M&A Deal Summary

Capital Croissance, Siparex and BNP Paribas Developpement Acquire Serapid

On October 7, 2025, private equity firm Capital Croissance, private equity firm Siparex and growth capital firm BNP Paribas Developpement acquired manufacturer Serapid from LBO France

Acquisition Highlights
  • This is Capital Croissance’s 1st, Siparex’s 14th and BNP Paribas Developpement’s 4th transaction in the Manufacturing sector.
  • This is Capital Croissance’s 26th, Siparex’s 94th and BNP Paribas Developpement’s 27th transaction in France.

M&A Deal Summary

Date 2025-10-07
Target Serapid
Sector Manufacturing
Buyer(s) Capital Croissance
Siparex
BNP Paribas Developpement
Sellers(s) LBO France
Deal Type Secondary Buyout

Target

Serapid

Martin Eglise, France
Serapid specializes in the vertical and horizontal movement of loads for industry, quick die change and stage engineering. Serapid was founded in 1972 and is based in Martin Eglise, France.

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Buyer(S) 3

DESCRIPTION

Capital Croissance SAS is a private investment firm focused on majority and minority investments in growth-oriented French companies. The Firm does not have any sector preferences and looks to commit €5 to €50 million per transaction. Investments are generally made to support buyouts, recapitalizations, and growth opportunities. Capital Croissance SAS was formed in 2012 and is headquartered in Paris.


DEAL STATS #
Overall 27 of 27
Sector: Manufacturing M&A 1 of 1
Type: Secondary Buyout M&A Deals 4 of 4
Country: France M&A 26 of 26
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-27 Equativ

Paris, France

Equativ is an independent adtech platform built to serve the interests of both buyers and publishers. Smart’s fully transparent platform and shared-interest business approach enables brands and premium publishers to get their fair share of ad value at every opportunity, on their terms. Brands can achieve greater efficiency through their advertising spend, and publishers can act with certainty and have the control they need to provide the right blend of transaction models, channels, formats, and audience data to deliver true value path optimization to brands. Equativ was formed in 2001 and is based in Paris, France.

Sell -
Buyer

Siparex

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
PE ASSETS 4.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Siparex is a French private equity firm that looks to invest mezzanine or equity capital in companies at all stages of development. The Firm separates its investment activity into mid-market, mezzanine, and small-cap. Within mid-market, Siparex looks to invest €2.5 to €40 million in companies with at least €15 million in sales. Prospective transaction situations include buyouts, shareholder liquidity events, and growth capital financings. The Firm will consider all business sectors. Within its mezzanine group, Siparex looks to invest €2 to €10 million to support growth, acquisitions, refinancings, and restructurings. The small-cap group seeks investments starting at €300K in early-stage companies as well as those undergoing expansion or being sold. Siparex was formed in 1977 and is based in Paris.


DEAL STATS #
Overall 101 of 102
Sector: Manufacturing M&A 14 of 14
Type: Secondary Buyout M&A Deals 18 of 18
Country: France M&A 94 of 95
Year: 2025 M&A 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-22 Dreyer

Avignon, France

Dreyer designs, manufactures and installs solutions for laying out laboratory areas, kitchens and cold rooms. Dreyer was founded in 1972 and is based in Avignon, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-16 Brifer

La Houssaye en Brie, France

Brifer is specializing in the installation and maintenance of railway branch lines (ITE) in their entirety (terminals, railway tracks, gantries, overhead cranes, level crossings). Brifer founded in 1988 and is headquartered in La Houssaye-en-Brie, France.

Buy -
DESCRIPTION

BNP Paribas Developpement is the growth-oriented development arm of financial services firm and bank BNP Paribas. BNP Paribas Developpement supports a range of lower middle-market companies and looks to invest in minority positions to support growth. BNP Paribas Developpement was formed in 1988 and is based in Paris, France.


DEAL STATS #
Overall 31 of 31
Sector: Manufacturing M&A 4 of 4
Type: Secondary Buyout M&A Deals 8 of 8
Country: France M&A 27 of 27
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-28 Francois Pralus

Roanne, France

Francois Pralus is a pastry and chocolate Company known for producing bean-to-bar chocolate and for its signature Praluline, a brioche filled with pink pralines. The Company manufactures its chocolate in-house using cocoa beans sourced from various origins. Francois Pralus was founded in 1948 and is based in Roanne, France. ,

Buy -

Seller(S) 1

SELLER

LBO France

Paris, France

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1985
PE ASSETS 5.4B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

LBO France is an independent private equity group focused on acquiring majority stakes in French firms, or companies with French management. LBO France manages several funds, each targeting different types of businesses. The Firm's mid-market fund looks to acquire majority or minority stakes in companies valued from €100 million to €2.5 billion. The mid-market fund generally looks at companies with predictable sales, profits and cash flow, but will also consider businesses with under-utilized assets. LBO France's small cap fund targets majority stakes in smaller, profitable businesses valued from €10 to €100 million, with strong potential for growth or consolidation. In addition to its equity funds, LBO France also invests in real estate and provides LBO loans issued by medium-sized European companies (enterprise value between €150m and €2bn). LBO France was formed in 1985 and is based in Paris.


DEAL STATS #
Overall 58 of 58
Sector: Manufacturing M&A 3 of 3
Type: Secondary Buyout M&A Deals 33 of 33
Country: France M&A 49 of 49
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-05 Payot

Neuilly-sur-Seine, France

Payot is a cosmetics company selling skin care references to consumers and beauty professionals. Payot products are mainly distributed through beauty salons and spas and also through selective perfumeries and more recently through pharmacies. Payot was founded in 1920 and is based in Neuilly-sur-Seine, France.

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