Renforcement de notre équipe « Technologies et Services industriels »
Investec a le plaisir d’accueillir Matthias Odrobina au poste d’Associé au sein de l’équipe allemande et en tant que membre senior de l’équipe internationale dédiée au secteur des technologies couvrant l’Europe, le Royaume-Uni, l’Afrique, les États-Unis et l’Asie. Il apportera des conseils M&A sur les opérations transfrontalières.
Matthias apporte une expertise sectorielle approfondie dans le domaine des technologies industrielles (avec un accent particulier sur les industries intelligentes, les logiciels B2B et la transformation numérique).
Il possède plus de 20 ans d’expérience auprès des conseils d’administration et des CEO dans le cadre de fusions, d’acquisitions, de cessions, de financements et de rachats, avec une spécialisation particulière dans le secteur industriel, les logiciels B2B et les services aux entreprises.
Contact: Matthias Odrobina
Michel Degryck, Managing Partner, figure parmi les banquiers d’affaires de référence en France selon MergerLinks (Datasite).
Cette distinction vient saluer son leadership reconnu et une exigence constante au service de ses clients.
Chaque transaction réussie repose avant tout sur une compréhension fine des enjeux, un discernement éclairé et des relations de confiance construites dans la durée.
Retrouvez les classements : Top Investment Bankers in France FY 2025
Retrouvez l’entretien de Thibault Laroche-Joubert, associé, dans le dernier numéro de Private Equity Magazine consacré au secteur du bâtiment (Février 2026).
L’ingénierie, les services multi-techniques pour les bâtiments industriels ou encore les entreprises de génie électrique et climatique sont les cibles privilégiées du private equity, qui apprécie les solides fondamentaux du BTP tout en fuyant les effets de cycle.
Quand le bâtiment va, tout va. Mais même quand il n’est pas au mieux de sa forme, le BTP continue à attirer le private equity, qui consolide à la pelle les niches les plus résilientes et les moins exposées aux cycles de la construction. (…)
Extraits :
“”– Thibault Laroche-Joubert, associéLe secteur du génie électrique bénéficie de fondamentaux très solides et une forte visibilité sur la dynamique de croissance sur dix à quinze ans. La conjonction de la croissance et de la fragmentation du marché attire les fonds d’investissement et alimente l’inflation des valorisations sur ce segment a fortiori pour des cibles qui cochent à la fois une spécialisation dans des métiers à forte valeur ajoutée, une forte récurrence de leurs revenus et une plateforme de buy-and-build au track-record déjà éprouvé.
“”– Thibault Laroche-Joubert, associéMalgré la flambée des valorisations provoquée par l’appétit des plateformes et des search funds pour les cibles du génie électrique et climatique, le marché est assez profond, avec un foisonnement de PME en quête d’adossement et des deals propriétaires, pour que les buildup aient un effet relutif.
Nous sommes heureux d’annoncer une nouvelle expansion de nos services de conseil en M&A à l’international avec l’intégration de Capitalmind Switzerland sous la marque Investec.
L’équipe suisse, dirigée par Markus Decker et Thomas Ellenberger, est fière de rejoindre Investec, renforçant ainsi notre engagement commun à fournir des conseils et des solutions sur mesure en matière de fusions-acquisitions.
Il s’agit d’une étape importante pour notre équipe et nos clients, qui renforce notre présence et nos compétences à travers l’Europe.
Cette acquisition souligne notre engagement à développer nos activités de conseil, qui comptent désormais 300 professionnels des fusions-acquisitions répartis dans 17 bureaux à travers le monde, et complète l’offre intégrée d’Investec en Suisse, qui comprend la banque privée, la gestion de fortune et le direct lending.
« En réunissant nos professionnels des M&A à travers l’Europe, nous sommes en mesure d’apporter des idées nouvelles et des solutions sur mesure à nos clients en Suisse comme à l’international. »
– Markus Decker, associé gérant du bureau suisse
« Cette acquisition renforce notre présence en Suisse et améliore la collaboration mondiale, en connectant nos clients à des opportunités d’investissement internationales et locales. »
– Jonathan Arrowsmith, responsable des services bancaires d’investissement, Investec
Tous les membres de notre équipe suisse :
Markus Decker, Thomas Ellenberger, Yanik Costa, Dr. Miró Feller, Tim Graber, Kai Kiesinger, Lorenzo Mattei, Luca Stalder and Gabi Korolnyk
En savoir plus:
Retrouvez l’entretien de Michel Degryck, Managing Partner, dans le numéro de NextStep n°22 de juin 2025 consacré aux cessions d’entreprises détenues par des fonds d’investissement.
Les cessions des entreprises détenues par les fonds se font toujours au compte-goutte malgré la pression des investisseurs pour le retour de liquidité et l’allongement de la durée de détention firtant avec les sept années en moyenne. (…)
Extrait :
“”– Michel Degryck, Managing Partner, InvestecLa situation est très contrastée selon la taille des entreprises. Sur le large cap, les transactions sont gelées car les cibles sont plus exposées à l’international et aux incertitudes de l’environnement macro-économique, d’une part et à la raréfaction des acquéreurs potentiels à des valorisations conformes aux attentes des cédants, d’autres part.
Investec est fier d’annoncer que notre équipe France a reçu le Trophée d’Argent dans la catégorie Meilleure Banque d’Affaires – LBO Small to Mid Cap, lors du dernier Sommet des Leaders de la Finance à Paris.
Organisé par Décideurs Corporate Finance, cet événement met à l’honneur les acteurs les plus engagés et innovants du secteur, qui accompagnent avec succès des opérations stratégiques de grande envergure.
Nous remercions chaleureusement nos équipes pour leur engagement et leur professionnalisme, ainsi que nos clients pour leur confiance renouvelée.
Dans un marché des fusions-acquisitions de plus en plus exigeant, la question de la « préparation à la cession » (exit readiness) prend une importance croissante : stratégie, indicateurs clés, equity story, vendor due diligence – comment l’intégration précoce de la planification de la cession dans le développement stratégique de l’entreprise devient un facteur clé de succès.
Que peuvent réellement apprendre les dirigeants et propriétaires d’entreprise des rois du deal – les investisseurs en capital-investissement – en matière de préparation à la vente, afin de rendre les résultats de cession plus prévisibles et optimaux ?
Dans cet épisode de What’s up, Corporate Finance?, Thorsten Gladiator, Managing Partner chez Investec, et Sebastian Markowsky, Managing Director, échangent avec le journaliste économique Michael Hedtstück sur les enseignements que les entrepreneurs peuvent tirer des fonds de private equity en matière de préparation stratégique à la cession.
Les questions clés abordées :
- Que peuvent réellement apprendre les entrepreneurs des « Kings of deals » – les investisseurs financiers – en matière de préparation à la cession ?
- Existe-t-il un décalage manifeste entre la perspective à long terme adoptée par les fonds de private equity pour préparer leurs sorties et les horizons de planification M&A des dirigeants d’entreprise ?
- Quels sujets doivent impérativement être clarifiés en amont d’un processus M&A, plutôt que d’être laissés à l’appréciation de l’acheteur potentiel ? Dans quelle mesure est-il essentiel de bien répéter l’equity story et la présentation du management ?
- Quelle est la réalité pour les entreprises de taille intermédiaire ? Dans quelle mesure les dirigeants sont-ils prêts à s’inspirer des pratiques des fonds de private equity ?
Cliquez ici pour écouter le podcast :
What’s up, Corporate Finance? est un blog et un podcast du Finance Think Tank Network. Grâce à des analyses régulières et des décryptages approfondis sur des sujets liés au private equity, private & venture debt, corporate & investment banking, M&A, au financement et au restructuring, ils décryptent l’univers de la finance d’entreprise avec expertise et passion journalistique.
🎙 Écoutez le podcast, disponible sur toutes les plateformes d’écoute.
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Notre équipe a été reconnue comme l’une des plus actives en 2024 en LBO, M&A et Debt Advisory selon l’étude annuelle menée par CF News, le media digital de référence de l’actualité des opérations de haut de bilan.
L’équipe se place une nouvelle fois sur les premières marches des classements :
- #4 sur le segment LBO
- #5 sur le M&A Small & Mid cap (valeur de transaction de 50 à 250 millions d’euros)
- #5 sur le Debt Advisory
Sous la direction de Michel Degryck, l’équipe française forte de 40 professionnels multisectoriels, a continué à travailler sans relâche dans un environnement de marché chahuté, et à délivrer des solutions sur mesure de grande qualité aux acteurs du private equity, aux entrepreneurs, aux groupes familiaux, et aux grands groupes.
Un grand merci à nos clients et partenaires pour leur confiance renouvelée.
« Cette reconnaissance témoigne de la confiance que nos clients nous accordent et de l’engagement sans faille de notre équipe. Nous restons déterminés à leur apporter des solutions innovantes et adaptées à leurs enjeux stratégiques. »
— Michel Degryck
Tendances du marché, opérations financières et évaluations du marché néerlandais
« La force intrinsèque du secteur du génie électrique reste incontestable, stimulée par l’accélération des progrès en matière d’efficacité énergétique, l’adoption croissante des énergies renouvelables et l’émergence des nouvelles technologies ».
Marleen Vermeer – Associée Investec Benelux
Ce rapport fournit une vue d’ensemble des tendances du marché, des opérations financières et des évaluations du marché néerlandais.
Pour consulter et lire le rapport complet cliquez-ici
Case Study
Aqseptence Group, a global leader in autonomous water and filtration technology, equipment and system solutions specialising in water treatment and liquid/solid separation, has attracted Oaktree, a leading global investment manager, as an investor.
Oaktree’s investment and expertise will provide Aqseptence Group with the necessary resources to continue to grow and innovate to best serve existing and new markets.
Interview with Baldassare La Gaetana, CEO of Aqseptence Group and Ervin Schellenberg, Managing Partner of Investec, taking us through the process and decision making of Oaktree’s majority investment in Aqseptence in a short video:
- What is the Aqseptence Group? Why a new shareholder?
- What is your sector and investor perception? – Opinion Ervin Schellenberg
- Why is it important to work with an M&A advisor? – Opinion Baldassare La Gaetana
- How was the collaboration with Investec?
For nearly 25 years, Investec has been assisting its clients in reaching their strategic goals, whatever it takes, whether it’s by securing a strategic business, or maneuvering and winning a competitive auction process:
We are particularly adept at advising on the following situations:
- Acquiring (family-owned) companies, groups, or other mid-market companies
- Acquiring subsidiaries or business units from (international) corporates, including carve-outs
- Acquiring businesses from a founder/(majority) shareholder, including succession
- Acquiring shares owned by a private equity firm, family office or other investors
Designing and executing such transactions is what our team does on a daily basis. To ensure success, our team also leverages its extensive experience and unique capabilities, which include: deal intelligence, tactical, technical and project management skills, negotiation skills, and an understanding of the personal interests/sensitivities of relevant stakeholders.
Investec France une nouvelle fois récompensée dans la catégorie Banque d’affaires : meilleure équipe LBO Small to Mid cap avec un Trophée d’Or, lors de la cérémonie des Trophées des leaders de la Finance de Décideurs Leaders League, qui s’est déroulée le 29 mai dernier à Paris.
Félicitations à toutes nos équipes pour leur travail remarquable, et un grand merci à nos clients pour leur confiance et leur soutien.
Lauréats 2024 – Sommet des Leaders de la Finance
The Rheingau Music Festival is one of the largest music festivals in Europe and organises over 170 concerts every year throughout the region from Frankfurt and Wiesbaden to the Middle Rhine Valley.
Unique cultural monuments such as Eberbach Monastery, Johannisberg Castle, Vollrads Castle or the Wiesbaden Kurhaus as well as picturesque vineyards are transformed every summer into concert stages for stars of the international classical music scene and interesting up-and-coming artists from classical music and jazz to cabaret and world music.
In over 30 years, the Rheingau and its festival have become a centre of attraction for music enthusiasts from all over the world in a unique interplay of culture and nature, music, enjoyment and joie de vivre.
Investec is delighted once again to sponsor the Rheingau Music Festival 2024 and invites you to join us from 22 June to 7 September 2024!
A special feature this year? For the first time, there will be two opening concerts: Traditionally, the festival opens in the Eberbach Monastery, followed by another opening concert in the Kurhaus Wiesbaden. This year’s focus artists are also particularly outstanding: violinist Christian Tetzlaff, cellist Anastasia Kobekina, pianist Bruce Liu and jazz saxophonist Candy Dulfer.
Once again this year, various themes and focuses will ensure a varied and exciting programme. Under the motto « Spot on: Hollywood », the world of film music comes to life in twelve concerts. Under the motto « Brazil! », the contrasts and beauties of the country will be explored musically. The programme is also dedicated to the works of Antonín Dvořák and a true classic: Vivaldi’s « Four Seasons ».
The stages of the 37th festival season will be graced by numerous stars from the worlds of classical and pop music. Highlights include star pianist Lang Lang, singers Álvaro Soler, Max Mutzke and Max Giesinger, violinist Anne-Sophie Mutter, opera singer Rolando Villazón and entertainer Eckart von Hirschhausen.
Investec has been a committed sponsor of the Rheingau Music Festival for more than 15 years. This long-standing partnership is characterised by our deep appreciation for the arts and a strong connection to local culture. We look forward to experiencing a rousing summer full of music together with you again this year.
You can view the detailed program here.
Digital Disruption and Strategic Consolidation: Navigating the New Frontier in Industrial Services
Global Industrial Service
Technologization and Electrification along the full asset lifecycle to increase efficiency in industrial services and processes and comply with CO2 emission regulation.
Industrial Service Valuation drivers
The valuation of industrial services is primarily influenced by three pivotal factors. An increased involvement in the asset lifecycle and the ability to manage complex assets significantly enhance valuation metrics. Moreover, the intricacy of the service offered, and the dynamics of the target market further underpin these valuations. There is a notable shift towards a more comprehensive degree of asset stewardship, ranging from deploying personnel capable of operating the assets on-site to achieving full autonomy in asset management, thereby enhancing and operating the assets entirely independently from the end-user. Specifically, sectors such as energy and chemicals necessitate sophisticated services and assets, due to their inherent complexity and the critical nature of their operations.
Investec has extensive experience in advising deals in the Industrial Service sector. With 25 focused dealmakers across Europe, we can help you to achieve your strategic ambitions.
Interview
As we enter 2024, the M&A landscape shows signs of recovery, albeit cautiously.
In the episode of the February 20, 2024 of No Ordinary Wednesday, Jeremy Maggs in conversation with Investec experts Jürgen Schwarz, Marleen Vermeer, and Kilian de Gourcuff, Investec’s Head of Cross-Border Finance and International Advisory Charles Barlow, on what key sectors, trends and risks to keep an eye on in 2024.
Click here to listen to the podcast:
Where does opportunity lie for dealmaking in 2024? (investec.com)
Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what’s moving markets, shaping the economy, and changing the game for your wallet and your business.
Listen to the best of No Ordinary Wednesday: https://www.investec.com/en_za/focus/no-ordinary-wednesday-with-jeremy-maggs.html
European Market
The European IT Services M&A market is surging with consolidation driven by the ongoing digital transformation wave, shifts in managed services, and attention from private equity firms.
2023 has seen and will continue to see a spike in M&A activity as businesses seek digital transformation for market competitiveness. With a projected spending of $380 billion and a 6.6% year-on-year growth, the European IT Services market is set for significant expansion.
Cybersecurity, DevOps, software development, quality assurance, digital transformation, low code, and managed services will take centre stage in upcoming deals.
Dutch Market
Private Equity is driving consolidation in the booming Dutch IT Services market, with 25+ platform companies in the digital transformation/managed services sector. Below an overview of Buy & Build platforms in the Netherlands.
The Netherlands ranks fourth in Europe for IT Services transactions, trailing the United Kingdom, Germany, and France. Our research highlights a notable rise in financially-backed strategic buyers, increasing from ~30% in 2018 to ~40% in 2022.
For more information and our full IT Services 2023 report, please contact Ron Belt or Maurits Odekerken
Embracing innovation and sustainability: the future of the TIC industry
As long-term advisers to the TIC sector, Investec | Investec hosted our inaugural European TIC conference in March 2023. Industry leaders joined us for a lively discussion about the future of the sector – including digitalisation, sustainability, and M&A strategy.
Watch and read the highlights from our inaugural European TIC conference
The Testing, Inspection & Certification (TIC) sector has long played a pivotal role in providing quality and safety control services to protect people, and the environment we live in. Now, several transformative trends are driving further opportunities in the sector.
To help facilitate discussion on these trends, Investec | Investec hosted our inaugural TIC conference on 9 March 2023. Paul Hesselink – CEO Kiwa; Hervé Montjotin – CEO Socotec; and Mark Williams – Partner Inflexion; joined us to provide their views on the sector’s changing dynamics.
Continued M&A activity from both private equity and trade consolidators has seen valuation multiples increase significantly over the last 5 years. The ongoing attractiveness for investors has been underpinned by the strengthening regulatory landscape across a variety of sectors, alongside specific growth drivers within several individual sub-sectors.
We have continued to see buy-and-build strategies play an important role in driving growth, as incumbent players seek to leverage the benefits of scale to address a broad range of sub-sectors and unlock further synergies.
Three common themes repeatedly were raised as the future of the TIC industry was discussed.
Independent verification for ESG
The sector is heavily intertwined with the growing requirement for greater environmental, social, and governance (ESG) standards among businesses. As companies increasingly seek to promote their ESG credentials, avoid accusations of greenwashing and meet incoming European regulations, the TIC sector will play a crucial role, not only in verifying ESG standards, but also in providing guidance to help companies navigate these often-complex issues.
Hervé Montjotin affirmed the growing demand for independent verification, saying, “Regarding sustainability, people need to be reassured by a trusted third party so we can add a lot of value and help avoid greenwashing.”
Mark Williams highlighted the need to test for unforeseen consequences as businesses seek to improve the sustainability of products. He said, “we are using different materials to make things better and more efficient, but these need to be checked to ensure that whatever has been created is more sustainable and that we don’t find out in 15 years that there are negative impacts.”
Paul Hesselink noted that TIC firms are not only ensuring sustainability and ESG compliance for their clients, but are measuring their own performance against these objectives too: “Carbon dioxide footprinting, gender diversity indices…we don’t just measure these for our customers but for our own business too – walking the talk and demonstrating that we are living up to what we preach.”
The digitalisation challenge
As with many industries, the digitalisation trend – which encompasses digital, data and new technologies (notably sensors, portable instruments and the Internet of Things) – is transforming internal processes for the TIC sector, as well as its business models and the services it offers. Our panel acknowledged how influential digital tools have been in liberating productivity and improving profitability.
However, they cautioned that the pace of potential digital disruption is being slowed by the sector’s conservatism, as well as regulatory reticence. For example, regulators still require in-person inspections rather than using digital tools. The panel agreed that the industry should stay one step ahead of the main pack in terms of technology so that it will be ready when its customers and the regulators are, but acknowledged the sector is unlikely to be a change leader.
Expansion in a rising interest rate environment
It was widely accepted that the current economic environment is creating a new set of challenges – particularly in terms of M&A. Mark Williams pointed out that higher borrowing costs could inhibit some forms of M&A activity, but notes that “there is still demand for quality platforms and there are still entrepreneurs that want to sell.” He added that the focus on high margins was particularly important for many private equity buyers.
Paul Hesselink joked that higher interest rates should help shake off the private equity competition, remarking that “industrial and private equity buyers have different dynamics – industrial buyers can be less margin driven as they have more time to develop a business if it is the right cultural fit.”
Hervé Montjotin added that his business had sought a more global expansion strategy as this can help alleviate cyclical risks. He said that while the industry is “cyclical, those cycles are often domestically orientated, and having a global balance can help mitigate such risks.”
Finally, Mark Williams summarised why the TIC space continues to remain an attractive M&A prospect, saying, “We’ve seen the sector evolve and maintain a steady cadence of growth; while the themes have changed, the concept of securing peoples’ lives and futures is the same as it was 50 years ago. Therefore the industry will keep surviving as we need to secure the world around us.”
Download our presentation
Register your interest for next year’s event by contacting Marleen Vermeer
The European M&A market in the Transport & Logistics sector continues to be driven by M&A activity and consolidation across all market segments. Several serial acquirers continue to drive consolidation in the UK, DACH, France, the Nordics, and Benelux regions.
Logistics services segment is being targeted at a fast pace
The Transport & Logistics deal landscape in Europe has reached 1,367 recorded transactions during the period 2016 – H1 2022. Deal activity is mainly driven by a high number of acquisitions in the road transport (24.3%) and a fast-growing number of transactions in the freight forwarding (22.4%), and contract logistics (14.6%) sub-segments.
Increasing number of financial buyers are driving M&A activity
Private Equity investors have been involved in 21% of all transactions in H1 2022 which is significantly higher than the 9.5% in H1 2021. The rising interest of financial buyers in this sector is due to fragmentation of the market as well as a valuation gap that is present between large and small T&L-companies.
More cross-border acquisitions were observed
Deal activity in the Transport & Logistics sector is also driven by more cross-border acquisitions, especially in the Benelux. Both, European buyers as well as non- European buyers from the US, Canada, Middle East, and Africa have been driving this trend.
TECH IS TRANSFORMING THE TIC INDUSTRY AND LIFTING VALUATIONS
M&A at the crossroads, as new TIC strategies take hold:
- The global addressable TIC market is worth €95bn, and growing at 5% p.a. on a long-term basis. The market has historically been driven by a constant supply of new and tighter regulations, as well as GDP growth and outsourcing. However the market is currently being transformed by new growth boosters arising from societal expectations and technology.
- The market is being heavily disrupted by digitalisation and technology: digital, data, software, sensors and measuring instruments are rapidly transforming operational processes, service offers and business models. TIC solutions are becoming core digital tools, to better manage risks and improve performance.
- M&A activity is high, with 1,000+ deals completed over the past 5 years. The top 12 market leaders worldwide account for c. 35% of the total deals. Transactions are being performed all over the world, with Europe and the US leading the race, representing around 80% of the M&A market.
- Accelerated market consolidation is expected, as M&A is being widely used to accelerate strategies:
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- Fast-growing tech-enabled players attract growth capital;
- Private equity invests in buy & build platforms and sponsors transformational acquisitions;
- Market leaders sell non-core assets and acquire strategic tech-enabled targets to bolster transformation.
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