Sale of Diconex and DETI Microwave to Radiall
Paris (France), March 26, 2026,
Financière de Courcelles advised the shareholders of Diconex on the sale of the Group to Radiall.
A subsidiary of Laroche Group, Diconex specializes in radiofrequency components and antenna solutions for demanding environments. The company has built a strong reputation in the design, manufacturing and calibration of advanced RF systems. In 2024, Diconex strengthened its expertise with the acquisition of DETI Microwave, a company largely positioned in the defense sector and offering a complementary product portfolio.
This acquisition by Radiall strengthens the group's position in electronic warfare, tactical communications and satellite systems (SATCOM), while unlocking new opportunities in advanced industries and the railway sector. The combined catalogs of Diconex and DETI Microwave bring complementary technologies that enrich Radiall's portfolio and reinforce its presence in strategic European markets, particularly in the sovereign and state-authority sectors.
For the shareholders and management of Laroche Group, this transaction ensures that the long-term future of Diconex-DETI Microwave is embedded within a framework where industrial strategy, combined with the most demanding technical and commercial standards, will be carried out with excellence and in continuity with the company's founding values, preserving both employment and industrial expertise in France.
This transaction further demonstrates FDC's in-depth industrial and financial expertise across the defense and radiofrequency sectors, and its strong commitment to these industries.
Majority acquisition of GMP Group by Tikehau Capital
Paris (France), March 26, 2026,
Financière de Courcelles advised the shareholder of GMP Group in connection with the sale of a majority stake to Tikehau Capital.
Founded in 1968, GMP Group specializes in ultra-high-precision machining and advanced technologies (notably 3D printing), primarily serving the aerospace and defense sectors.
The group is based in Haute-Savoie and, since 2023, has had a second site in the Drôme region through Vignal Artru.
This transaction illustrates FDC’s deep expertise in the aerospace and defense sectors, as well as its strong commitment to the ongoing consolidation process within the aerospace and defense supply chain.
Orthalis acquires Dentalsoft and creates SignalSoft Développement, a European leader in software solutions for orthodontists with the support of Extens
Lyon (France), February 27, 2026
With the support of Extens, Orthalis strengthens its position as a leading software provider for orthodontists and contributes to market consolidation through the acquisition of the Dentalsoft group.
Extens, a leading European investor in healthcare software, is supporting Orthalis’ development and financing the acquisition of the Dentalsoft group, giving rise to SignalSoft Développement, a new leading platform dedicated to software solutions for orthodontic professionals.
This strategic transaction significantly strengthens Orthalis’ leadership position in its market while actively contributing to the consolidation of a still fragmented sector. By combining complementary expertise, strong customer bases and well-established solutions, SignalSoft Développement gains the resources required to accelerate its development.
An ambitious industrial project focused on product value and European expansion
The merger between Orthalis and Dentalsoft opens a new phase of growth for the newly formed group. SignalSoft Développement intends to invest significantly in enhancing and expanding the functional depth of its software solutions to better meet orthodontists’ operational needs and the increasing demands of their practice.
The combination of teams and expertise will accelerate the development of high value-added features, improve user experience and strengthen the robustness of the platforms offered. In addition, this transaction provides the group with the scale required to expand into new European markets and pursue targeted external growth opportunities.
This transaction follows years of development led by Gérard Guillerm and his son Arnaud, who successfully built and expanded Orthalis around a clear industry vision and a strong commitment to product quality. Their dedication — combining sector expertise, close relationships with practitioners and strong innovation capabilities — has enabled Orthalis to establish itself as a reference player in its market and to create the conditions for this new phase of development.
Strengthened governance to lead the integration
The integration process and execution of the strategic roadmap will be led by Laurent Urien, CEO of SignalSoft Développement, who will oversee team integration and the implementation of the group’s development ambitions.
Gérard Guillerm, CEO of Orqual Group
“This transaction is a true recognition of the work accomplished by the Orqual Group over the past several years. It positions Orthalis in the best possible way to establish itself as a long-term leader in its market, serving orthodontists.”
Laurent Urien, CEO of SignalSoft Développement
“I am very excited about the development project we are building. The combination of Orthalis and Dentalsoft creates a coherent platform with a strengthened offering and strong growth potential across Europe. Our priority is to turn this industrial ambition into tangible value for our clients.”
Charles Bourgain, Partner at Extens
“We are delighted to support this structuring transaction, which enables Orthalis to establish itself as a reference player in its market. This acquisition perfectly illustrates our strategy of supporting consolidation initiatives built around strong platforms, clear product vision and ambitious teams.”
Financière de Courcelles advised the partners of Financiel on their strategic partnership with Groupe Astoria.
Paris (France), February 23, 2026
Financiel, an independent wealth management advisory and insurance brokerage firm based in Montpellier, is joining forces with Groupe Astoria, a leading wealth management platform in France.
Founded in 1998 by Guy Portales, Éric Pace and Christophe Tesson, former members of UAP, Financiel has been advising business owners, entrepreneurs and private clients for over 25 years. The firm relies on a team of eight professionals and advises approximately €130 million in assets. Financiel has developed an independent model structured around two complementary business lines:
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Wealth management (life insurance, real estate investments, euro funds, fixed-income solutions and structured products);
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Insurance brokerage, with recognized expertise in Property & Casualty (P&C) and Health / Protection solutions.
Founded in 2002, Groupe Astoria is now one of the leading wealth management players in France, with €13.8 billion in assets under management and more than 120,000 clients. Through this transaction, Astoria significantly strengthens its capabilities in P&C and Health / Protection insurance, while further consolidating its territorial footprint, particularly in the Occitanie region.
This transaction enables Financiel to join a well-structured group while ensuring continuity in client support, the transfer of its brokerage expertise, and the long-term development of its business.
Éric Pace and Christophe Tesson, founders of Financiel, commented:
“Joining Groupe Astoria represents a key milestone for Financiel. We share the same vision of wealth management advisory, built on independence, client proximity and the ability to deliver tailored solutions over time. This transaction allows us to partner with a solid group while preserving our identity, our teams and our regional roots.”
Malcolm Vincent, CEO of Groupe Astoria, added:
“This combination fully aligns with our selective and sustainable growth strategy. Financiel is recognized for the quality of its advisory services and its strong expertise in risk coverage, particularly in P&C and Health / Protection insurance. This transaction strengthens our capabilities in these key areas, for the benefit of both private and professional clients.”
Financière de Courcelles is proud to have advised the partners of Financiel in this strategic transaction. The deal reflects the ongoing consolidation trend in the French independent wealth management (IFAs) market and confirms Financière de Courcelles’ strong sector expertise in wealth management and insurance advisory. Following Equance’s acquisition of Pierre & Placements, this marks the second transaction advised by Financière de Courcelles in the IFA sector since the beginning of 2026.
Sale of Aprolliance Sécurité to Actual Group
Paris (France), 11th February 2026,
Solidly established in the Greater West of France, notably in the departments of Mayenne, Sarthe, Loire-Atlantique and Maine-et-Loire, Aprolliance Sécurité is structured around a network-based model. The company operates primarily in the security of industrial sites, surveillance and 24/7 response services, as well as in the fields of safety and fire protection. It also has recognized expertise in reception services, whether for events, healthcare facilities or corporate environments.
The network brings together more than 500 employees and supports over 3,000 clients, relying on an integrated training organization, La Fabrique des Métiers, dedicated to careers in security and fire safety.
This transaction is part of the development strategy of Actual group, a leading provider of services to businesses and the labor market in France. Already active in temporary staffing and recruitment, talent acquisition, skills development and HR consulting, the group strengthens its services offering to businesses through the integration of Aprolliance Sécurité. This acquisition enables Actual group to expand its presence in the security sector and to reinforce its operational capabilities.
“By integrating Aprolliance’s specialized security activities, Actual group strengthens its ability to offer client companies a comprehensive range of services to ensure the security of assets and people, in a sector that today represents a key lever in integration and employment pathways. This combination is facilitated by shared values between two like-minded companies — both rooted in Mayenne, human-sized, driven by a strong culture of proximity — and complementary in terms of expertise, territorial coverage and commercial synergies.”
Samuel Tual, President of Actual group
“I am very pleased to transfer this activity to Actual group, led by Samuel Tual, whom I know well — a group based in Mayenne, a leader in France in its core businesses, with European ambitions. This transaction represents a real source of satisfaction and recognition for me, as well as for all our teams, and allows us to keep the decision-making center for these activities in Mayenne. It was important to me to ensure the long-term future and transmission of these activities to my children, by divesting this part of the business, which lies somewhat outside our core activities.”
Patrice Deniau, President of the Aprolliance Network
This new transaction further reinforces our in-depth sector expertise in Security and Facility Management, leveraging our strong regional footprint and our tailored support to executives and shareholders.
Acquisition of the Minority Shareholders of Geronimo Group
Marseille (France), 10th February 2026,
The executive shareholders of Geronimo Group have bought out the minority stake held by financial investors M Capital and SG Capital Partenaires
Financière de Courcelles advised the executive shareholders of Geronimo Group (Gelazur / Xiong Hai) on the buyout of the minority interest held by financial investors M Capital and SG Capital Partenaires, which had been shareholders in the group since 2016 and 2018 respectively.
Founded in 1960 by the Bauche and Kourcia families, the group now generates approximately €300 million in consolidated revenue through its main subsidiaries:
- Gelazur, specializing in the import and distribution of frozen seafood products, generating around €50 million in revenue;
- Xiong Hai (resulting from the merger of Galasie and Thai Sing Food), specializing in the distribution of frozen and dry food products, beverages and packaging for traditional Asian restaurants and buffet restaurants in France, generating more than €250 million in revenue.
Frédéric Bauche and Daniel Sik, executive shareholders and Chairmen of Gelazur and Xiong Hai respectively, have regained full control of the group following this transaction.
Financière de Courcelles is delighted to have advised the shareholders of Geronimo Group. This new transaction consolidates Financière de Courcelles expertise in the Agri-Agro sector.
Sale of Le petit Souk to Nord Capital Partenaires
Paris (France), February 6, 2026
Le petit Souk, a Lille-based retailer specializing in the distribution of products in the children’s universe, generating over €35 million in revenue, has reorganized its shareholding structure with the entry of Nord Capital Partenaires alongside the holding company of the founder of Maisons du Monde. The latter, previously the majority shareholder, sees its stake diluted, while Olivier Dousset, a minority shareholder, increases his ownership through his holding company Compagnie d’Anjou. A third shareholder block, led by Rémi Guillet, CEO since 2018, completes the shareholder base. The transaction is financed through structured debt arranged by Crédit Agricole Nord de France.
Founded in 2005 and taken over in 2017 by Xavier Marie, founder of Maisons du Monde, Le petit Souk relies on a differentiated store concept built around strong merchandising, structured around more than 10 proprietary brands, each with a strong identity.
Positioned in premium products, the Group has a portfolio of more than 2,800 references and is organized around a network of 100 branches, comprising nearly 90 boutiques located in city centers and in shopping malls, in France and internationally (Belgium and Italy). Its development in France will continue to be based exclusively on company-owned boutiques, and the Group’s international expansion could, in turn, rely on a franchise model.
With more than 350 employees, Le petit Souk leverages an integrated design studio, a proven sourcing strategy, and a high-performing logistics organization, enabling it to control its entire value chain, from range design through to in-store availability.
With the support of Nord Capital Partenaires, Le petit Souk intends to pursue its development by accelerating boutique openings and moving its offering further upmarket, prioritizing products that are more deeply rooted in local territories and created by local designers.
The Group therefore aims to maintain sustained growth momentum, with the objective of doubling its revenue over a five-year horizon.
Sale of Goal Intérim to Network Intérim
Marseille (France), 16th January, 2026,
GOAL Intérim, an independant temporary staffing company specializing in Logistics & Transport, has been acquired by Network Intérim
Founded in 2020, GOAL Intérim is a temporary staffing company specializing in logistics & transport jobs generating revenue of around €8 million. It provides forklift drivers, handlers, order pickers, operations assistants, and drivers to around forty major players in the transport, logistics, agri-food, and construction sectors.
Based in Chevilly-Larue (94), in the Paris region, the company benefits from a strategic location close to the Rungis International Market (MIN de Rungis), enabling it to efficiently meet the needs of its entire ecosystem.
Network Intérim is a family-owned temporary staffing group founded in 2004 and headquartered in Sophia Antipolis (06) on the French Riviera. The group specializes mainly in the construction and industrial maintenance sectors and currently relies on a network of around 20 agencies located across the southern half of France as well as the Paris region with total revenue exceeding €30 million.
This acquisition marks a strategic milestone for Network Intérim accelerating its national expansion and enhancing its positioning in Logistics and Transport. Conversely, GOAL Intérim will benefit from Network Intérim’s national coverage and proven methods and processes to take it to the next level. The founder & president of GOAL Intérim remains involved in the project.
Financière de Courcelles is delighted to have advised the shareholders of GOAL Intérim. This new transaction consolidates Financière de Courcelles expertise in the Human Capital sector (Training / HR / Temporary work).
Financière de Courcelles advises LIM Group shareholders on Unigrains’ acquisition of a stake in the company and the restructuring of its capital
Marseille (France), 17th December 2025,
LIM Group, the global leader dedicated to equestrian performance and well-being, reorganizes its shareholding by welcoming Unigrains alongside its management team and Crédit Mutuel Equity, its historical investor, to embark on a new phase of growth
LIM Group, the global leader dedicated to equestrian performance and well-being has opened its capital to Unigrains, the agri-food specialized investor, as a minority shareholder alongside the management team and Crédit Mutuel Equity. Through this transaction, LIM Group enters a new growth phase focused on expanding its historic premium saddle activity, accelerating its health division, and continuing its innovation and external growth strategies.
Crédit Mutuel Equity, a minority shareholder for nearly 10 years remains committed to supporting LIM Group. In 2021, Crédit Mutuel Equity reinvested in the context of the group’s diversification into equine health and the acquisition of Audevard.
LIM Group, a global leader with an integrated model
Founded in 1998 and constituted through successive acquisitions, LIM Group is the world leader in premium saddlery and has, since 2021, diversified into equine health and well-being. Its model is based on the full integration of its value chain, combining artisanal craftsmanship, scientific expertise and technological innovation across its activities:
- Saddlery: 5 iconic brands (CWD, Devoucoux, Butet, Albion and Bruno Delgrange) offering premium, custom-made saddles. LIM Group designs and sells saddles – directly and through distributors, in over 40 countries – tailored to the rider-horse pair and has committed to the reconditioning of second-hand saddles.
- Equine health: prescription and over-the-counter medications and nutritional supplements through brands such as Audevard, Ravene and Animaderm. LIM Group owns the only European laboratory 100% dedicated to equine health.
- Innovation: connected devices (Arioneo), 3D hoof analysis for a new generation of horseshoes (Blue Shoes), and other digital management solutions for equestrian performance and well-being.
LIM Group generates revenues of over 110 million euros with a strong presence in Europe and the United States. A mission-drive company since 2021, LIM Group relies on more than 800 employees who uphold its commitment to responsible horsemanship.
In a dynamic market segment by discipline and practice type, LIM Group aims to strengthen its premium positioning through its integrated approach (procurement – tannery – saddle trees – saddlery) and accelerate the development of its health division in Europe and abroad, notably through new ranges of medicines and care products. At the same time, LIM Group will continue its external growth strategy to consolidate its geographic presence and expand in offering for both amateur and professional riders. In all these projects, LIM Group will now benefit from the resources, the sector-specific expertise and the networks of Unigrains.
Laurent Duray, President of LIM Group: « With Unigrains joining us, we are opening a new phase of growth: consolidating our leadership in saddlery, accelerating the development of the health division and continuing our innovation strategy to best serve equestrian performance and well-being. We are delighted with this strategic and financial partnership, which will strengthen our sustainable and responsible growth in France and internationally. We also thank Crédit Mutuel Equity for its renewed confidence after nearly 10 years »
Virginie Boutrouille, Investment Director with Unigrains: « We are pleased to support LIM Group, a remarkable, French mid-sized company with global reach that has successfully integrated its historic value chain while finding new growth drivers. As the saddlery market remains highly fragmented and the offer of equine medicines remains limited, LIM Group’s ‘horse centric’ positioning will be a major asset for the future »
Frédérique Bousseau, Investment Director with Crédit Mutuel Equity: « LIM Group is the leader in its historic premium saddlery business and will continue acquisitions and technological partnerships to integrate innovation and science in the service of horses. We are delighted to take this new step forward alongside the founders, whom we thank for their commitment since 2016 »
Emmanuel Xerri, Managing Partner with Financière de Courcelles: « We supported Laurent Duray over 20 years ago in formalising his first Business Plan. We are delighted to continue this support today in a crucial phase that will provide the resources to accelerate the Group's international development”
About Unigrains
Unigrains, an investment company specializing in agri-food and agri-industry, has been supporting businesses for over 60 years by providing their leaders with tailor-made financial solutions in equity and quasi-equity, as well as recognized sector expertise. Today, Unigrains manages over €1 billion and partners with 80 companies, intervening at various stages of their development, notably during capital restructuring, strategic investments, and external growth operations.
Press Contact: Ari Levine / alevine@unigrains.fr / +33 (0)6 69 20 79 19
About Crédit Mutuel Equity
Crédit Mutuel Equity brings together all private equity activities of Crédit Mutuel Alliance Fédérale: Growth Capital, Buyout Capital, and Venture Capital.
Crédit Mutuel Equity provides equity support to business leaders at all stages of their company’s development—from start-up to succession – giving them the means and time to implement their transformation projects. Crédit Mutuel Equity brings together more than 350 business leaders sharing their convictions and questions within a true network of entrepreneurs, ensuring that everyone, regardless of their project, benefits from the experience of others. By investing its equity capital (€5 billion), Crédit Mutuel Equity finances companies’ projects with time horizons adapted to their growth strategies, both in France and in Switzerland, Belgium, Germany, and Canada.
For more information: www.creditmutuel-equity.eu
Financière de Courcelles has advised the shareholders of the Odice Group with a minority stake acquired by BNP Paribas Développement, Sofipaca and Bpifrance.
Marseille (France), December 11, 2025
The shareholders of the family-owned Odice Group, a leading player in the installation and maintenance of professional kitchens, have completed a minority LBO led by BNP Paribas Développement, along with Sofipaca Capital Investissement and Bpifrance. This transaction also brings more than 15 key managers into the Group’s share capital, marking a new milestone in its entrepreneurial journey.
Founded in 2007, Odice Group has established itself as one of the leading players in France in the design, installation and maintenance of professional kitchens, serving collective catering operators and the hotel, restaurant and café (CHR) sector. Odice Group, headquartered in Villeneuve (04), employs over 330 employees across 13 branches.
Since 2020, the Group has doubled its revenue by capitalising on:
- A customer-centric business model serving clients of all sizes: execution excellence supported by a proven methodology, the deployment of numerous IT tools and an in-house training academy for technicians, as well as strong local presence enabling a highly responsive after-sales service;
- A strong entrepreneurial DNA, reflected in the equity participation of its key managers;
- A disciplined acquisition strategy (five transactions since 2019) focused on preserving the DNA of the companies acquired while providing them with significant acceleration levers by leveraging the Group’s scale and capabilities.
The entry of BNP Paribas Développement, alongside Sofipaca and Bpifrance, into the Group’s share capital marks a strategic milestone for Odice. This financial backing will accelerate the implementation of the Group’s development plan, combining organic and external growth. Odice aims to strengthen its geographic footprint, invest in innovation in order to offer increasingly cutting-edge products and technical solutions, and further its CSR and QHSE commitments by amplifying the initiatives already driven by the management team.
Luc Pascal, Investment Director of BNP Paribas Développement: “We were already well acquainted with this regional family-owned mid-sized company and were impressed by its strong growth in recent years, driven by its two young directors. The depth of this market offers the opportunity for further growth even if the company is already a leading player in its market. BNP Paribas Développement would like to thank the directors for their confidence in backing this operation with a family transmission”
Florence Politi, Investment Director of Sofipaca: “The Odice Group has succeeded in building a model based on an efficient agile structure and an organisation that is closely attuned to customer needs. Like the Odice Group, proximity is a core value for Sofipaca, and we are convinced that the Crédit Agricole Group's strong regional presence will be a solid asset in supporting the group's development in the years to come, providing it with a relevant and sustainable local presence”
Marc Andrieu, Investment Director of Bpifrance: “Bpifrance is already supporting Odice's management team in their efforts to develop and transform the group. With this transaction, we are confirming our commitment and will increase the deployment of our operational support system to help the group accelerate its growth. This is a highly motivating challenge, in line with Bpifrance's investment thesis of supporting growing French SMEs and mid-cap companies”
Alexandre Forget, Managing Partner of Financière de Courcelles: “We are proud to have advised the Sube family on this transaction, which marks a major milestone in the Group’s development. This deal perfectly illustrates our expertise in structuring LBO transactions (equity and financing) to address the challenges of an ambitious strategy combining organic and external growth”
About BNP Paribas Développement
BNP Paribas Développement, an autonomous subsidiary of the international banking group BNP Paribas, is a joint-stock company that has been investing its own funds directly for over 37 years as a minority shareholder. Its primary goal is to support the growth of high-performing small and medium-sized enterprises (SMEs) and intermediate-sized companies (ETIs) and ensure their long-term sustainability by facilitating their succession.
Beyond providing financial resources to these businesses to ensure stable funding, BNP Paribas Développement's mission is to offer long-term support to the management team in achieving their medium-term strategic projects. Their minority position ensures appropriate governance without interfering in day-to-day operations. They also benefit from the strength of a well-known group and the experience of a partner with a portfolio of over 600 diversified investments.
For more information: www.bnpparibasdeveloppement.com
LinkedIn: https://www.linkedin.com/company/bnp-paribas-développement
About Bpifrance
Bpifrance's capital investments are managed by Bpifrance Investissement. Bpifrance provides financing to companies at every stage of their development, offering credit, guarantees, and equity. They support these businesses in their innovation projects and their international expansion. Bpifrance now also plays a role in supporting their export activities through a wide range of products. Their services extend to providing advice, educational programs, networking opportunities, and acceleration programs tailored to startups, SMEs, and ETIs. With Bpifrance and its 50 regional offices, entrepreneurs have a nearby, dedicated, and efficient partner to help them tackle their challenges.
For more information: www.Bpifrance.fr - https://presse.bpifrance.fr - Follow us on X (formerly Twitter): @Bpifrance - @BpifrancePresse
Press contact: Juliette Fontanillas – juliette.fontanillas@bpifrance.fr – + 33 6 72 76 08 09
About Sofipaca
Since 1984, Sofipaca, a subsidiary of the Regional Banks of Crédit Agricole Provence Côte d'Azur and Alpes Provence, has been supporting ETIs (intermediate-sized companies) and SMEs located in the PACA region (Provence-Alpes-Côte d'Azur) in their Capital development, Capital transmission, or Ownership restructuring projects.
Sofipaca has a strong track record of investing in local businesses, with the aim of contributing to their growth. As a long-term financial investor and minority shareholder, Sofipaca customizes its approach to meet the specific needs of each company, offering support to executives in the implementation of their growth strategies without interfering in day-to-day management.
Sofipaca’s team is both independent and of a manageable size, which fosters straightforward and direct communication with management and enables prompt decision-making.
Contact: florence.politi@sofipaca.fr
For more information :www.sofipaca.fr / LinkedIn : https://fr.linkedin.com/company/sofipaca
Financière de Courcelles advised TECOFI’s shareholders on their capital reorganization
Financière de Courcelles advised Tecofi Group shareholders on its capital restructuring with the support of Africinvest, Bpifrance, and Garibaldi Participations.
Lyon, France, December 11, 2025
Tecofi Group continues its development by announcing the acquisition of a stake in its capital by the Franco-African Fund 2, managed by AfricInvest Europe, which joins two existing financial shareholders, Bpifrance and Garibaldi Participations. The management team, led by Fabien Fayard, assisted by David Oundjian and Christelle Million, and under the leadership of Chairman Jean Paul Colombel and Group co-founder Jean-Claude Renard, is taking advantage of this transaction to increase its shareholding.
Founded in 1985, Tecofi specializes in the design and manufacture of industrial valves, primarily butterfly and guillotine types, as well as taps and check valves for various high-growth sectors (water, energy, HVAC, paper, food processing, chemicals, etc.).
The Group employs approximately 240 people across five subsidiaries covering Europe, Africa, the Middle East, and Asia, and relies on a network of local partners to distribute its products in over 110 countries.
Tecofi operates in the most resilient segments of the industrial valve market and serves a wide range of end markets, all of which are growing. This growth is reflected in the Group’s financial performance, with revenue increasing by an average of 8% annually in recent years, reaching approximately €60 million.
Tecofi is also continuing to strengthen its CSR policy by optimizing its industrial processes to reduce its carbon footprint and consolidating its production base in France. The Group is prioritizing increasingly localized production—either brought back to France or carried out as close as possible to its customers—in order to simultaneously improve its lead times and its environmental impact. In 2025, Tecofi became the first purpose-driven company in the valve industry.
With the support of investment funds, Tecofi’s management team, under the leadership of Jean-Paul Colombel (Chairman) and Fabien Fayard (CEO), aims, with this new round of financing, to accelerate the Group’s development by combining organic growth and acquisitions, in order to penetrate potential new markets (nuclear, hydrogen), diversify its products, and expand its customer base. To achieve this, Tecofi will be able to leverage its expertise across the entire value chain from design and production, its international presence, its established brand image, its experienced and dynamic management team, as well as sound financial management and a clear strategic vision. The company will also fully benefit from the expertise of its financial partners, particularly Africinvest Europe, to consolidate and strengthen its presence on the African continent, where it already operates through a subsidiary in Egypt.
Sale of TEAMS Engineering subsidiaries to the Gagneraud Group
Exco Finance & Transactions and the Financière de Courcelles teams advised TEAMS Ingénierie, a design office and general contractor specializing in industrial engineering, on the sale of its subsidiaries to the Gagneraud Group.
Lyon, November 27, 2025
Exco Finance & Transactions and the Financière de Courcelles teams advised TEAMS Ingénierie on the sale of its subsidiaries dedicated to industrial project engineering to the Gagneraud Group, a leading French player in the construction industry with over €700 million in revenue.
Founded in 2012 in Clermont-Ferrand by Patrice Dupouyet, TEAMS Ingénierie (hereinafter the “Group”) is a recognized design office, initially focused on industrial process engineering. The Group has progressively expanded its expertise to include building engineering, energy, and utilities for industrial sites. It works on new and existing projects and systematically co-develops its operations from the initial study phase through to completion. Its services cover a wide range of missions, from process optimization and industrial site expansion to energy audits, utility work, and maintenance.
The divested business encompasses several complementary entities:
- DH Contracting and Dupouyet Contracting, specializing in the optimization of industrial processes (manufacturing, packaging, storage, transfers, etc.);
- Ingebat Contracting, focused on the construction and renovation of industrial buildings;
- The MDE Contracting brand, dedicated to energy auditing, diagnostics, and optimization.
Historically positioned as a general contractor, the Group undertakes projects involving the creation or renovation of industrial lines and processes. Its technical expertise and the high quality of its teams’ work have enabled it to forge lasting relationships with leading clients in the food processing, pharmaceutical, financial services, and bioplastics sectors.
This transaction allows Gagneraud to strengthen its presence at the heart of the industrial building sector and address the needs of production sites, leveraging the Group’s expertise and skills to deploy these capabilities on a larger scale.
Patrice Dupouyet, Head of Teams Engineering
“This acquisition will allow us to embark on a new phase of development. By joining a solid and structured player, we will be able to better support the sustained growth of our clients, while preserving our technical DNA and the close relationships that have always been our strength.”
Jacques Schwab, Executive Director, Financière de Courcelles and Exco Finance & Transactions
“We are very proud to have supported Patrice Dupouyet and his team in this transaction, which allows them to join a recognized family-owned group in the construction sector, while preserving its core identity. This transaction illustrates our expertise in supporting shareholder-managers in primary transactions.”
About the Gagneraud Group
Founded in 1880, Gagneraud is a major player in the construction and public works sector. Historically present in public works and with a network of over 50 independent companies, Gagneraud has diversified and expanded its activities into materials processing, civil engineering, construction, and industrial services, enabling it to achieve a turnover of approximately €700 million.