M&A Deal Summary

CNP Acquires Groupe Climater

On March 31, 2025, family office CNP acquired construction company Groupe Climater from Cobepa

Acquisition Highlights
  • This is CNP’s 1st transaction in the Construction sector.
  • This is CNP’s 6th transaction in France.

M&A Deal Summary

Date 2025-03-31
Target Groupe Climater
Sector Construction
Buyer(s) CNP
Sellers(s) Cobepa
Deal Type Secondary Buyout

Target

Groupe Climater

Toulouse, France
Groupe Climater is a designer, producer, maintains, and operates HVAC (Heating, Ventilation, and Air Conditioning) engineering systems for the manufacturing, healthcare, housing, retail, offices, and public facilities sectors. The group mainly operates in the south of France and the Paris region from its 15 locations. Groupe Climater was founded in 1989 and is based in Toulouse, France.

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Buyer(S) 1

Buyer

CNP

Investor Investor Investor Investor


Category Family Office
PE ASSETS 3.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Compagnie Nationale à Portefeuille is a family-backed investment firm focused on investing directly in public and private companies throughout Europe. Compagnie Nationale à Portefeuille is headquartered in Loverval, Belgium.


DEAL STATS #
Overall 8 of 8
Sector: Construction M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
Country: France M&A 6 of 6
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-01 Cleeven

Basel, France

Cleeven is an Engineering, R&D and IT consulting group with more than 600 consultants and 8 subsidiaries located in France, Switzerland and Sweden. The company brings its clients its know-how in terms of innovation and R&D in a wide range of sectors: energy, services & banking, aerospace & defense, transportation, pharmaceuticals & chemicals, as well as IT & Telecoms. Cleeven was founded in 2015 and is based in Basel, France.

Buy -

Seller(S) 1

SELLER

Cobepa

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1957
PE ASSETS 4.7B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cobepa is a global investment group focused on growth capital investments (acquiring significant minority stakes) and leveraged buyout transactions. Cobepa invests in established companies with business models, sustainable market positions, and strong management teams. Sectors of interest include transportation, industrial, retail, financial services, and business services. The Firm generally pursues opportunities throughout Europe and North America, however Cobepa also targets opportunities in Asia and South America. Cobepa was originally established in 1957 and is headquartered in Brussels, Belgium


DEAL STATS #
Overall 22 of 22
Sector: Construction M&A 1 of 1
Type: Secondary Buyout M&A Deals 10 of 10
Country: France M&A 9 of 9
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-06 Ascentiel Groupe

Rueil-Malmaison, France

Ascentiel Groupe is an online insurance brokerage platform specializing in P&C products in France for individuals and small corporates, which are distributed under its own brands or under white label. Ascentiel offers a comprehensive suite of insurance solutions, ranging from auto, animal health and home coverage for individuals to specialised products for commercial clients, including decennial liability coverage for construction professionals and insurance for commercial vehicle fleets. Ascentiel Groupe was founded in 1970 and is based in Rueil-Malmaison, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-17 Sax

Parsippany, New Jersey, United States

Sax is an accounting, tax, and advisory firm that serves the unique needs of privately held companies, family-owned businesses, nonprofit organizations, and high-net-worth individuals. The firm offers specialized expertise that benefits clients across its largest vertical markets. The firm’s advisory services extend beyond traditional accounting and tax offerings, encompassing Wealth Management, Cybersecurity and Managed IT, Investment Banking, Transaction Advisory, HR Consulting, Valuation, and Forensic & Litigation. Sax is based in Parsippany, New Jersey.

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