ERES IV announces its acquisition of a majority stake in M-Energies
Edmond de Rothschild Equity Strategies IV SLP ("ERES IV") is pleased to announce the signing of an agreement to acquire a majority stake in M-Energies from its historical shareholders, Dominique Massonneau, Turenne Emergence, Bpifrance and Euro Capital.
The management, the employees, Bpifrance and Dominique Massonneau, founder of M-Energies, will reinvest alongside ERES IV, a midcap investment fund managed by Edmond de Rothschild Private Equity (France) and advised by Elyan Partners. Aurélien Fortier will take over as Chief Executive Officer of the group, in keeping with the managerial transition initiated 4 years ago.
Founded by Dominique Massonneau in 2009, M-Energies has established itself as a leading independent player and a trusted partner in energy services, recognized and appreciated by its mainly B2B customers. The group’s organization is particularly attractive to its employees, thanks to its agile DNA, its culture of technical expertise and its customer-centric approach.
The group specializes in the installation, maintenance and renovation of collective, individual and industrial heating and air-conditioning systems (HVAC). It has experienced significant growth over the past 15 years, both organically and through acquisitions (nearly 40 acquisitions since 2009).
With its technical expertise and its regional roots in eastern France and the Ile-de-France region, and with the support of its new financial partner, the group aims to be a consolidation platform specializing in HVAC for both collective and individual systems. It will seek to strengthen its leadership in its markets and to become a major player in the improvement of buildings’ energy performance.
The transaction will be finalized in the last quarter of 2025, subject to administrative authorizations.
Johnny el Hachem, CEO of Edmond de Rothschild Private Equity comments: "We were particularly impressed by the management team's ability to build, in just 15 years, key positions in the markets where M-Energies operates, ensuring largely recurring activities, that are essential for final users and based on very long-term relationships with its customers. »
Jérémie Mélin and Laure Lamm-Coutard, Partners at Elyan Partners, said: "We fully share the management team's ambition to make M-Energies a leading player in energy performance services in France, in line with our strategy of supporting businesses related to climate change adaptation."
Aurélien Fortier, Chief Executive Officer of M-Energies, said: "This transaction marks a key milestone in the history of M-Energies. With the support of ERES IV, we will accelerate our growth strategy and consolidate our leading position in our markets. »
Dominique Massonneau, Founder of M-Energies, believes: "When I created M-Energies more than fifteen years ago, my ambition was to build an independent company, based on technical expertise and proximity to our customers. I am proud of the progress made by the team and happy to see M-Energies start a new stage of its development alongside ERES IV, while remaining true to its values and DNA. »
Nicolas Mallassagne, Investment Director at Turenne Emergence, adds: "I am delighted to have participated in this great growth story, alongside a player at the heart of buildings’ energy efficiency, which has more than doubled in size since 2019, mainly thanks to nearly 25 acquisitions."
STAKEHOLDERS ON THE OPERATION
ELYAN team: Jérémie Mélin, Laure Lamm-Coutard, Paul Perroud, Davide Giacometti and Antoine Deck
Buy-side advisors:
Edmond de Rothschild Corporate Finance (Nicolas Durieux, Willy Pradel, Florian Roche, Clément Gibert in M&A and Paul Assael, Carlos Martinez Oliva in Financing)
DE PARDIEU BROCAS MAFFEI A.A.R.P.I (Matthieu Candia, Priscilla van den Perre, Enguerrand Maloisel, Eryk Nowakowski et Anne-Lucie Mahe)
EY Parthenon TS (Maxime Prat, Victoria Baron, Mamoun Charai)
CMI Strategies (Nicolas Kandel, Nicola Virgata, Vincent Ehrhart, Florian Lopez, Charles Morio, Victor Salasca, Clément Viot)
EY Avocats (Louisa Igoudjil, Guillaume Pezzali, Guillaume Dezobry, Mael Fablet, Annaëlle Derhy, Jeanne Sinquin, Christophe Nusbaumer, Léna Carron in Legal; Aurélie Broussy and Chloé Boban in Social; Didier Tixier, Anis Mezni and Smbat Hakobyan in Fiscal)
EY Parthenon IT (Damien Dixsaut, Hamza Idamira, Sabrina Makdoud and Anas Baha)
Turenne Emergence team: Nicolas Mallassagne, Marceau Raulet
Sell-side advisors:
Natixis Partners (Thomas Laroque, Clément Trigolet, Erwin Ruciak in M&A and Patrice Raulin and Gabriel Besnard in Financing)
Lamartine (Olivier Renault, Bintou Niang, Raphaël Saulneron and Nadia Driouich)
Eight Advisory (Maxime Goerens, Mayeul de Mauroy and Thomas Hipeau)
Indefi (Julien Berger, Adam Laissaoui, Mouhsine Aguedach, Victor le Marois and Pierre Paverne)
ABOUT ELYAN PARTNERS & ERES IV
Edmond de Rothschild Equity Strategies IV SLP (ERES IV) is an investment fund raised in 2021 (€512 million in assets under management), closed to commercialization, which invests in medium-sized companies in Europe and North America, mainly in four themes: Healthcare Services, the digitalization of B2B services, new consumers and adaptation to climate change.
ERES IV is managed by the management company Edmond de Rothschild Private Equity (France) and advised exclusively by Elyan Partners SAS. The management company is a simplified joint-stock company, whose registered office is located at 47, rue du Faubourg Saint Honoré, 75401 Paris Cedex 08. Registered with the Paris Trade and Companies Register under number 448 804 575, approved by the Autorité des Marchés Financiers as a management company. AMF approval number GP15000027 Paris.
As a partner member of Edmond de Rothschild Private Equity, Elyan Partners SAS is the exclusive investment advisor (CIF) for the ERES funds to the Edmond de Rothschild Group.
ABOUT M-ENERGIES
The M-Energies Group specializes in the maintenance, installation and operation of heating and air conditioning systems. With more than 500 employees, a turnover of more than €90 million targeted for 2025 and around thirty agencies, particularly in the Grand-Est and Ile-de-France regions, M-Energies supports a well-diversified portfolio of customers.
ABOUT TURENNE EMERGENCE
As the independent leader in small-cap private equity in France, Turenne Groupe has been supporting entrepreneurs for 25 years, through its management companies, in their innovation, development and transfer projects throughout the country.
With more than €2 billion in assets under management and +300 companies in its portfolio, Turenne Groupe relies on sector expertise with dedicated teams in the health, engineering and environmental services, industry and deeptech sectors, hospitality, as well as on specific expertise (debt funds and funds with enhanced CSR criteria).
As part of its sector fund strategy, Turenne Emergence, with a team of 7 dedicated investors, specializes in LBO and growth capital transactions on fast-growing companies in the energy and environmental sectors. The Turenne Emergence II fund, which was finalized at the end of 2024, has a budget of €136 million.
About Edmond de Rothschild
Edmond de Rothschild is an investment house founded on the conviction that when put at the service of the real economy, wealth can be useful and contribute to making progress an ever-new idea.
Driven by a culture of financial anticipation of nearly three centuries, it specializes in private banking and asset management and has recognized know-how in its main businesses (wealth management, wealth engineering, life insurance, services to independent wealth managers, corporate finance, private equity, real estate, infrastructure, liquid strategies and fund administration). Its 100% family shareholding gives it real independence that allows it to align with the interests of its clients and promotes the emergence of financial solutions adapted to the specific needs of a clientele of families, entrepreneurs and institutional investors. As of December 31, 2024, Edmond de Rothschild managed more than CHF 184 billion in assets and had a solid balance sheet with a CET 1 of 19.7%. With more than 2,700 employees and 29 locations, it is a key player in the main markets where it operates - including Geneva, Luxembourg, Paris and Monaco.
Edmond de Rothschild is at the heart of a unique ecosystem made up of agricultural, wine, hotel, family philanthropic activities, the Gitana offshore racing stable and the Caron perfume house.