepen its offering in terms of digitising engineering processes and making the most of data relating to facilities and infrastructures, notably through acquisitions.

The ambition of the joint CEOs Alban Guilloteau and Frédéric Grard is to continue to develop their company in line with the convictions and values that drive them. The quality of Vulcain’s workforce and the underlying markets open up the prospect of achieving sales of €1 billion under the next strategic plan.

Completion of the transaction remains subject to the usual pre closing conditions for this type of transaction, and in particular to obtain the required regulatory authorisations.

“After a decade of working together, we are delighted to have succeeded in building a multicultural management team within Vulcain and in involving more than 350 employees in our entrepreneurial and shareholder adventure. The consortium of leading investors that we are announcing today is the result of the work carried out by all the group’s employees over the last few years, which has enabled Vulcain to become a leading European player in the energy transition.” Alban Guilloteau & Frédéric Grard, Co-CEO’s, Vulcain

“Over the last four years, Vulcain Engineering has succeeded in consolidating its positioning driven by trends relating to the energy transition, health & life science, and infrastructure. The group has accelerated its development with us through around twenty external growth operations in France, Europe and the American continent. We are happy to have supported Frédéric Grard, Alban Guilloteau and Vulcain Engineering in its transformation into a true European player. Vulcain’s trajectory illustrates what constitutes Equistone’s DNA: positively supporting high-quality management teams and supporting their development strategy in France and internationally to become leading players in their sector.” Grégoire Châtillon & Stanislas Gaillard, Equistone Partners Europe

“We have been impressed by the quality of Vulcain Ingénierie’s management team and convinced by the group’s positioning, which focuses on high-growth sectors driven by the energy transition. We were also impressed by the know-how in terms of external growth and the internationalisation of the group. We will be making the resources of the Ardian platform available to further accelerate the Group’s development in its core business, in particular through acquisitions.” Alexis Lavaillote, Managing Director Expansion, Ardian

“We are delighted to make the first investment of our second vintage of private equity strategy dedicated to decarbonisation in Vulcain Ingénierie. This significant transaction gives us the opportunity to support a recognised management team at the head of a resilient group, strongly committed to decarbonisation and European industrial sovereignty. With this private equity strategy focused on decarbonisation, Tikehau Capital is reaffirming its commitment to support the development of a positive-impact offering while helping companies to expand internationally via its global platform.” Emmanuel Laillier, Head of Private Equity, Tikehau Capital 

“We were impressed by the leadership and quality of the management team led by Alban and Frédéric. Vulcain has a fantastic human capital, united by a motivating corporate culture and committed to the crucial issues of the energy transition and life sciences.  We are delighted to join this great entrepreneurial adventure.” François Carré, EMZ

Equistone Partners Europe (“Equistone”), a leading mid-market European private equity firm, has realised its Fund V investment in Sicame, a global supplier of electrical connectors and accessories to electricity distributors, through the sale of its majority shareholding to a newly created single-asset continuation fund. AlpInvest Partners, the global private equity investor, will act as the lead investor underwriting the new continuation fund, alongside commitments from Equistone, certain Fund V LPs and the company’s founding families. The financial terms of the deal are undisclosed.

Headquartered in France, Sicame designs, manufactures and sells a complete range of specialised electrical equipment and accessories for transmission and distribution networks. This includes mechanical and electrical connectors, which are essential to utility providers when building or maintaining electrical networks. The company thus plays a key role in the energy transition. With 3,100 employees working across more than 25 countries and sales in over 150 countries, Sicame generated revenues of over €450m in 2021. 

The transaction represents Equistone’s inaugural continuation fund deal. It allows the firm to provide immediate liquidity and generate a strong return for all LPs in Fund V, while also offering those LPs the option to reinvest in the new vehicle and retain exposure to the company’s significant future value creation potential. Equistone engaged the financial advisory firm Lazard to run a transparent and competitive auction process that independently validated pricing and brought in AlpInvest as the new lead investor in the continuation fund. The deal was approved by Fund V’s advisory committee.

Equistone has developed an intimate understanding of the business and the market in which Sicame operates since first investing in the company as a minority shareholder in 2009 (via Fund III), before becoming majority shareholder in 2016 (via Fund V). Equistone has also built a close relationship with the management team led by CEO Vincent Roy, who has been instrumental in accelerating the development and reorganisation of the company since 2015. The firm is therefore optimally positioned to support the next phase of Sicame’s development that will see an acceleration in its growth, driven by the need to strengthen electrical networks in the context of the ongoing energy transition. This next phase will comprise organic growth to maintain and develop existing electrical networks, the development of new products and the positioning within fast-growing verticals such as renewables and electrical vehicles, as well as additional buy-and-build activity to continue consolidating a still fragmented market (with seven bolt-on acquisitions achieved since 2016).

Guillaume Jacqueau, Managing Partner and Country Head for France at Equistone Partners Europe said: “We’re delighted to have delivered a successful exit for our LPs through this transaction and to have provided them with an opportunity to reinvest in Sicame’s exceptional growth story.  The newly created continuation fund provides us with the additional time and capital that we feel Sicame requires to fully realise some of the opportunities for further value creation that were initiated during our previous investment period. We look forward to continuing our partnership with Vincent and his team and to working closely with AlpInvest through the next stage of Sicame’s growth, which is at an inflection point driven by increasing electricity consumption in the context of the ongoing energy transition.”

Vincent Roy, CEO of Sicame, said: “We are thrilled to continue our fruitful partnership with Equistone, our trusted partner for more than 10 years. Equistone created a favorable environment, alongside the founding family members, for the development of the Sicame Group. For the years to come, we are fully confident in our ability to be at the center of the accelerating energy transition.”

As part of its growth strategy, Acces Industrie today announces the acquisition of Uping Acces, based in Sabadell, near Barcelona, in Spain.

Uping Acces is a steadily expanding company which specialises in the rental of aerial work platforms and forklifts. Its management and team of 22 employees operate a fleet of more than 400 machines spread across three agencies in Catalonia. 

With this acquisition, Acces Industrie marks its return to Spain, where Uping Acces will drive the group’s development. This transaction represents a new stage in the group’s acquisitive growth programme, which the management wishes to pursue in the coming years.

Equistone Partners Europe (“Equistone”), one of Europe’s leading mid-market private equity firms, announced today that it has acquired a majority stake in Vertbaudet, Europe’s leading e-commerce platform dedicated to childhood.

Following this transaction, Equistone now holds a majority stake in Vertbaudet, alongside the executive team. Through a robust omnichannel model – which has demonstrated resilience throughout the Covid-19 crisis – the Group expects to achieve a turnover of € 330 million in 2021. 

Since 2015, the executive team’s repositioning strategy has enabled the Group to develop its digital platform, which now accounts for more than 80% of the Group’s sales today, grow internationally and expand its product range. From children’s clothing and shoes to childcare essentials, toys and decoration, Vertbaudet’s unique platform offers a comprehensive range of children’s products. Vertbaudet’s large and diverse product selection has allowed the company to expand its loyal customer base. Based in France, Vertbaudet operates a network of 75 stores across the country. Through its digital platform, Vertbaudet is also present in seven other countries: Germany, Great Britain, Belgium, Switzerland, the Netherlands, Spain and Portugal. These geographies account for 75% of the Group’s total sales.

Equistone intends to support the Group in expanding its growth strategy and achieving its ambition as a leading European platform for baby and children’s clothing, toys and other essentials.

Thierry Jaugeas, President of Vertbaudet, and Mathieu Hamelle, Chief Executive Officer, said: “We are delighted to partner with Equistone today. With their support and retail experience, we will continue to deploy our strategic plan, keep loyal customers and attract new ones through our various distribution channels, and further diversify our range of children’s products.”

Arnaud Thomas and Grégoire Schlumberger, partners at Equistone, said: “We were impressed with the executive team’s repositioning strategy. Vertbaudet’s omnichannel model has allowed it to thrive, even during lockdown periods. We look forward to supporting Vertbaudet as it continues to build growth momentum.”

After a particularly active first half of 2021 for Equistone, this transaction follows the firm’s acquisition of GSCM, exits from Adista and Charles & Alice, as well as twelve build-ups in France and Europe.

Equistone Partners Europe (“Equistone”), one of Europe’s leading mid-market private equity firms, annouKeensight Capital, one of the leading private equity managers dedicated to pan-European Growth Buyout  investments, announces the signing of an agreement to acquire a majority stake in Adista, the leading alternative B2B hosted services provider. Upon completion of the transaction, Keensight will take over from Equistone Partners Europe (“Equistone”) as Adista’s majority shareholder alongside FEF, the co-investment partnership between Mubadala and Bpifrance and the management team led by Patrice Bélie.
nced today that it has acquired a majority stake in Vertbaudet, Europe’s leading e-commerce platform dedicated to childhood.

Adista, a specialist in IT and telecom services, supports the digitalisation of a diverse customer base, made up of private-sector players (from SMEs to large companies) and public-sector organisations (hospitals and local authorities), with a full range of services. The company offers private and public cloud services, managed services, fixed and mobile telecom solutions integrated into its interconnection networks as well as telephony and collaboration services, the expertise of its cybersecurity division, and the ability to develop applications and web projects. Adista uses its own datacentres, across France.

With more than 720 employees and a network of 35 branches throughout France, Adista has consolidated its position as a leading player in the B2B cloud and connectivity market since Equistone acquired a majority stake in the company in 2016. With the acquisitions of Fingerprint Technologies in July 2020 and Waycom in February 2021, Adista recorded cumulative revenues of €153 million for the 12 months ending 12/31/2020, and targets to reach €300 million by 2025. 

Keensight Capital aims to support Adista’s teams, led by Patrice Bélie, in achieving this ambition. With this majority investment, Keensight Capital intends to accelerate Adista’s organic growth – in the buoyant market of business digitalisation – while supporting the development strategy of its “one-stop shop” offer through external growth and the integration of additional skills and solutions. 

The long-standing minority shareholders are also part of this new project, as well as the company’s founders, Gilles and Pascal Caumont, who are still present on the company’s Supervisory Board. Keensight Capital has also invited some of its LPs, among which FEF, the co-investment partnership between Mubadala and Bpifrance, to participate in the transaction.

Patrice Bélie, CEO of Adista, said: “We are delighted to welcome Keensight Capital as a majority shareholder and partner in the next phase of Adista’s development. This passing of the torch is part of an undeniable dynamic for the company, which has doubled its revenue since 2016 and has the ambition to do the same by 2025. On behalf of the Adista team, we would like to thank Equistone for what we have accomplished together over the past years and warmly welcome Keensight Capital to write the next chapter of Adista’s history.” 

Stanislas de Tinguy, Partner at Keensight Capital, commented: “We are pleased to support Patrice Bélie and his team in the next stage of Adista’s tremendous growth story. Adista has a solid growth model in the buoyant market of business digitalisation. Thanks to his tailor-made vision of customer expectations and his talented management, we are convinced of the prospects we will build together.”

Philippe Crochet, Managing Partner at Keensight Capital, added: “Through our Tech expertise and our proactive identification of European companies, we had identified Adista several years ago and were able to forge a strong bond with Patrice and his team, which allowed us to successfully complete this transaction and to project ourselves into Adista’s future.”

Julie Lorin, Partner at Equistone, said: “We are proud to have accompanied Adista’s outstanding growth story since 2016 and to have fully played our role as strategic partner to its founders in the company’s transformation with a governance adapted to its ambitions.” 

“Under the leadership of Patrice Bélie, the renewed management team has done a remarkable job, enabling the Group to be a major player in the consolidation of the sector. We are convinced that Adista is ideally positioned to continue consolidating its leadership as the leading French alternative B2B operator,” concluded Thierry Lardinois, Partner at Equistone.

Thierry Goubault, Chairman and shareholder of Charles & Alice, has entered into exclusive negotiations with funds advised by Equistone Partners Europe (“Equistone”) to buy out their controlling stake in the company. Crédit Mutuel Equity is providing a third successive round of financing to the company to support management’s buyout, having been a majority shareholder in Charles & Alice in 2007 and become a minority shareholder when Equistone invested in 2013. Through this transaction, management aims to become the largest shareholder in Charles & Alice, which specialises in fruit and plant-based desserts.

Thierry Goubault and his team have increased the group’s turnover from €22 million to more than €160 million in 2020 and diversified its markets to enable it to address four major segments: branded products in large and medium-sized stores, contract catering, private-label products and international. The Charles & Alice brand, created in 2011 following the acquisition of Hero France, is a leader in its main markets.

The success of the Charles & Alice brand is mainly due to the development of its range of no-added-sugar fruit desserts, but also its ability to innovate in the search for new gourmet, differentiated and locally sourced recipes. The company has also recently invested in plant-based products to target mass distribution and specialised networks in Europe.

The group is experiencing regular organic growth of around 5% per year, which has been underpinned by a policy of significant investment in industrial and CSR areas.

“The independence of the company is a strategic choice in the market for fruit and plant-based desserts, which is controlled by large agri-food groups,” explains Thierry Goubault, who led the management buy-in of the company, then called Charles Faraud, in 2007 with the support of Crédit Mutuel Equity. “This is a challenge in this environment, but it is also a great source of motivation for all our teams, who see this new round of financing as an opportunity to continue working resolutely on the group’s future success.” 

“We are delighted to renew our support to Thierry Goubault and his team, with whom we have built strong ties for nearly 14 years. It was natural for us, as a long-term investor that has worked closely with the management team, to remain at their side to write this new chapter, in order to help this fine French mid-sized company preserve its independence and support its transformation and growth,” added Jean-Christophe Vuillot, Director at Crédit Mutuel Equity. 

“We are proud to have accompanied Charles & Alice for nearly eight years and to have played our role as a strategic partner. The management of Charles & Alice has done a remarkable job in expanding the product offering and developing in the United States through the establishment of a new production site. The Group has become one of the leading French manufacturers and distributors of fruit compotes and desserts and we are convinced that Charles & Alice is well positioned to continue to consolidate its leadership position in the future,” added Guillaume Jacqueau, Managing Partner at Equistone.

Ardian, a world-leading private investment house, today announces that it has acquired a majority stake in Finaxy, a French multi-specialist B2B and B2C insurance broker, from Equistone Partners Europe, a leading European mid-market private equity firm.

Founded in 2009 under the leadership of Erick Berville, Finaxy has become a top 10 insurance broker in France following Equistone’s acquisition of a majority stake in the Group in 2014. With a strategic positioning focused on B2C niches and specific B2B business expertise, the Group has successfully leveraged its know-how to build a third offering dedicated to insurers and bank insurers. Since its inception, the Group has delivered strong organic growth and an active buy-and-build strategy, with 27 acquisitions in France, two of which took place in 2020. In the current challenging market environment, Ardian Expansion has remained focused on growing companies both organically and through build-ups. With the support of Ardian, Finaxy plans to accelerate its buy-and-build strategy and strengthen its leading multi-specialist positioning.

Alexis Lavaillote, Managing Director in the Ardian Expansion team, said: “Knowing this sector quite well, we were convinced by Finaxy’s multi-specialist positioning and its potential for organic growth across its three businesses. Under the leadership of Erick Berville, Finaxy has also been a key player in the consolidation of a still fragmented market and we will continue to support and accelerate this external growth policy. We are delighted to support Erick and his teams who, beyond their performance, have demonstrated agility and a strong entrepreneurial culture.”

Erick Berville, Founder and CEO of Finaxy, added: “The Group Management and I would like to thank Equistone for the past six years. This close teamwork has enabled us to achieve common goals while respecting Finaxy’s human and entrepreneurial values, and to smartly position the group for strong and ambitious development. We have chosen to continue this journey with Ardian and we are delighted to welcome them. We share this DNA and it will enable us to pursue and accelerate our organic and external growth momentum. You can’t stop dreaming while you’re on the move.”

Guillaume Jacqueau, Managing Partner at Equistone, concluded: “We are proud to have worked with Finaxy for more than six years and to have played our role as a strategic partner. Finaxy’s management has done a remarkable job in expanding the product offering and developing new niche markets through organic and external growth. The Group has become one of France’s leading independent brokers and we are convinced that Finaxy is well positioned to continue consolidating its leading position in the future.”