Sources, a turnkey water treatment plant provider, is embarking on a primary leveraged buyout led by Turenne Capital to accelerate its national and international growth.

Information on the Target

Founded in the early 2000s, Sources specializes in the design and construction of turnkey water treatment plants. Over the years, the company has steadily captured market share from its three main competitors: Veolia, Suez, and Saur. With the backing of Isatis since 2011, Sources is poised to accelerate its domestic and international growth through a primary leveraged buyout (LBO). This initiative allows the founder, Patrick Billette, who previously served as the director of Degrémont France, to partner with ten key executives from the company while offering a minority stake to three investment funds.

Turenne Capital will lead this operation, supported by the reinvestment from Isatis and the inclusion of Bpifrance as a new investor. Billette highlights Bpifrance's strong presence, stating that they are recognized by public stakeholders, including water unions, municipalities, and intercommunal groups.

Industry Overview in France

The water treatment industry in France is characterized by a blend of established players and innovative newcomers. With increasing environmental regulations and a growing emphasis on sustainable practices, th