Activa Capital

Activa Capital sells its stake in the capital of Explore Group, the leading provider of construction and
commercial project tender information, in favor of Intescia as part of a strategic alliance.
Founded in 1997 by Laurent Nicouleau and Philippe Raison, Explore Group has firmly established itself
as the foremost provider of information regarding tenders in the construction and commercial project
sector in France.

The acquisition of Explore Group will consolidate Intescia’s position with a unique portfolio of solutions
covering construction, real estate, business services, healthcare, and retail, serving over 20,000
customers and 100,000 users in Europe.

This recent transaction comes merely four years after Activa Capital’s initial commitment. During this
period, Explore Group has notably acquired 3 highly complementary companies, enabling the
expansion of its solution portfolio and distribution channels, reinforcing the verticalization of its
offerings, and consolidating its leadership in the real estate and construction sector.
« The alliance between the Intescia and Explore groups represents a unique opportunity to create the
European leader in BtoB business intelligence solutions based on a unique platform of brands and
services. This is the culmination of a project that began 25 years ago, accelerated by Activa Capital’s
support as part of our growth and development dynamic » said Laurent Nicouleau and Philippe Raison
founding directors of Explore.

« We are very proud to have supported the Explore Group during the 2019 primary LBO alongside the
founders and their team. With 3 acquisitions, Explore has achieved remarkable growth, doubling in size
over the period. We will continue to closely monitor this exciting industrial alliance, which is creating
the first European business intelligence platform based on AI. We wish all the best to the teams involved
in this new partnership.» added Christophe Parier and Alexandre Masson, Managing Partners of
Activa Capital.

Intescia: Yannick Dupuch, Damien Le Berre
Five Arrows : Younes Zemmouri, Victor de Tracy, Morgane Casalta, Lauriane Cadiou
Advisor to the acquirers
M&A: Amala Partners (Jean-Baptiste Marchand)
Transaction Services : Alvarez & Marsal (Frédéric Steiner, Simon Regard)

Lawyers: McDermott Will & Emery (Grégoire Andrieux, Fabrice Piollet)
Activa Capital: Alexandre Masson, Christophe Parier, David Quatrepoint, Elliot Thiéblin
Management: Laurent Nicouleau, Philippe Raison
Advisors to the sellers
M&A: Bryan Garnier (Thibaut de Smedt, Stanislas de Gmeline, Jonathan Bohbot, Paul
Wertheimer, Théo Demeusoy)
Transaction Services: Iteraxon (Nicolas Bayle)
Lawyers Activa Capital: Hogan Lovells (Florian Brechon, Stéphane Huten, Shanna Hodara,
Guillaume Denis)
Lawyers founders: Fidal (Jean-François Yerle, Jironi Harivel)
About Explore Group
Explore Group is a leading player in B2B data intelligence with undisputed expertise in real estate and
construction. Building on 25 years of expertise, Explore Group is home to several brands including Explore,
the leading French provider for construction project intelligence, Wanao for public tender management,
Sendao for fully-outsourced tender submission and Codata, the leader in retail and commercial real estate
data. Explore Group operates from offices in France, Belgium and Morocco.

About d’Activa Capital
Activa Capital is an independent private equity firm, owned by its partners, characterized by a proactive
build-up strategy. It currently manages more than €300 million on behalf of institutional investors by
investing in French SMEs and ETIs with high growth potential and an enterprise value of between €20 and
€100 million. Activa Capital assists them to accelerate their development and international presence. To find
out more about Activa Capital, visit

Press Contacts
Alexandre Masson Christophe Parier
Managing Partner Managing Partner
+33 1 43 12 50 12 +33 1 43 12 50 12

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