Cinven enters into exclusive negotiations with Ardian to acquire the Finaxy group

Ardian, a world-leading private investment house, and SD Worx, one of the main European HR and payroll solutions providers, have reached an agreement for the sale of F2A, the leading Italian HR and payroll solutions provider controlled by Ardian since February 2016. With this transaction, SD Worx will expand its offering and geographical footprint and accelerate its growth in the European HR and payroll solutions industry. The transaction is subject to customary regulatory approvals.

More than 1,200 experts of F2A support 6,000 customers across two business units: HR & payroll (c. 85% of revenues) and Finance & Accounting (c. 15% of revenues). During Ardian’s investment, F2A accelerated its development strategy by successfully closing more than 20 build-ups, expanding service offering and reaching an important position in Italy.

“We are thrilled to announce the sale of F2A to SD Worx. I congratulate Raul Mattaboni and his team for all the successful development over the last years. Ardian’s Expansion team targets resilient and high-quality businesses with experienced management teams where there is great growth potential. Through our close partnership with entrepreneurs and managers, we have successfully accompanied several mid-sized companies on their journey to becoming market leaders. Italy represents a key geography for us, where we intend to continue investing by selecting the best opportunities.” François Jerphagnon, Member of the Executive Committee, Managing Director of Ardian France & Head of Expansion

"Together with the F2A management team, we have pursued an important growth path, and we think there are still many opportunities to be seized in this space. The strong interest in F2A of an international player like SD Worx is a clear indication of the high strategic value of our asset. We wish F2A and SD Worx every success for the company's next chapter." Marco Molteni, Managing Director Expansion, Ardian

"Italy is the fourth largest economy in Europe, with many SMEs and midmarket employers showing strong appetite for payroll outsourcing. The complex Italian payroll landscape requires a combination of local software and expertise. I look forward to working together with Raul Mattaboni who will continue to lead the business." Kobe Verdonck, CEO of SD Worx

“Becoming part of SD Worx is a significant milestone for F2A, recognizing the exceptional work accomplished by all our colleagues over the years. With the support of Ardian, we have become the leader in the Italian market for professional services to companies of all sizes and sectors. I am personally enthusiastic to embark on this new chapter in F2A's history. This transition will not only enhance our professional growth but also provide our clients with even better and more diversified services, all while maintaining the human touch that has always defined us.” Raul Mattaboni, CEO of F2A

Following regulatory approvals, SD Worx will acquire 100% of the shares of F2A.

The price of the transaction will not be disclosed.

Ardian, a world-leading private investment house, today announced that it has entered into exclusive negotiations to acquire a majority stake in DIAM, a world leader in the Visual Merchandising and Shopfitting markets for the beauty and luxury sectors, alongside the management team, which would reinvest significantly, and BNP Paribas Développement.

After an initial successful collaboration with Ardian between 2016 and 2018, DIAM has since continued to grow and strengthen its geographical positions, supported by EMZ Partners and a consortium of investors including BNP Développement, Idia and Socadif. The group now employs over 3,200 people spread over 30 sites in 20 countries, supporting its customers on a local-to-local basis in Europe, Asia, Africa and the Americas. In 2023, DIAM's sales exceeded 400 million euros, mainly in the Visual Merchandising, Shopfitting, Niche Packaging and Point of Sales’ Services segments. The Group's recent growth has been driven by strong geographic expansion, the extension of its product range, and the close proximity to customers that lies at the heart of DIAM's culture. Today, the Group is recognized as the sector's front runner in terms of CSR commitments, working to implement key actions for beauty and luxury brands.

DIAM acts for its customers across the entire value chain, with an offer combining consulting, creative and technical design, engineering, production, delivery, installation, after-sales services and recycling. 

For more than 50 years, DIAM has forged close relationships with leading groups such as L'Oréal, LVMH, Estée Lauder, Richemont, Shiseido, Chanel, Hermès and independent brands. To best meet their expectations, the Group has always focused on a dual understanding of the Groups and the distribution systems. In addition, DIAM is resolutely focused on building significant innovation and CSR benefits, notably from the angles of carbon reduction and with a  strong focus on the development of people and teams.

Ardian, which has known the DIAM Group for many years, will support the management team's strategy of: 
•    Reinforce CSR benefits and social commitment
•    Develop Visual Merchandising, Shopfitting, Niche Packaging, Connectivity and In-Store Services, through a number of organic initiatives and possible acquisitions
•    Develop all DIAM Group brands: Diam, Prugent, Field Flex, Fine Packaging Manufacturers, MR, Retail3D, Conex, B2D.

The completion of the transaction remains subject to the usual conditions precedent and the approval of the relevant regulatory authorities.

“The entire management team is delighted to welcome Ardian Expansion back into our capital. After going through the complex period of Covid, clarifying our core businesses, growing our teams and ensuring 4 years of strong development. DIAM has become much more balanced, both in terms of geographical distribution and in terms of broadening the offer and number of brands served, and more solid both in financial and extra-financial terms. We therefore need a leading shareholder to support a new phase of ambitious growth. Ardian will be a major asset for DIAM and our customers in this new phase of the Group's development.” Françoise Raoul-Duval, President and CEO, DIAM

"We are delighted to once again support DIAM in this new phase of its development. The Group's strong performance over the last few years demonstrates its leadership and ability to adapt to demanding market trends. We are convinced that this strategic partnership will enable DIAM to pursue its growth trajectory and assert its global leadership." Arnaud Dufer, Head of Expansion France, Ardian

"DIAM, led by a tremendous management team, will target external growth in services and packaging. The Group's ESG approach will continue to be a very strong marker of its strategy." Alexis Lavaillote, Managing Director Expansion, Ardian

"Diam has a management team with exceptional leadership, with an entrepreneurial spirit and a deeply human dimension. We are delighted to have been at their side over the last few years." Ajit Jayaratnam & Ludovic Bart, EMZ Partners

Ardian, a world-leading private investment house, today announced it has entered exclusive negotiations to acquire a majority stake in Alstef Group, a leading provider of automated and robotic solutions for the airport, logistics and parcel sorting markets, alongside the Group's management team and 260 employee shareholders. As part of this transaction, the founders (Pierre Marol and Jean-Luc Thomé) and Future French Champions, the joint venture between Qatar Investment Authority (QIA) and Bpifrance, will also reinvest in the company. 

Founded in 1961 and headquartered near Orléans in France, Alstef Group is an established player in the design, integration and supply of equipment and proprietary software for intelligent handling solutions. For over a decade, the Group has experienced double-digit growth and rapid international expansion, supported by the acquisition of Glidepath, an airport-baggage and parcel-handling company in 2020, and parcel sorting company SNS in 2023. The Group has a global presence, with 16 subsidiaries around the world and systems installed in 93 countries. It is one of the world leaders in airport baggage sorting and has a blue-chip customer base in the intralogistics and parcel sorting markets. 

Its collaborative approach is well-suited to complex operational environments and modernization projects. Its commitment goes beyond the provision of solutions: All teams are actively involved in design, planning, procurement and innovation to ensure the optimum delivery of its projects with minimal disruption to existing operations or environmental impact.

Alstef Group's robust business model is based in particular on its asset-light strategy, its ability to maintain critical systems for its customers over the long term, and its presence in three complementary segments: baggage handling, intralogistics and parcel sorting.

Support from Ardian's Expansion team will enable the company to accelerate its international development and growth ambitions.

“Alstef Group's outstanding positioning is underpinned by an excellent management team that has consistently delivered a culture of innovation and a customer-focused approach. This ethos is an asset for continuing to develop the business. We look forward to working with the Alstef Group team to expand the group's presence and continue its growth in its target markets.” Maxime Sequier, Managing Director Expansion, Ardian

“We are delighted to become Alstef Group's new partner for the next phase of its development. We have every confidence in the management team and will use our expertise and access to the Ardian platform to support the group's growth.” Arnaud Dufer, Head of Expansion France and Managing Director, Ardian

“We are delighted to welcome Ardian as a majority shareholder to support us in the next stages of our development. This transaction recognizes the expertise we have developed over more than 60 years and the success of the strategy we have implemented at Alstef Group to date. Ardian's support will help to accelerate a new chapter in our history as we pursue our international growth ambitions.” Pierre Marol, President and Co-founder, Alstef Group

“It is with great determination that we embark on this new stage in our development, and we are confident that this partnership with Ardian will enable us to achieve our objectives quickly and efficiently. The common values we share, including our commitment, trust, know-how and a sustainable and socially conscious approach to our activities, will be the driving force behind our success. This is the beginning of a fruitful and lasting collaboration that will create value for our employees, our customers and our shareholders.” Nicolas Breton, Alstef Group    

“We are delighted to continue our partnership with Alstef Group, whose growth we have supported over the past six years, particularly through its international expansion in New Zealand and the United States. With its new shareholder configuration and talented management, we are convinced that the Group will continue the great adventure initiated by its founders, Pierre Marol and Jean-Luc Thomé.” Antoine Emmanuelli, President, Future French Champions     

The completion of the transaction is subject to the legal usual conditions and the approval of the relevant regulatory authorities.