Target Information

Peugeot Invest has successfully divested its remaining stake in SPIE, which comprises 4,250,000 shares or approximately 2.5% of SPIE's capital as of December 31, 2024. The placement was executed by establishing an order book for institutional investors at a price of €45.4 per share, resulting in a total proceeds of approximately €193 million.

This divestment follows an initial sale of around 2.5% of SPIE’s capital on March 18, 2025. After this transaction, Peugeot Invest no longer holds any interest in SPIE.

Industry Overview in France

The French market for operational services like those provided by SPIE has been characterized by significant growth, primarily driven by the ongoing energy transition and the increasing digitalization of infrastructure. A fundamental shift is occurring as industries adapt to sustainability initiatives, which are expected to bolster demand for companies that can navigate these changes effectively.

Additionally, the operational services sector in France is witnessing a robust dynamic, aided by government policies and investments aimed at enhancing infrastructure resilience. These developments create a favorable environment for industry leaders who can leverage existing market trends through strategic acquisitions and innovative service offerings.

SPIE has capitalized on this environment through its substantial investments in growth initiatives, focusing on high-value acquisitions and operational excellence. The company’s performance metrics, specifically operational results doubling over the investment period, reflect a strong alignment with market demands and a proactive management approach.

As a key player in the market, SPIE has demonstrated adaptability and a commitment to transformation, positioning itself as a vital partner in the energy transition and digital transformation of infrastructure across France.

Rationale Behind the Deal

The decision to divest from SPIE was influenced by the company’s remarkable growth trajectory since Peugeot Invest’s entry in 2017. The operational results of SPIE doubled during this period, driven by market dynamics favorable to the company's services. This successful phase was marked by strategic and targeted external growth initiatives that added substantial value, further justifying the exit at this time.

The successful realization of nearly €196 million in value creation over this investment period, equating to a performance multiplier of 2x and an internal rate of return of 10%, reflects Peugeot Invest’s foresight in capitalizing on favorable market conditions and executing a timely exit strategy.

Investor Information

Peugeot Invest is recognized for its strategic investment management, focusing on high-potential assets that yield substantial long-term returns. The company aims to support the growth of its portfolio companies, and its involvement with SPIE exemplifies its commitment to identifying and nurturing valuable investments.

Under the leadership of CEO Jean-Charles Douin, Peugeot Invest has successfully navigated changing market dynamics and has justified its investment philosophy through consistent performance outcomes. The firm values strategic collaboration with its investment partners and emphasizes agility in investment decision-making, ensuring maximum value generation throughout the investment lifecycle.

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This divestment from SPIE represents a prudent decision for Peugeot Invest, given the positive performance metrics achieved during their holding period. With outstanding growth and value generation evident, the exit allows the investor to capitalize on successful developments within SPIE, demonstrating effective investment management practices.

Furthermore, the timing of the divestment aligns well with the increasing valuation of companies within the operational services sector, particularly those engaged in energy transition and digital infrastructure. This strategic move validates Peugeot Invest's ability to read market trends and plan exits that maximize returns for its stakeholders.

In conclusion, this transaction illustrates not only the impressive growth achieved by SPIE under Peugeot Invest's stewardship but also highlights the investor's strategic acumen in recognizing the right timing for exits. Overall, this deal stands as a testament to the effectiveness of long-term investment strategies within a changing market landscape.

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