Paris, February 5, 2025 – LBO France, a multi-specialist investment platform and a pioneer in private equity, announces the acquisition of a majority stake in E.R.E (Entreprise Redonnaise d’Électricité), a key player in the French energy sector specializing in the design and manufacturing of high-voltage transformer substations. This transaction marks a significant milestone in E.R.E’s growth trajectory within a highly dynamic market. Capelia, the company’s principal shareholder since 2022, retains a significant minority stake alongside the management team led by Ludovic Bianchi.
A major player in France’s energy transition, E.R.E is a Brittany-based company and one of the few market players mastering the manufacturing of ENEDIS-certified high & low-voltage transformer substations. With an in-house engineering office and two industrial sites located in Ille-et-Vilaine and the North of France, the company is engaged in the design, manufacturing, installation, and maintenance of transformer substations. Its turnkey solutions leverage dual expertise in electrical engineering and civil works, primarily catering to the private sector.
E.R.E has demonstrated strong growth momentum, driven by significant industry trends such as the development of renewable energy and the electrification of transportation and industrial applications. The company generated revenues of around 30 million euros in 2024.
Scaling up to the next growth stage
Through this investment, LBO France aims to support E.R.E in an ambitious external growth strategy, particularly by diversifying its offerings and positioning the company as a leading multi-specialist player in the high & low-voltage transformer substations sector. A financing line of 15 million euros dedicated to external growth has been established with a banking consortium led by Arkéa.
The company will be able to benefit from the operational and financial support of LBO France as well as Capelia, which retains a significant minority stake alongside CEO Ludovic Bianchi.
Jean-Marie Leroy, Partner in charge of the Small Caps activity at LBO France, said: “We are delighted to support E.R.E and Ludovic Bianchi in this new stage of the company’s growth after a very successful career with Capelia. Our operational team will be particularly committed alongside the management team to carry out the company’s ambitions.”
Eric Mozas, Partner and member of the Capelia governance: “Having supported Ludovic Bianchi since 2021, we have helped drive the company’s organic growth, doubling its revenue in under three years. We are pleased to enter this new phase with LBO France, with whom we share common values and a strategic vision.”
Ludovic Bianchi, Managing Director of E. R.E., said: “Following an initial partnership with Capelia in 2021, I am thrilled to welcome LBO France on board and to have Capelia’s continued confidence in E.R.E’s growth project. This new transaction will enable E.R.E to maintain its strong growth trajectory, strengthen its structure, and scale up to the next level.”
List of stakeholders and advice on the transaction:
- Buyer(s) or Investor(s): LBO FRANCE, Jean-Marie Leroy, Charles Béal, Charlotte Zimmer
- Seller(s) : CAPELIA, Eric Mozas, Gauthier Mazure MANAGER(S), Ludovic Bianchi
- Purchaser Corporate Lawyer: JEANTET, Pascal Georges, Marie Noppe, Nicolas Méheust
- Purchaser Tax Business Lawyer: JEANTET, Gabriel di Chiara, François-Xavier Simeoni
- Buyer, Business Lawyer, Financing: JEANTET, Delphine Baudouin, Vassili Purcha
- Acq. Financial DD: BM&A, Guilhem de Montmarin, Aymeric Royer, Pierre Didry
- Acq. Strategic DD: ARCHERY, Guillaume Hue, Nicolas Fabayre
- Seller Investment Banker / M&A Advisor: AMALA PARTNERS, Nicolas Royer, Julien Le Guern, Louise Cornevin
- Transferor Corporate Lawyer: HEPTA, Jean-Louis Sudara, Noémie Jager, Emma Cilluffo
- Financial VDD: ODERIS, Aurélien Vion, César Mullet
- Senior debt: ARKEA BANQUE ENTREPRISE ET INSTITUTIONNELS, Christophe Coz, Brendan Gianoncelli
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About LBO France
A pioneer in private equity in France, the LBO France group is now a leading multi-specialist and multi-country investment platform. Active in Private Equity, Real Estate, Venture and on the listed markets, for several years the company has expanded its activities in Europe, particularly in Italy with its subsidiary Polis Fondi SGR, as well as on the African continent with its subsidiary CGF bourse. Owned 100% by its managers, LBO France is one of the founding members of the international climate initiative and one of the first signatories of France Invest’s charter for parity.
Learn more: www.lbofrance.com
LBO France media contact
Julia Paget : +33 (0)6 38 55 68 78 / julia.paget@taddeo.fr
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About ERE
Entreprise Redonnaise d’Électricité (E.R.E) is a family-owned company with over 75 years of expertise in the energy sector. The company specializes in the sale, rental, installation, and maintenance of high- and low-voltage equipment, particularly HTA/BT transformer substations.
For more information: www.transformateur-ere.com
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About Capelia
Capelia is an entrepreneurial investment fund that supports SME leaders in development and business transfer projects, either as a majority or minority shareholder. Capelia invests the equity capital of its entrepreneurial partners and has extensive experience in the distribution, industrial, B2B services, agri-food, and information technology sectors.
For more information: www.capelia.com