M&A Deal Summary

EMZ Partners, Ardian and Tikehau Capital Acquire Vulcain Engineering Group

On December 22, 2023, mezzanine finance firm EMZ Partners, private equity firm Ardian and asset manager Tikehau Capital acquired engineering company Vulcain Engineering Group from NiXEN Partners, Sagard and Equistone

Acquisition Highlights
  • This is EMZ Partners’ 1st, Ardian’s 4th and Tikehau Capital’s 3rd transaction in the Engineering sector.
  • This is EMZ Partners’ 9th, Ardian’s 194th and Tikehau Capital’s 30th transaction in France.

M&A Deal Summary

Date 2023-12-22
Target Vulcain Engineering Group
Sector Engineering
Buyer(s) EMZ Partners
Ardian
Tikehau Capital
Sellers(s) NiXEN Partners
Sagard
Equistone
Deal Type Secondary Buyout

Target

Vulcain Engineering Group

Neuilly- Sur- Seine, France
Vulcain Engineering Group is an engineering consultancy group. The company specializes in energy, oil and gas, pharmaceutical and transportation sectors. Vulcain Engineering Group was founded in 1998 and is based in Neuilly- Sur- Seine, France.

Search 214,107 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try Free

Buyer(S) 3

Buyer

EMZ Partners

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.6B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

EMZ Partners is a provider of long-term capital solutions to help companies fund buyouts, acquisitions, and other financing needs. The Firm does not have any sector preferences and looks to invest between €10 and €120 million per transaction. EMZ Partners was established in 1999 and is headquartered in Paris.


DEAL STATS #
Overall 17 of 17
Sector: Engineering M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 5
Country: France M&A 9 of 9
Year: 2023 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-14 H&Z

Munich, Germany

H&Z is an independent consulting firm that focuses on sustainable transformation and tangible results for clients. H&Z was formed in 1997 and is based in Munich, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-08 FotoFinder

Bad Birnbach, Germany

FotoFinder is a provider of skin visualization technology for early skin cancer detection and aesthetics. FotoFinder was founded in 1991 and is based in Bad Birnbach, Germany.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €1 billion per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 443 of 464
Sector: Engineering M&A 4 of 5
Type: Secondary Buyout M&A Deals 144 of 155
Country: France M&A 194 of 206
Year: 2023 M&A 16 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-18 Verlat Energy

Lime, Peru

Verlat Energy is a hydropower company, owns a fully operational portfolio of six run-of-river hydroelectric power plants with a total capacity of 73.4 MW. Verlat Energy was founded in 2011 and is based in Lime, Peru.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-14 Mistertemp group

Clichy, France

Mistertemp' group is a tech-enabled temporary staffing specialist combining a wide network of local franchised agencies and an innovative proprietary digital platform. The group provides placement services to small-and-medium-sized companies under 3 brands: Aquila RH, Lynx RH and Vitalis Medical. Mistertemp' group was founded in 2009 and is based in Clichy, France.

Buy -
Buyer

Tikehau Capital

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2004
PE ASSETS 7.8B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Tikehau Capital is a global alternative asset management firm with with a variety of investing strategies including private debt, real assets, private equity, and capital markets strategies. The Firm's private equity group looks to invest directly in companies, private equity funds, as well as minority co-investments with other partners. For direct investments, Tikehau sees to partner with management in companies generating €20 million to €1 billion in revenue. Tikehau Capital was formed in 2004 and is based in Paris, France.


DEAL STATS #
Overall 48 of 54
Sector: Engineering M&A 3 of 3
Type: Secondary Buyout M&A Deals 14 of 18
Country: France M&A 30 of 31
Year: 2023 M&A 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-29 Secan

Gennevilliers, France

Secan offers design, production, and support of customized thermal management solutions for aircraft, helicopters, and land systems, both civil and military. Secan offers a wide range of equipment, from heat exchangers to the most advanced systems. Secan was founded in 1941 and is based in Gennevilliers, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-09 CEBAT

Rome, Italy

CEBAT is an utility services company, focused on the design, deployment and maintenance of electrical, water and telecommunications networks. CEBAT was founded in 1961 and is based in Rome, Italy.

Buy -

Seller(S) 3

SELLER

NiXEN Partners

Paris, France

Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 600M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

NiXEN is a French private equity group that targets investments in middle-market companies valued between €30 and €300 million. iXEN looks to invest €20 to €25 million of equity capital to support management buyouts/buy-ins, leveraged build-ups, owner buy-outs (OBOs), and public to private deals. The Firm is a 'hands-on' investment group and will consider opportunities in a variety of sectors, including manufacturing, consumer goods, specialist retailing, restaurants, and services. iXEN is supported by Natixis Private Equity and was formerly known as Natexis Industrie. The Firm was formed in 1998 and is based in Paris.


DEAL STATS #
Overall 28 of 28
Sector: Engineering M&A 2 of 2
Type: Secondary Buyout M&A Deals 17 of 17
Country: France M&A 27 of 27
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-26 Unither Pharmaceuticals

Amiens, France

Unither Pharmaceuticals is a developer and manufacturer of pharmaceuticals products. Unither operates six manufacturing sites in France, the United States, and Brazil, and has a dedicated research and development center in Europe. Unither Pharmaceuticals was founded in 1993 and is based in Amiens, France.

Buy -
SELLER

Sagard

Paris, France

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2001
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Sagard is a multi-strategy alternative investment manager that invests across a variety of asset classes. These include private equity, public equity, private credit, royalties, and venture capital. Prospective transactions typically include buyouts or growth capital financings, where Sagard will consider either majority or minority positions. Sagard was formed in 2001 and is based in Montreal, Quebec.


DEAL STATS #
Overall 26 of 27
Sector: Engineering M&A 1 of 1
Type: Secondary Buyout M&A Deals 17 of 18
Country: France M&A 23 of 24
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-10 Norbec

Boucherville, Quebec, Canada

Norbec manufactures prefabricated cold rooms, insulated doors, and insulated metal panels for building envelopes. It serves supermarkets, restaurants, food processing plants, refrigerated warehouses, hospitals, and research centers. Norbec was founded in 1982 and is based in Boucherville, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-16 Aprium Pharmacy

Boulogne-Billancourt, France

Aprium Pharmacy is an integrated platform for pharmacists, with a unique value proposition combining best-in-class commercial conditions for health and parapharmacy products, and a full range of high value-add services and tools such as marketing, digital, medical science and human resources. Aprium Pharmacy was founded in 2006 and is based in Boulogne-Billancourt, France.

Sell -
SELLER

Equistone

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 9.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Equistone is a private equity firm that invests in small to mid-sized companies valued from €50 to €500 million. Equistone targets companies operating in the fields of services, healthcare, financial services, and consumer/travel. The Firm looks to invest €25 to €200 million in a variety of transactions, including buyouts, growth capital financings, recapitalizations, and take privates. Equistone was formed in 1997 and is based in London, United Kingdom.


DEAL STATS #
Overall 192 of 206
Sector: Engineering M&A 5 of 5
Type: Secondary Buyout M&A Deals 92 of 96
Country: France M&A 59 of 62
Year: 2023 M&A 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-05 Karavel

Paris, France

Karavel operates as a tour operator and an online travel agency, offering a full range of services including airline tickets, hotel rooms, cruises, and package holidays through multiple online channels which receive over seven million unique visitors each month. Karavel is based in Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-01 TriStyle

Munich, Germany

TriStyle specializes in the high-quality fashion market and targets quality- and fashion-conscious women in the over-45 age group. Its brands offer a wide range of own-label and selected third-party brands including women’s apparel, accessories, home textiles, lingerie and some men’s fashion. TriStyle is based in Munich, Germany.

Sell -