Turenne backs M-Energies OBO

Turenne backed the business via its Emergence and Euro Capital funds, which took a minority stake. The transaction sees the company's president Dominique Massonneau remain the main stakeholder of M-Energies; however, it allows the management team, led by Patrick Steinmetz, to acquire a minority stake in the business.

Previous backer BPI France has decreased its stake in the process. A statement from BPI mentions that the business has acquired three companies since the beginning of the year and should bolt on a fourth in Q4.

Previous funding
BPI France has backed the company since 2009. Avenir Entreprises invested €1.5m in M Energies in 2011, investing via the €140m AED fund. In addition, state-backed funding structure Oséo provided M Energies with an extra €1.5m loan. The fresh capital was meant to support M Energies' acquisition strategy. 

Company
Established in 1968 and previously known as Solorec, M Energies specialises in the installation and servicing of heating, ventilation and air-conditioning equipment. It targets businesses, individuals and local authorities. The Ludres-based group operates 20 agencies and currently employs 340 staff. The business generates revenues in excess of €45m. 

People
Groupe M-Energies – Dominique Massonneau (president).
Turenne Capital – Guillaume Foillard (managing director).

Advisers
Equity – KPMG (financial due diligence); Reinhart Marville Torre (legal); Orion Avocats & Conseils (legal); Nabarro & Hinge (legal).
Company – Mazars Corporate Finance (corporate finance); Lamartine Conseil (legal). 

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• Topics
• Buyouts
• France
• Consumer
• France
• Turenne Capital Partenaires
• BPI France