Investec has advised Azergo shareholders on a minority stake disposal of the Group to iXO Private Equity, Société Générale Capital Partenaires and BNP Paribas Développement
About the deal
Founded in 2007 by Nicolas Pfennig, Azergo is France pioneer and leading specialist in ergonomic solutions for workplace. Originally recognized for its expertise in workstation adaptation for people with disabilities, the group now supports businesses and public organizations across the full spectrum of occupational health challenges — from musculoskeletal disorder prevention to job retention and the sustainable improvement of working conditions. With 200+ employees, Azergo has built a national network of experts in ergonomics, biomechanics, and occupational therapy, as well as a portfolio of solutions designed to help employers adapt and optimise work environments.
Supported by Initiative & Finance since 2021, Azergo has delivered a remarkable growth trajectory through organic expansion and targeted acquisitions scaling from €24m in revenue in 2021 to c.€60m in 2026.
With iXO Private Equity alongside Société Générale Capital Partenaires and BNP Paribas Développement, Azergo is entering a new phase of development as the Group intends to replicate its model in neighboring European countries. This next chapter of growth will be led by Vincent Rigoudy, who is taking over as Group CEO, with the support of Nicolas Pfennig. Nearly 30 of the Group’s managers are also becoming shareholders alongside top management team and financial investors.
About iXO Private Equity
Founded in 2003, iXO Private Equity is the leading regional independent private equity firm in France. With €1bn in assets under management, the firm primarily focuses on growth capital and succession capital transactions. It invests between €2m and €30m in equity per project in companies located in Southern and Western France.
About Initiative & Finance
Since its founding in 1984, Initiative & Finance has completed nearly 350 growth and succession financing transactions and has helped foster the growth of numerous mid-sized companies. The management firm has been independent since 2010 and currently manages approximately €800m on behalf of leading French and European institutional investors and family offices.
Our role
Investec supported Azergo’s shareholders throughout the divestiture process:
- Defining the strategy and timeline for the transaction
- Developing the equity story
- Drafting marketing materials
- Selecting the financial investors best positioned to enhance the Group’s value and support its growth
- Finalising the business plan with management
- Overseeing the due diligence process
- Raising LBO financing
- Organising a competitive sale process
- Managing negotiations through to closing
