Information on the Target

In September 2025, Groupe FACE, a leader in the professional building envelope sector in France, announced its acquisition of three companies: Axtera, LBGE, and LBGE Énergie. These acquisitions align with FACE's strategic goal, backed by its shareholder Hivest Capital Partners, to enhance its integrated offerings aimed at facilitating the decarbonization of non-residential real estate in France.

Industry Overview in France

Approximately 70% of professional buildings in France are over 30 years old, presenting a significant opportunity for renovation and solarization. Currently, over 100 million square meters of roofing can be solarized, equivalent to the output of eight nuclear power plants. Recent regulations such as ZAN, APER, and the tertiary decree, alongside the rapid profitability of projects (with less than seven years to recoup investments in self-consumption solar initiatives), create an encouraging environment for the solutions provided by Groupe FACE.

The demand for energy-efficient renovations has intensified, as businesses and property owners recognize the importance of complying with new environmental standards. The growing trend towards sustainable buildings is indicative of a transitioning market focused on renewable energy solutions. These factors present a fertile ground for the expansion of companies like FACE that specialize in comprehensive energy solutions.

With the increasing push for energy efficiency and sustainability, the market for photovoltaic installations and maintenance services continues to thrive. The integration of innovative technologies and greener practices within the real estate sector highlights the importance of firms that can offer bundled services in energy and maintenance.

The Rationale Behind the Deal

These acquisitions allow Groupe FACE to strengthen its market presence and diversify its service offerings in the energy sector. By acquiring Axtera, the company enhances its roof maintenance capabilities, securing recurring contract portfolios and reinforcing relationships with property managers. The addition of LBGE broadens FACE's expertise in industrial and tertiary electrical engineering, while LBGE Énergie expands its capacity for designing, installing, and maintaining turnkey photovoltaic systems, enabling a quicker national expansion in response to the growing demand for solar energy.

Information about the Investor

Hivest Capital Partners is an independent European private equity firm authorized by the Financial Markets Authority. It primarily invests in the capital of SMEs or mid-sized companies with revenues typically ranging from €50 million to €500 million. Hivest Capital Partners aims to enhance operational performance and execute ambitious growth strategies to help companies reach their full potential. Since its investment, FACE's team, led by CEO Nicolas Petit, has successfully doubled its EBITDA and expanded its operational footprint.

View of Dealert

From an investment perspective, the strategic acquisitions made by Groupe FACE appear promising. The company is tapping into a sector poised for growth and has a clear ambition to expand its photovoltaic operations by 50% by the year 2025. The increasing demand for comprehensive energy solutions, combined with stringent regulations favoring renovation and sustainability, positions FACE favorably for future success.

The integration of Axtera, LBGE, and LBGE Énergie not only strengthens FACE's service offerings but also enhances its competitive positioning in the market. With a well-structured growth strategy and solid backing from Hivest Capital Partners, FACE is on a trajectory for substantial revenue increases.

Moreover, the firm's extensive experience of over 45 years in the building sector, coupled with a dedicated workforce of over 800 employees across 29 locations, underlines its capacity to capitalize on emerging opportunities. Given these factors, the recent acquisitions are likely to be seen as a wise investment that aligns with the transition towards a more sustainable future.

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