Seven2 announces the acquisition of Infraneo, a specialist in infrastructure asset integrity, owned by Sparring Capital.

Paris, July 11, 2023 – Seven2 (formerly Apax Partners) acquires a majority stake in Infraneo from Sparring Capital. The Group also announces the acquisition of Antémys to strengthen its territorial presence in the Rhône-Alpes region.

Simultaneously, Infraneo announces the acquisition of Antémys, a company specialized in geotechnics in the Rhône-Alpes region.

Infraneo, formerly known as GSRI, is a specialist in ground and structural engineering, operating in France, Germany, Belgium, and Spain. In a few years, Infraneo has become a major player in infrastructure asset integrity. Majority-owned by Sparring Capital, the Group’s revenue has been multiplied by 4 since 2018, driven by the strong dynamics of its teams and several external growth operations. Under the leadership of its new CEO, Bruce Xiste, the Group acquired CEDE in 2019, and also Esiris and Martin GmbH in Germany in 2021.

Infraneo inspects, diagnoses, analyses, and advises public and private entities in their infrastructure asset management, anticipating and addressing the consequences of aging infrastructure, the complex ground/structure links, and the impacts of climate change on their integrity. The Group relies on cutting-edge technical expertise, extensive experience in its fields, and an R&D team that develops proprietary tools and methods.

Simultaneously, the Group announces the acquisition of Antémys (based in the Rhône-Alpes region), founded and led by Damien Montagne. Antémys is a specialist in geotechnics and testing, with 40 employees. This operation allows Infraneo to strengthen its presence and territorial coverage. The Group now brings together over 500 employees and achieved a pro forma turnover of 56 million euros in 2022.

Our ambition for Infraneo: to create a European leader in infrastructure asset integrity through digital transformation and an ambitious build-up strategy.

With Seven2 joining forces with the management team, the goal is to support and accelerate Infraneo’s development to become a European leader in infrastructure asset integrity. We are delighted to bring our experience in markets consolidation and digital transformation to Infraneo, enabling the Group to quickly envisage new combinations with independent players in France and Europe
Thomas Simon, Partner at Seven2.

We are excited to share a common ambition with Seven2, which is to make Infraneo a European leader in infrastructure asset integrity in our key sectors of water lifecycle, mobility, and energy. Seven2 will support us in accelerating our European growth, allowing us to expand in terms of digitalization and social and environmental responsibility, and to grow our teams.
Bruce Xiste, CEO of Infraneo.

Antémys is in the Auvergne Rhône Alpes region one of the leaders in the field of geotechnical engineering, hydraulics, hydrogeology, testing, and monitoring. This regional and national recognition in the energy sector has been built over the years through significant growth, increased expertise, and proximity to clients. With my team, I am delighted to continue our development by joining the Infraneo group to become a key player in the region.
Damien Montagne, CEO of Antémys.

When we invested in GSRI in 2018, we were convinced that the company had enormous potential given its positioning in environmentally focused markets and its universally recognized technical expertise. In five years, the company, now Infraneo, has undergone an impressive transformation that multiplies its growth opportunities. We are happy to pass the baton to Seven2 for the next exciting step. Congratulations to Bruce Xiste and his team, whom we have had the pleasure of accompanying.
Arnaud Leclercq, President and Partner at Sparring Capital.

Transaction advisors:

Acquirer: Seven2: Thomas Simon, Qiongyan Shao, Blandine Cleyet-Merle, Noémie Bristol Courgeon, Thibaut Plominski, Xavier Gautrin
Acquirer’s advisors:
- M&A advisor: Amala: Alexis Matheron, Jad Sader, Damien Schaff, Paul Jaulin, Audrey Laurent
- Corporate lawyer: Weil, Gotshal & Manges: Alexandre Duguay, Alexandra Stoicescu, Nicolas Mayol, Celine Weng
- Tax and structuring lawyer: Arsene Taxand: Denis Andres, Virginie Leprize, Hugo Keller
- Financing lawyer: Bredin Prat: Samuel Pariente, Mathieu Arnault
- Commercial Due Diligence: EY Parthenon: Stephan Bindner, Divya Claver, Adèle Jardin; Victanis: Marc de Thomasson, Yves Rommel
- Finance Due Diligence: KPMG: Vincent Delmas, Louis Martin
- Social and legal Due Diligence: KPMG: Franck Bernauer, Christine Piault, Sofia Loria
- IT Due Diligence: KPMG: Josselin Du Plessis, Julien Reguis, David Vincent
- Insurance Due Diligence: Marsh: Jean-Marie Dargaignaratz, Ines Khouaja
- Digital Due Diligence: Eleven: Ambroise Huret, Maxime Caro, Alexis Maupoint
- Cybersecurity Due Diligence: Almond : Thomas Lecoq, Francois Petiot

Seller: Sparring Capital: Arnaud Leclercq, Adrien de La Bouillerie, Diane Perrin-Pelletie
Seller’s advisors:
- Capitalmind : Michel Degryck, Augustin Alle, Thibaud BedouxReed Smith : Marc Fredj, Antea BonitoAlvarez & Marsal : Benoit Bestion, Thibault de la Taille, Aurore Vince

Management’s advisors:
- Fides Partners : Nicolas Menard-Durand, Franck Vacher, Vincent JouanolleCazals : Xavier Colard

Press contacts

Lauren Bardet
Seven2 – Communications directo
+33 6 16 32 72 82
lauren.bardet@seven2.eu

Jérôme Goaër – Verbatee
+33 6 61 61 79 34
j.goaer@verbatee.com

Valérie Sabineu – Verbatee
+33 6 61 61 76 73
v.sabineu@verbatee.com

About Infraneo

As a major player in engineering in the European market, INFRANEO operates through its 450 employees spread across 18 agencies in France, Germany, Belgium, and Spain. In an ever-changing environment, our Group aspires to deliver the best to our clients in the public and private sectors. This aspiration is reflected in our multidisciplinary skills, continuous innovation, real added value in technical expertise, and on-site presence.

About Seven2

Seven2 is an independent private equity firm fully owned by its partners and financing SMEs and midcaps across Europe. We invest in high-potential businesses in our four sectors of specialization: Tech & Telecom, Consumer, Healthcare and Services.
We arm entrepreneurs with the expertise, support and investment they need to achieve long-lasting sustainable growth.

About Sparring capital

Sparring Capital is an independent management company dedicated to providing equity support to French SMEs. As a reference shareholder, we invest alongside entrepreneurs to reorganize or strengthen the capital of their companies. We firmly believe that the human factor is the essential determinant of the success of the companies we support.