Sagard acquires Groupe Acceo from Gimv


On 27 February 2024, Sagard announces the acquisition from Gimv of Groupe Acceo, an independent French provider of engineering, inspection and certification services. Gimv will reinvest alongside them in this transaction.

Founded in 2003 near Marseille, Acceo has gradually expanded its offering to meet all the technical and regulatory needs of buildings. The Group has thus become a multi-service specialist covering 4 segments: Lifts, Health & Safety, Accessibility and Energy.

The Group provides a wide range of services to address building compliance, performance and sustainability issues across all these segments, including periodic and mandatory inspections, audits and technical assessments, asset management and monitoring solutions, compliance services and technical consultancy.

Acceo supports a highly fragmented and loyal customer base of more than 2,200 active customers, ranging from co-ownership associations to commercial building operators, local authorities and social housing.

In a market governed by constraints linked to the energy transition and growing concerns about health & safety, Acceo has built a differentiating and agile model in order to seize new regulatory opportunities. In particular, the Group benefits from close proximity to its customers, capitalising on its national network of branches and the digitalisation of its processes and services. Its unique, flexible model combines multi-specialist sales teams, capable of supporting customers in all their issues, with highly specialised technical teams in charge of carrying out assignments.

Since the acquisition by Gimv in 2016, the Group, which has posted solid organic growth, has also made 4 acquisitions that have enabled it to broaden its offering and geographical coverage, positioning Acceo as a consolidation platform in a fragmented market. With the appointment in 2021 of Jérôme Spencer as CEO, Acceo has continued the structuring of its organisation initiated in 2016 and has accelerated its development, particularly in the promising energy efficiency segment, bringing forecast sales for 2024 to over €50 million and the number of employees to 430 to date.

Following Sagard’s acquisition of Acceo, the Group’s management team (which will remain a key shareholder) will benefit from renewed all-encompassing support to pursue its further development, both organically and through mergers and acquisitions.

Jérôme Spencer, CEO of Acceo, comments: “I am very proud of what I have achieved with the Acceo teams over the last few years. I would like to thank Gimv for the quality of their guidance and their unwavering support before and after my arrival, which have been crucial to the Group’s success. They have been extremely trustworthy partners who have made a real contribution, and this fruitful and lasting collaboration has been a real boost to our development. With the quality and motivation of our teams, I’m very confident about Acceo’s future, and I’m delighted to be continuing the adventure with Sagard to pursue our ambitious growth strategy.

Saïk Paugam, Partner, and Jérôme Triebel, Managing Director at Sagard, added: “We are delighted to join forces with Jérôme Spencer and his team to support Acceo in its next phase of growth, particularly in the development of energy transition services and external growth. With Gimv’s support, the management team has achieved a remarkable track record and created a high-performance company that addresses the critical needs of its customers, with a DNA combining a sense of service, agility and proximity. We are therefore particularly proud to have convinced Jérôme Spencer and his team of our ability to support them in accelerating the Group’s development.

Nicolas de Saint Laon, Head of Gimv France and Francois-Xavier Rico, Principal Sustainable Cities, conclude: “We are very pleased to have supported Jérôme Spencer and his team in an ambitious growth strategy, which has enabled Acceo to change dimension and transform itself from a niche specialist into a multi-service reference player. From the outset, we have supported the Group in expanding its offering, both organically and through strategic acquisitions, focusing on the development of synergies and recurring services. Thanks to a dynamic strategy of investing in its digital tools and structuring its organisation, Acceo has been able to establish itself as a frontrunner in the regulatory challenges of energy efficiency. These growth and transformation projects are perfectly in line with the investment themes we wish to develop within our Sustainable Cities platform. We are delighted that Sagard will support Acceo in the next stage of its development, and we look forward to continuing our involvement as a minority shareholder alongside them.

This transaction has a positive impact on Gimv’s net asset value at 30 September 2023 of approximately EUR 1 per share. No further financial details will be disclosed.

Categories: News


CVC Credit supports add-on acquisitions by Trilon Group

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CVC Capital Partners

CVC Credit is pleased to announce that it recently provided financing solutions to support the add-on acquisitions of three businesses by Trilon Group, backed by Alpine Investors.

Headquartered in Denver, US, Trilon is a leader in engineering and consulting (“E&C”) services, with a focus on US public infrastructure projects. The company is building a nationwide infrastructure consulting solutions business across the following key markets: Transportation, Water, Utilities, and Municipal Infrastructure across the entire US.

Molly Moore Managing Director at CVC Credit, commented: “These acquisitions reflect Trilon’s focus on acquiring local E&C design firms in specific regions with fast-growing populations and strong infrastructure needs, while serving a large, diverse set of public customers in the U.S. across individual end markets. We are excited to support the acceleration of Trilon’s growth through strategic acquisitions, that will allow them to serve their customer’s full needs better.”


We are excited to support the acceleration of Trilon’s growth.

Molly MooreManaging Director at CVC Credit

Caroline Benton, Partner at CVC Credit added: “We are proud to assist Alpine Investors and the talented team at Trilon with creative financing solutions that will help drive their expansion in key regional US markets. The depth of experience available across the wide CVC Network enhances our ability to support the businesses we back in achieving their growth ambitions.”

Categories: News


Ratos company Aibel awarded major contract on Hammerfest LNG


Equinor has awarded Aibel an EPCI (Engineering, Procurement, Construction and Installation) contract for modification work at the Hammerfest LNG facility on behalf of the Snøhvit Unit partners. The contract has a total value of approx. NOK 8 billion.

The Snøhvit Unit partners are: Equinor Energy AS (operator), Petoro AS, TotalEnergies E&P Norge AS, Neptune Energy Norge AS and Wintershall Dea Norge AS.

The EPCI contract comprises engineering, procurement, construction and installation in connection with the Snøhvit Future project, and the scope includes a land-based compression facility and electrification of the Hammerfest LNG plant. The assignment was an option in the FEED contract (Front-End Engineering and Design) that Aibel was awarded in September 2020.

“As owners, we are extremely proud of Aibel’s development in an uncertain environment where the energy crisis is one of the biggest challenges. Their operations secure predictable and safe access to energy for the future. That, combined with the trust they repeatedly receive from their customers, is impressive. Aibel´s future is bright,” says Christian Johansson Gebauer, member of the Board of Directors of Aibel and President, Construction & Services, Ratos.

Aibel will in addition execute further upgrades of existing systems at Hammerfest LNG to prepare the facility for extended life until 2050.

Aibel was the main contractor for the extensive recovery that followed the fire at the facility in September 2020, where Aibel rapidly mobilised around 170 engineers and more than 1,000 operators in rotation to the facility.

“We have been Equinor’s main supplier of maintenance and modification services at Hammerfest LNG since 2006, and our employees have gained good insight into the plant and developed great relationships with Equinor. We have also gained extensive experience from similar modifications and electrification assignments and are very grateful that Equinor selects us as the main contractor in the development of the future LNG facility at Melkøya,” says President and CEO of Aibel, Mads Andersen.

Engineering will start immediately, and Aibel will utilize the organisation from the FEED contract at the office in Asker, in combination with expertise from the modification organisation on the Norwegian west coast and North Norway. At its peak, the project will involve approx. 350 engineers and project personnel.

Aibel will plan and execute large and complex modifications at the facility. In addition, construction of larger modules will take place at Aibel’s yards. Most of the work will be in the period 2024-2026.

Aibel’s part of the project is scheduled for completion in late 2027. The contract award is subject to regulatory approval of the project.

For more information, please contact
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21,

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. The companies have approximately SEK 32 billion in net sales (LTM). Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

Categories: News


Gimv invests in the energy transition and critical infrastructure in Germany and announces a partnership with Rohrleitungsbau Münster


Topic: Investment

Gimv invests in Rohrleitungsbau Münster GmbH & Co. KG (, an engineering, construction as well as maintenance and servicing company for pipeline and cable networks. In partnership with Gimv, Rohrleitungsbau Münster aims to sustainably grow its activities in the repair and maintenance of outdated infrastructure as well as its modernisation and expansion. Headed by managing directors Udo Kiewel and Markus Warmuth, the management team will take a stake in the company as part of the transaction.

Gimv’s goal is to build a complete service provider for the expansion, repair and maintenance of pipeline and cable networks in various supply media, investing both in employees and technology as well as regional expansion. Rohrleitungsbau Münster is a reliable partner to utilities, municipalities and industry. Aside from engineering and the expansion of infrastructure networks, Rohrleitungsbau Münster concentrates its efforts on recurring and local network maintenance, repair and servicing. Thanks to a high level of certification, a broad portfolio, technical expertise and an entrenched network of customers with strong regional ties, the company enjoys an excellent reputation for quality, safety, flexibility and technical competence – criteria that are very important to customers, which are primarily municipal and regional utilities. This has enabled Rohrleitungsbau Münster to develop an extensive, recurring customer base over recent decades.

Uwe Giebelstein, founder and former shareholder of Rohrleitungsbau Münster, notes: With Gimv, we are delighted to have found a reliable and financially strong partner for the company’s continuation, who is eager to further develop Rohrleitungsbau Münster. Employees and customers alike will benefit from this growth.”

Commenting on the opportunities for the future, Udo Kiewel adds the following on behalf of the management of Rohrleitungsbau Münster: “Together with the entire workforce and the existing management team, we look forward to the future with confidence. Together with Gimv, we will implement our joint growth vision based on long-term added value, reliability and the highest quality standards. We will invest in modern technology whilst creating new jobs and further growth enabling us to offer additional services to our customers with the high level of quality and reliability they have come to expect.”

“The market for pipeline construction and cabling laying is characterised by strong growth trends and energy transformation in Germany, which we intend to shape with our Sustainable Cities platform. The energy transition, nationwide broadband expansion and recurring conservation measures of outdated network infrastructure increase the demand for competent and reliable providers with relevant permits, such as Rohrleitungsbau Münster. We are looking forward to this collaboration in order to drive forward Rohrleitungsbau Münster’s further growth” explains Maja Markovic, Partner at Gimv and responsible for the DACH region’s Sustainable Cities Platform

This participation will become part of Gimv’s Sustainable Cities platform, which focuses on sustainability over various different sectors as well as B2B services. This transaction is subject to the usual conditions, including approval by the competition authorities. Further financial details have not been disclosed.


Read the full document


Karel Oomsstraat 37, 2018 Antwerpen, Belgium

Categories: News


Belcan Acquires AVISTA

Ae Industrial Partners

Acquisition Brings Additional Depth to Belcan’s Systems and Software Engineering Group

Cincinnati, Ohio – November 18, 2020 – Belcan, LLC (“Belcan”), a global supplier of engineering, supply chain, technical recruiting, and information technology (IT) services to the Aerospace, Defense, Automotive, Industrial, and Government services markets, announced today that it has acquired Avista, Inc. (“AVISTA” or the “Company”), a provider of safety-critical and mission-critical software engineering services to the world’s leading OEMs in the aerospace, defense, industrial and medical industries. Terms of the transaction were not disclosed.

This marks the 16th acquisition by Belcan under its ownership by AE Industrial Partners, LP (“AEI”), a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. AVISTA is being sold by TransDigm Group as part of their portfolio optimization efforts following the acquisition of Esterline Technologies in 2019.

For more than 30 years, AVISTA has provided safety-critical and mission-critical software engineering services spanning the entire development life cycle. The Company provides software engineering, verification and validation services, and certification support to the world’s leading aerospace, defense, industrial and medical companies as well as government and military organizations. Headquartered in Platteville, Wisconsin, AVISTA also has facilities in Cedar Rapids, Iowa, and Blaine, Minnesota. AVISTA President Steven Ungs and the Company’s management team will be joining Belcan.

“We’re impressed with AVISTA’s highly-skilled and experienced team who have long-standing relationships with their outstanding customer base,” said Lance Kwasniewski, CEO of Belcan. “AVISTA and its engineers will add greater technical depth to Belcan’s Systems and Software Engineering Group and provide us with a larger footprint in the Midwest. We welcome Steve and his team to Belcan.”

“Becoming part of Belcan will allow us to expand our network and offer our customers a broader array of services,” said Mr. Ungs. “We know that Belcan shares our strong commitment to excellent customer service, and we look forward to continuing the success that being part of a robust, thriving company has already brought us.”

Kirkland & Ellis LLP served as legal advisor and PricewaterhouseCoopers LLP was the financial advisor to Belcan. BakerHostetler served as legal advisor and Seabury Securities was the financial advisor to TransDigm Group.

About Belcan
Belcan is a global supplier of engineering, supply chain, technical recruiting, and IT services to customers in the aerospace, defense, automotive, industrial, and government sectors. Belcan engineers better outcomes for customers – from jet engines, airframe, and avionics to heavy vehicles, automobiles, and cybersecurity. Belcan takes a partnering approach to provide solutions that are adaptable, integrated, and value-added, and has been earning the trust of its customers for over 60 years. For more information, please visit

Since 1987, AVISTA has provided safety-critical and mission-critical software engineering services to the world’s leading OEMs in the aerospace, defense industrial and medical industries. With over 1,500 successful software projects completed, the Company has worked with leading aerospace and defense companies, as well as government and military organizations. For more information, please visit

About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operating experience, and relationships throughout its target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investing. Learn more at

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Lambert & Co.
Jennifer Hurson
(845) 507-0571


Caroline Luz
(203) 656-2829

Categories: News


Altor enters partnership with the entrepreneurs of Eleda



Altor Fund V (“Altor”) has signed definitive agreements to invest in a majority stake in Eleda Infra Services Group (“Eleda”) to support the entrepreneurs and management on the continued growth journey to create a leading infrastructure services group. As part of the transaction, Eleda acquires and partners with the entrepreneurs of Järfälla VA- & Byggentreprenad AB (“JVAB”). In addition, Eleda acquires ONE Nordic (“ONE”) from Altor Fund III. Management of the respective companies will remain as significant shareholders of the combined group and continue in their respective operational management roles.

The new, larger, Eleda will be an expansive infrastructure services group focusing on small to medium sized civil engineering and transmission infrastructure projects and services across a wide range of sectors including water works, road works, energy works and data centers. JVAB strengthens Eleda’s geographical coverage in the Stockholm area and has strong expertise in water works. One Nordic broadens Eleda’s capabilities into electricity transmission infrastructure services and projects focusing on electricity distribution and renewable energy (wind and hydro power). The companies have an impressive history of strong growth and a proven ability to gain additional market shares in fast-growing areas of the market. The new Eleda group had a combined turnover of ca SEK 6 billion in 2019.

“We are enthusiastic and confident that Altor’s experience of building great companies will contribute to our continued strong growth and further support our ambition to always be the partner of choice for both public and private customers within infrastructure services. The timing of this transaction in the current market turmoil is a testament to our attractive and resilient business model, and we are proud to remain as significant shareholders in the combined group”, say Johan Halvardsson and Peter Condrup, representing the management consortium in Eleda.
“ONE Nordic is stronger than ever today”, says Jonas Arvidsson, CEO of ONE Nordic. “During Altor’s ownership period, ONE Nordic has had the opportunity to expand from electricity distribution into services and projects in renewable energy, and we now look forward to a continued growth journey as part of the larger Eleda group, with whom we already have several overlapping clients and hope to expand that further”.

“We are impressed with the businesses that the entrepreneurs have built and are truly excited to partner with them for the next phase of development. It is particularly exciting to be able to contribute ONE into the combination, adding new capabilities that will result in commercial benefits for both companies. We are highly committed to extend the strong track record of the companies to date and continue to build a leading infrastructure services company in the Nordics” says Bengt Maunsbach, Partner at Altor.

“In Eleda, I see a successful entrepreneurial, decentralized organization with local decision-making and responsibility, but with the resources and methods of a large corporation”, says Torbjörn Torell, current Chairman of ONE Nordic and incoming Chairman of Eleda. “I am glad for the opportunity to continue to work alongside Altor and look forward to working with the exceptional entrepreneurs of Eleda.”

The transaction is subject to customary regulatory approvals.

For more information, please contact:
Johan Halvardsson, Eleda Group CEO, +46 70 545 95 01
Emilie Condrup Maisor, Head of Communications and ESG, Eleda, +46 70 828 04 66
Jonas Arvidsson, CEO of ONE Nordic, +46 70 304 09 70
Bengt Maunsbach, Partner at Altor, +46 867 89 115
Tor Krusell, Head of Communications at Altor, +46 705 43 87 47

About Eleda Infra Services Group
Eleda Infra Services Group is an expansive group focusing small to medium sized civil engineering and transmission infrastructure projects and services across a wide range of sectors including water works, road works, energy works and data centers. The Group operates through regional companies across southern and western Sweden. The group currently includes Akeab, KEWAB, Mark & Energibyggarna and Salboheds Bygg & Anläggningstjänster. Eleda Group’s corporate culture is marked by a strong entrepreneurial spirit, and the companies work independently in complementary geographical areas with the goal of being a leading player in their respective regional markets. Eleda Group, which has its headquarters in Stockholm, has around 800 employees and sales of approximately SEK 3.1 billion in 2019. Eleda Group is currently owned by management and a broad group of key individuals in the group. For further information please visit

About ONE Nordic
ONE Nordic is one of Sweden’s leading suppliers of technical services in electricity transmission infrastructure and renewable energy production. With a nationwide organization and local knowledge, ONE Nordic delivers high quality services and solutions to energy producers, distributors and energy users. ONE Nordic is headquartered in Malmö and has around 1,000 employees and sales of approximately SEK 2.1 billion in 2019. ONE Nordic has been owned by Altor Fund III since 2011. For further information please visit

About JVAB
Järfälla VA- & Byggentreprenad AB is focusing on civil engineering and transmission infrastructure in the Stockholm region. JVAB has around 150 employees and sales of approximately SEK 0.7 billion in 2019. The majority of JVAB is owned by the founding family, who will reinvest a significant portion in the combined Group.  For further information please visit

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Piab, Aalborg Industries, Trioplast, SATS and RevolutionRace.  For further information please visit

Categories: News