Target Information

On June 5, 2025, Carvest, in its role as the leading investor, and CERAE – Caisse d’Epargne Rhône Alpes Entreprises (managed by Rhône-Alpes PME) have acquired a stake in Patriarca Développement, a key player in the corporate real estate services sector in France. This operation allows the management team to retain the majority stake while welcoming new executives as shareholders. Notably, previous partners Aquasourça and Bpifrance, who supported the management during its last two operations, are reinvesting in this initiative.

Founded in 1933 by the Patriarca family and based in the Lyon region, the Groupe Patriarca has become a prominent national entity within the corporate real estate market. The group specializes in developing, managing, and enhancing the real estate portfolios of its clients across six complementary areas: real estate advisory, turnkey construction projects, multi-trade renovation works, workplace environment design, maintenance and facility management, and performance energy and environmental optimization consulting.

Industry Overview in France

The corporate real estate sector in France has shown significant resilience and adaptability, particularly in response to evolving client needs and environmental regulations. With a growing emphasis on sustainability and energy efficiency, companies in this industry are increasingly focused on delivering innovative solutions that address these pressing issues. Companies like Patriarca Développement are at the forefront of this transformation, helping clients navigate the complexities of real estate management while ensuring compliance with evolving standards.

Additionally, the shift towards remote and flexible working arrangements has reshaped the demand for commercial spaces. Organizations are prioritizing spaces that enhance employee well-being and productivity, leading to an increased demand for expert services in space optimization and workplace design. Patriarca Développement’s ability to adjust to these trends through its comprehensive service offering positions it as a valuable partner for businesses navigating this landscape.

The real estate sector in France is poised for growth, driven by ongoing urbanization, economic recovery, and substantial investment in infrastructure. This growth is particularly notable in major metropolitan areas, where demand for corporate real estate remains strong. As a result, companies providing integrated and innovative services are well-positioned to capitalize on emerging opportunities within the market.

Moreover, the French government has introduced various initiatives to support green building practices, further incentivizing investments in sustainable real estate solutions. This regulatory environment fosters collaboration between industry players, investors, and governmental bodies, articulating a cohesive strategy that prioritizes sustainability while ensuring robust economic growth.

Rationale Behind the Deal

This strategic operation marks a pivotal moment for Patriarca Développement, aimed at enhancing its value chain in corporate real estate services while securing a long-term vision for the group. It underscores the acceleration of the group’s 360° strategy, which integrates key factors such as energy transition, digitalization, and operational performance into the management of corporate real estate.

Furthermore, this investment facilitates external growth, allowing the company to diversify its activities into higher value-added domains and solidify its market position. By inviting key executives to join the capital structure, the management aims to strengthen its human capital and reinforce the majority ownership of management, thus ensuring stability and continuity going forward.

Information About the Investor

Carvest, recognized for its strategic investments in businesses with significant growth potential, has a history of collaborating with successful management teams. With Johann Gierczak and Gaetan Véricel at the helm of this investment, Carvest brings considerable expertise in identifying opportunities that align with market trends and client needs. The firm’s commitment to supporting innovative and adaptable business models is evident in its choice to partner with Patriarca Développement.

Aquasourça and Bpifrance have also expressed their commitment to this evolution, reinforcing their roles as supportive partners in the transformation of Patriarca Développement. Their investment not only underscores confidence in the management team led by Olivier Faura and Benoît Poinas but also highlights the innovative approach adopted by the group that distinguishes it within the industry.

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From an expert’s perspective, this transaction represents a promising investment opportunity for Carvest and its partners. The corporate real estate sector continues to evolve, with sustainability and workplace optimization becoming central pillars of business strategy. By investing in Patriarca Développement, the stakeholders are positioning themselves advantageously within a market that is poised for growth and innovation.

Additionally, the management team's track record and commitment to adapting to changing market dynamics suggests a high likelihood of fruitful outcomes. The focus on integrating external growth through diversification will allow the company to tap into additional revenue streams and enhance its service offerings, equipping it to better serve its clients.

Moreover, strengthening the capital structure by incorporating key executives as shareholders will foster a sense of ownership and commitment within the management team, which is likely to contribute positively to the company's performance. This foundational aspect of leadership continuity is crucial in ensuring that the firm navigates the complexities of the market effectively.

In summary, this deal appears to be strategically advantageous for all involved parties. The commitment to a long-term strategic vision combined with the potential for growth in the corporate real estate sector makes this investment opportunity a noteworthy one.

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