BPI France, Ixo Private Equity buy MAT

Francesca Veronesi
04 July 2019

Tweet
Facebook
LinkedIn
Google plus
Send to

BPI France and Ixo Private Equity have acquired a majority stake in France-based Groupe Maisons Avenir Tradition (MAT), a residential construction company, investing alongside management.

Ixo acquired a majority stake in the business, while BPI France retained a minority, Unquote has learned.

The transaction sees CEO Maxime Goy invest in a substantial minority in the business. On the other hand, founder Michel Cassar has divested in the business, although not fully, Unquote understands.

Ixo typically invests €2-30m in businesses based in southern France. The GP used its retail local investment funds for the transaction.

Company
Founded in 1989 and headquartered in Nîmes, MAT specialises in the construction of detached houses in the south of France that are ready for use once delivered. On average, houses are built within seven months. It operates 19 agencies that generate revenues of €40m, employing 110 people.

People
Groupe MAT – Maxime Goy (CEO).
Ixo Private Equity – Remi Chériaux, Hervé Darrieux (investment directors).

Advisers
Vendor – Cabinet Ducros (legal).
Equity – PVB Avocats (legal); Advance Capital (corporate finance); Delta Assurances (insurance due diligence).