France keeps on benefiting from Macron’s pro-business policies which are expected to encourage investment in the country going forward. This has undoubtedly been reflected in the staggering increase in private equity activity over the quarter, with deal volumes in France up 30% from the same quarter last year. Industrials and TMT accounted for over half of the transactions announced in France during Q1 2019.

The key transactions that took place during the period include:

Consumer, Leisure & Retail

  • Permira acquired Hana Group, the operator of in-store Asian cuisine corners that provide fresh and ready-to-go meals, from TA Associates, for an estimated consideration of €550M


  • Ardian acquired Revima, the aircraft maintenance firm, from Argos Wityu, for an undisclosed consideration
  • TowerBrook Capital Partners, along with a group of investors, aquired Sabena Technics, the provider of maintenance, repair and overhaul (MRO) services for both the military and civil aerospace sector, from TAT Group, for an undisclosed consideration


  • B & Capital acquired EVA Group, the cloud infrastructure and cyber-security specialist, for an undisclosed consideration


  • General Atlantic acquired a stake in Doctolib, the operator of an online and mobile booking platform that helps to find a specialist doctor nearby and make an appointment, for an estimated consideration of €150M
  • Five Arrows Principal Investments acquired Harvest, the listed publisher of financial, estate, and tax decision-making software for banking and insurance professionals, from Brice Pineau and Jean-Michel Dupiot, for an estimated consideration of £110M