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We share here information on transactions for which public information has been made available, and key development milestones of Vulcain. Confidentiality is a core value for us such that we favour face to face discussions rather than institutional self-promotion. Feel free to call us to discuss.

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2021

2022

2023

Deal Momji / October 2023

Consumer, Brand, Retail

Healthcare

Technology, Media and Telecom

October 2023 – Vulcain was the exclusive M&A advisor to founders of Momji, the French specialist in bilingual and creative childcare services, in its sale to the Epiktet group (Kinougarde and Complétude)

The Epiktet group, 1st French player in home childcare services via the brand Kinougarde, backed by RAISE Invest and GENEO Capital Entrepreneur, acquires Mômji, the French specialist in bilingual and creative childcare services.

Founded in 2009 by Julien Viaud and Antoine Gentil, Mômji supports 3,000 families in the 10 main French cities. This merger allows the combined group to provide a suitable and complete in-home childcare offer to the families, Mômji benefiting from the support of the group to continue to grow nationally.

Since its creation in 1984, the Epiktet group has been built around education, awareness and support for children. The company supports now over 40,000 families and employs over 20,000 employees throughout France, via two parallel activities: childcare (Kinougarde) and academic support (Complétude). In a few years, Kinougarde became the French top player in after-school in-home childcare services (before or after school or daycare).

VULCAIN'S INTERVENTION:

Vulcain was the exclusive sell-side M&A advisor to the founders of Momji in the sale process.
Vulcain team in charge of the transaction was led by Michael Schor.

Consumer, Brand, Retail

Healthcare

Technology, Media and Telecom

Deal Vlad / September 2023

« We're very proud to have supported the VLAD teams on their fantastic journey over the last 5 years. Dynamic business development, robotisation of production facilities, construction of a new production site, recruitment and structuring of teams, formalisation of the ESG approach, and so on. We've been through a particularly rich cycle, which opens up some very exciting prospects for VLAD. We are delighted with the assistance provided by Vulcain on this project, who met the challenge with responsiveness, precision, agility and cheerfulness. »

Eric Neuplanche, Julie Masson and Maxime Peronnin, respectively Chairman, Partner and Managing Partner

B2B Distribution and Services

Industrials

Healthcare

September 2023 – Capital Croissance has sold its stake in VLAD, France’s leading manufacturer and distributor of batteries for the medical and industrial sectors, to Turenne Santé. Vulcain was the exclusive M&A advisor to Capital Croissance

Founded in 1985 near Tours, VLAD is specialised in the manufacturing and distribution of high-tech batteries for the medical and industrial markets. The company's success is based on a combination of expertise in logistics/distribution, manufacturing/assembly, design and reconditioning services.

Turenne Santé has acquired a stake in VLAD via a new MBO led by Jean-Louis Jarry (President), Vincent Piton (CEO) and c.50 employees who are increasing their shareholding on this occasion. Capital Croissance, the reference shareholder since 2019, is leaving the capital while Bpifrance is increasing its stake in the company.

The entry of Turenne Santé in VLAD’s capital enables the company to pursue its development in France and abroad, through external growth, where targets have already been identified and approached by management.

VULCAIN'S INTERVENTION:

Vulcain was the exclusive M&A advisor to Capital Croissance in the sale process.
The Vulcain team in charge of the transaction was led by Thierry Falque-Pierrotin and Marie-Charlotte Bonnemay.

Eric Neuplanche, Julie Masson and Maxime Peronnin, respectively Chairman, Partner and Managing Partner

B2B Distribution and Services

Industrials

Healthcare

Deal Flandria Aluminium / September 2023

« Exlabesa is geographically complementary to Flandria. This operation represents a unique opportunity for Flandria, both in terms of future commercial and industrial development. It is a significant advantage and this makes us very confident in Flandria's ability to substantially accelerate its growth. Likewise, this operation will enable Exlabesa to significantly strengthen its position in France and the Benelux region. »

Paul Vandenbroucke, President of Flandria

Industrials

September 2023 – Vulcain was the exclusive M&A advisor to the family Vandenbroucke for the sale of Flandria Aluminium to Exlabesa

Founded in 1968 and headquartered in Warneton in northern France, Flandria is a family-owned group active in the extrusion, machining, surface treatment and recycling of aluminum profiles, employing 170 people. Flandria’s manufacturing process is fully integrated from profile design to manufacturing to scrap recycling. The Group serves French, Belgian and Polish customers within the building, industry and transport end-markets.

Flandria mainly produces small to medium-sized orders of profiles typically measuring 6.5 meters. The Group operates through c.35,000sqm facilities equipped with two presses of ⌀ 8” and ⌀ 9” and a foundry.

Exlabesa is a family-owned Spanish group dedicated to the production of high-value aluminum profiles with an annual production capacity of 160,000 tons, employing 1,800 people. Operating on three continents through nine production centers strategically located in Spain, Germany, Portugal, Poland, Morocco, the United Kingdom and the United States, Exlabesa serves nearly 15,000 customers in 40 countries.

This acquisition will allow Exlabesa to expend its European footprint, bringing direct presence in the French and Benelux markets.

VULCAIN's INTERVENTION

Vulcain was the exclusive M&A advisor to the family Vandenbroucke on the sale of Flandria Aluminium to Exlabesa.
The team of Vulcain that supported this transaction was led Chris Kodeck and Amaury Cavé.

Paul Vandenbroucke, President of Flandria

Industrials

Deal Jogam / July 2023

Industrials

July 2023 – Vulcain was the exclusive financial advisor to Tikehau Capital, global alternative asset management group, in the acquisition of a majority stake in Jogam Group, a specialist in precision mechanics for the aerospace and defense sectors

Founded in 1992 by Olivier Foissac-Gégoux and based in Pierres (Eure-et-Loire), Jogam Group is specialised in production engineering, machining, sheet-metal, mechanical welding, cutting and assembly of mechanical subassemblies, for cutting-edge sectors: aerospace, military, defense, automobile racing and space.

The Group has grown through several successive acquisitions and now consists of five companies with complementary industrial expertise. Jogam operates through its subsidiaries: Conorm, Jogam SET, Jogam Composants, Coaéro, and AMV.

Jogam plays a prominent role in the supply chain within the aerospace and defense sectors, collaborating with major players such as Thales, Dassault Aviation, Nexter, Arquus, and Safran. It is notably involved in major programs such as A320, Falcon, Rafale, Griffon, Caesar, and Scorpion.

The Group is led by Olivier Foissac-Gégoux as President and Fabrice Ruelland as CEO. Jogam employs more than 350 people across its 5 production sites and achieved a revenue of €45m in 2022.

VULCAIN'S INTERVENTION:

Vulcain was the exclusive financial advisor to Tikehau Capital in the acquisition of a majority stake in Jogam Group.
The Vulcain team in charge of the transaction was led by Chris Kodeck.

Industrials

Deal GSI / July 2023

« As a national printing company, it is part of IN Groupe's strategic plan to provide governments and administrations with security solutions for which IN Groupe masters the critical components, such as secure inks, and can thus develop the security of tomorrow for identity and banknotes. »

Didier Trutt, Chairman and CEO of IN Groupe

Industrials

July 2023 – Vulcain was the exclusive M&A advisor to IN Groupe a French-headquartered global specialist in secure identity and digital services, in the acquisition of Gleitsmann Security Inks GmbH (“GSI”) a leading global manufacturer of high-security printing inks and associated auxiliaries based in Berlin, Germany

IN Groupe has agreed to acquire 100% of the shares of Gleitsmann Security Inks GmbH (“GSI”) from hubergroup Deutschland GmbH for an undisclosed consideration in cash.

IN Groupe (formerly known as Imprimerie Nationale) is a French-headquartered global specialist in identity and secured digital services, addressing more than 130 countries in the world. In addition to its solutions dedicated to legal and professional identity security, IN Groupe develops and sales leading-edge security components for identities, and banknotes through its dedicated brands Surys (optical components) and SPS (electronic components).

This acquisition is part of the implementation of the Digital Odyssey 2025 Plan and the assertion of IN Groupe, through its Secure Components Business Unit, as a reference player for identity and banknote security. The complementary nature of both companies will strengthen IN Groupe's products portfolio to meet the needs of Governments and Central banks in securing credentials and banknotes for both Euro and export markets.

GSI is a leading global manufacturer of high security printing inks and associated auxiliaries. With its worldwide operations based in Berlin, Germany, and a history of 175 years it is a trusted partner of many state print works and commercial security printing companies throughout the world.

The business has 80 employees and is expected to generate a double-digit million EUR figure of revenue in this calendar year and throughout the business plan period.

This transaction is expected to complete during the first half of 2023, subject to customary approvals.

VULCAIN'S INTERVENTION:

Vulcain was the exclusive M&A advisor to IN Groupe in the acquisition of Gleitsmann Security Inks GmbH.
The team of Vulcain that supported this transaction was led by Chris Kodeck.

Didier Trutt, Chairman and CEO of IN Groupe

Industrials

Deal Crustades Canet / Juin 2023

Infrastructure and energy

B2B Distribution and Services

June 2023 – Samfi, a French family-owned private equity firm, sold Ferme Eolienne Cruscades and Canet in Southern-France to NTR

Ferme Eolienne Cruscades & Canet is a six-turbine onshore wind project located near Narbonne, France. The project will provide clean energy for over 5,500 households and is already under construction.

Samfi-Invest is a French 100% family-owned private equity firm active in renewable energy, transportation and real-estate. Samfi-Invest is active in renewable energy since 2005 and is a well-established independent developer of renewable energy projects in France and internationally.

VULCAIN's INTERVENTION

Vulcain was exclusive M&A advisor to Samfi in the sale of Cruscades & Canet wind farm to NTR
The team at Vulcain that supported this transaction was led by Chris Kodeck.

Infrastructure and energy

B2B Distribution and Services

Deal Legal / June 2023

Consumer, Brand, Retail

June 2023 – Vulcain was the exclusive M&A advisor to Legal on the acquisition of the Company by FnB Private Equity

Founded in 1851 and headquartered in Paris, Legal is a French historical producer of roasted and packaged coffee with an industrial facility located in Le Havre – France’s leading port for coffee imports.

The Company generates a revenue of c.€60m and mainly operates under a B2B2C model with most of its revenue coming from through food retailers via both owned label products and white label products. Its main brand – Cafés Legal, is an iconic, generalist, sustainable and accessible brand with a large offer (roasted beans, pods, capsules, roasted ground coffee), allowing to target all types of consumers.

This acquisition represents the first investment of FnB Private Equity in the beverage industry.

VULCAIN's INTERVENTION

Vulcain was the exclusive M&A advisor to Legal on the acquisition of the Company by FnB Private Equity. The team at Vulcain that supported this transaction was led by Gauthier Baijot.

Consumer, Brand, Retail

Deal Advans Group / May 2023

B2B Distribution and Services

Technology, Media and Telecom

May 2023 – Vulcain was the exclusive M&A advisor to Advans Group in its capital structure reorganization through the investment of Azulis Capital and a unitranche debt subscribed by Zencap AM

Founded in 2000, Advans Group reorganized its capital structure around Azulis Capital and twenty managers. Advans Group also secured €50m unitranche debt from Zencap AM to support its organic growth and an ambitious external growth plan.

Advans Group is an independent critical engineering and IT services specialist, operating through three renowned and complementary brands, each bringing together all of the group’s offering: (i) Elsys Design, a specialist in embedded electronic systems, (ii) Avisto, a specialist in software development and (iii) Mecagine, a specialist in mechanics, i.e., a unique combination of technological expertise seldom found across competitors of similar sizes or large generalist players.

Advans Group relies on a diversified portfolio of large blue-chip clients, most being global leaders in their industries, resulting in a balanced coverage of various end-sectors such as energy, semi-conductors, defense, telecom, aerospace and terrestrial transportation.

Advans Group achieved +10% growth p.a. over the last few years, even during the Covid crisis. Advans Group generated sales of €84m in 2022, relying on more than 1,000 employees. The group operates in France via 9 offices and in Serbia via 3 technical centers to address international clients and offer nearshoring solutions to French clients. The group is also established in the Silicon Valley and recently opened a new office in Portugal. Its strong technical know-how allows Advans Group to benefit from a Tier 1 positioning with European and US blue-chip clients.

Advans Group aims to double its sales by 2026. The group will rely on the expertise of its sought-after engineers and plans to hire 350 additional engineers within 18 months. Its external growth plan targets the acquisition of new technical expertise and the improvement of its geographical footprint.

VULCAIN's INTERVENTION
Vulcain was the exclusive advisor to Advans Group on the reorganization of its capital structure.

The team of Vulcain that supported this transaction was led by Gauthier Baijot.

B2B Distribution and Services

Technology, Media and Telecom

Deal IN Groupe / May 2023

« The strengthening of our industrial expertise in security components is a further milestone in the implementation of our Digital Odyssey 2025 Plan and our strategy to support governments in the sovereignty of their identities and banknotes. I am also delighted that IN Groupe is continuing to develop in Europe with this complementary factory based in Italy. »

Didier Trutt, Chairman and CEO of IN Groupe

Industrials

B2B Distribution and Services

May 2023 – Vulcain was the exclusive M&A advisor to IN Groupe a French-headquartered global specialist in secure identity and digital services, in the acquisition of Portals’ security components business based in Bollate, Italy

IN Groupe, global specialist in identities and digital services, announces today that it has signed an agreement with Portals, a UK-headquartered company and one of the world’s leading suppliers in the high security documents market, for the sale of Portals’ security components business, owned by Portals Technology Srl and based in Bollate, Italy.

Portals’ security components business specialises in the production of security features for the global banknote, passport and high security documents markets. With more than 80 years’ experience in developing and manufacturing high security components, the business uses specially developed technology to produce anti-counterfeiting features such as security threads, holographic stripes and patches.

IN Groupe (formerly known as Imprimerie Nationale) is a French-headquartered global specialist in identity and secured digital services, addressing more than 130 countries in the world. In addition to its solutions dedicated to legal and professional identity security, IN Groupe develops and sales leading-edge security components for identities and banknotes through its dedicated brands Surys (optical components) and SPS (electronical components).

This acquisition is part of the implementation of the Digital Odyssey 2025 Plan and the assertion of IN Groupe, through its Surys brand, as a reference player for identity and banknote security. The complementary nature of the Bussy-Saint-Georges (France) and Bollate (Italy) sites will strengthen IN Groupe's products portfolio to meet the needs of the Euro and Eurozone export markets.

This transaction is expected to complete during the first half of 2023, subject to customary approvals.

VULCAIN's INTERVENTION
Vulcain was the exclusive M&A advisor to IN Groupe in the acquisition of Portals’ security components business.

The team of Vulcain that supported this transaction was led by Chris Kodeck.

Didier Trutt, Chairman and CEO of IN Groupe

Industrials

B2B Distribution and Services

Deal Sirdata / March 2023

Technology, Media and Telecom

March 2023 – Vulcain was the exclusive M&A advisor to Proxistore in the acquisition of Sirdata

Sirdata, a French digital data company opens its capital to Proxistore Group, publisher of its own advertising activation solution, to create a European leader in digital advertising.

This acquisition of a majority stake by Proxistore was made possible thanks to a recent round of fundraising and is a first step towards a full merger of the two companies.

Industrial complementarity

Already business partners, the two companies are very complementary. Sirdata has developed technologies cookie-based and cookie-less targeting and consent management. Proxistore has its own advertising buying platform (DSP) connected to every digital environment (open web, walled garden) but also patents concerning geolocation, allowing to target audiences geographically or measuring visits in points of sale (drive to store).

This merger will allow both companies to consolidate their leading market positions for marketing campaigns combining geographical targeting and purchasing intentions, so as to become the main partners of media publishers for the monetization of their “non-consented” inventory.

Geographical complementarity

In addition to this industrial complementarity, Proxistore and Sirdata also complement each other geographically, allowing them to become a key European player in digital advertising. Based in Wavre (Belgium), Proxistore addresses Northern Europe and Spain, Portugal and soon North America. Based in Paris and London, Sirdata addresses the French and UK markets.

Shared ambitions

Building on their existing commercial partnership, Proxistore and Sirdata have decided to build together and step by step, a large European Adtech group.

The new group can rely on the trust of around hundred customers, including leading brands such as Cora, Aldi, BMW, Kiabi, Carrefour or Coca-Cola. Already profitable, the two companies aim to gather more than 70 employees by the end of 2023 and achieve a consolidated turnover of c.20 million euros.

VULCAIN's INTERVENTION
Vulcain was the exclusive M&A advisor to Proxistore in the acquisition of Sirdata.
The team of Vulcain that supported this transaction was led by Chris Kodeck.

Technology, Media and Telecom

Deal Splio / March 2023

Technology, Media and Telecom

March 2023 – Vulcain was the exclusive M&A advisor to Splio in the acquisition of Tinyclues

Splio, CRM expert and developer of the SaaS Individuation® marketing platform, acquired Tinyclues, the specialist in SaaS predictive marketing based on deep learning AI. This acquisition fulfills a shared ambition to enable brands to easily orchestrate large-scale, hyper-personalized marketing plans.

Splio works with more than 400 brands, including Decathlon, Longchamp and Orange, and has been developing its own Individuation® marketing solution since 2021. Based on machine learning (AI), this solution addresses the dual challenge currently faced within CRM: how to personalize the customer experience for each individual whilst offering marketers a simple solution for large-scale orchestration.

The technological power of the Tinyclues platform increases the value proposition of Splio. A recent winner of both the Sammy and MarTech Breakthrough awards, Tinyclues is currently the most powerful predictive engine on the market, since it is the only one fueled by deep learning. It allows for the automated processing of huge volumes of first-party data for precise customer behaviour prediction. Over 100 brands use Tinyclues on a daily basis, including Veepee, Fnac, Accor, Samsung, Tiffany & Co and SNCF Connect.

The acquisition of Tinyclues thus enables Splio to establish itself as the European leader in AI-powered CRM thanks to its Individuation® marketing software, which can be rapidly and easily deployed across all industries and for companies of all sizes.

As a result of this acquisition, Splio now has 250 employees in Europe and the MEA and a portfolio of 500 business clients, from medium-sized companies to large groups from a large range of industries (retail, restaurant, telecoms, travel, hotel, leisure, etc.) with an annual recurring revenue over €30m.

VULCAIN's INTERVENTION
Vulcain was the exclusive M&A advisor to Splio in the acquisition of Tinyclues.
The team of Vulcain that supported this transaction was led by Michael Schor.

Technology, Media and Telecom

Deal Advancy / February 2023

« Vulcain - Thierry, Pierre, Marie-Charlotte – have been instrumental in the success of our 3rd OBO. They helped us find our own way, within two or three possible tracks, within the long list of eligible potential financial partners, during uncertainties of credit markets of fall/winter 22/23. All the way managing to put forward our specificities to make a clear statement for investors and for internal usage. Never forcing us but finding aspirational solutions. In a few words? Highest professionalism and business acumen, Warm and hyper efficient support throughout, Results »

Eric de BETTIGNIES - Managing Partner of Advancy

B2B Distribution and Services

February 2023 – Vulcain acted as exclusive M&A advisor to Advancy in the reorganization of its capital through a quasi-equity financing brought by EMZ and a senior debt raising led and syndicated by LCL

Founded in 1999 and headquartered in Paris, Advancy is a leading international independent and multi-specialist strategy consulting firm, notably leader in the Chemicals industry. The group operates across 5 industries: Chemicals, Construction and Industrials, Pharma and Life Science, Consumer Goods and Retail, Luxury and Entertainment.

The group is benefiting from a balanced portfolio of loyal blue-chip Corporate, large Private Equity houses and Funds portfolio companies.

Advancy operates worldwide through c.250 consultants including 10 partners, spread across 10 offices in Boston, Frankfurt, London, Mumbai, New-York, Paris, São Paulo, Shanghai, Singapore, Sydney.

The transaction consists in rebalancing the shareholding structure between younger talents and founders while optimizing the capital structure.

VULCAIN's INTERVENTION
Vulcain acted as exclusive M&A advisor to Advancy in the reorganization of its capital through a quasi-equity financing brought by EMZ and a senior debt raising led and syndicated by LCL.
The team of Vulcain that supported this transaction was led by Thierry Falque-Pierrotin.

Eric de BETTIGNIES - Managing Partner of Advancy

B2B Distribution and Services

Deal Conforama Switzerland / January 2023

Consumer, Brand, Retail

January 2023 – Vulcain was the exclusive M&A advisor to Dan Mamane on the sale of Conforama Switzerland to Austrian furniture retailer XXXLutz - Conforama Switzerland is a furniture retailer with 20 stores across Switzerland

Having acquired Conforama Switzerland in 2020 from South-African group Steinhoff, Dan Mamane implemented a successful turnaround plan by selling the company’s real estate holdings, increasing its cash flows by 20%, and investing CHF 18m towards the Company’s digitalisation, thereby contributing to the creation of a true omnichannel distributor of furniture, with online sales expected to account for 15% of 2023 revenue.

Controlled by the Seifert family, XXXLutz is one of the largest furniture retailers in Central and Eastern Europe alongside Ikea. The Group entered the Swiss market in 2018 through the acquisition of Pfister, Mömax, and later Lipo. The acquisition of Conforama strengthens its position as the number 2 in the Swiss market, with a portfolio of stores that addresses all segments from discount to premium.

VULCAIN's INTERVENTION

Vulcain was the exclusive sell-side M&A advisor to Dan Mamane on this transaction.

The team at Vulcain that supported this transaction was led by Thierry Falque-Pierrotin.

Consumer, Brand, Retail

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