Press release

Sparring Capital announces the sale of Infraneo to Seven2

Infraneo is an engineering group specialized in infrastructure asset management. The group enjoys a leading position thanks to its recognized technical expertise in soil, water cycle, building and infrastructure engineering, combined with a strong geographical footprint consisting of a network of 15 agencies in France and a European presence in Belgium, Spain, and Germany.

The group offers inspection, diagnosis, recommendation, project follow-up and laboratory analysis services to a portfolio of blue-chip public and private sector customers. This unique positioning has a positive environmental impact, by helping to extend the lifespan of critical infrastructures.

Seduced by the company’s business model and positioning on a fragmented, fast-growing market, Sparring Capital acquired a majority stake in Infraneo (ex-GSRI) in January 2018 as part of a handover from founder Idriss Benslimane (who remained a shareholder alongside Sparring Capital) to the management team led by current CEO Bruce Xiste.

Since its acquisition by Sparring Capital, the Group has completed four external growth operations, enabling it to expand its range of services and develop its international footprint: CEDE in 2019, Esiris and Martin GmbH (Germany) in 2021, and Antemys in June 2023. Antemys is a French company specializing in soil engineering, hydrogeology, and laboratory analysis services, with long-standing expertise in mountain infrastructures. It complements Infraneo’s service offering and strengthens the group’s presence in the Rhône-Alpes region.

With the support of its shareholders and under the leadership of Bruce Xiste and his team, Infraneo has enjoyed a remarkable growth trajectory, reaching nearly 60 million euros in sales and 500 employees by 2023, and multiplying by five its size since the arrival of Sparring Capital.

With an expanded range of services and a European presence, led by a dynamic management team, Infraneo is remarkably well positioned to pursue its development with the support of its new shareholder.

Bruce Xiste, President of Infraneo, comments: “Sparring Capital was Infraneo’s partner of choice, helping us to increase the group’s size fivefold, as well as to cope with the covid impact and the implementation of structuring processes. Sparring’s team provided us with their expertise at every stage of the group’s development and growth, in Europe, France and Germany. I would like to thank Arnaud and his team for this partnership based on our complementary expertise, and for the relationship of trust we have built up over the years.”

Arnaud Leclercq, Chairman of Sparring Capital, adds: “We were attracted by Infraneo’s positioning with high-recurrence services, as well as by its fragmented underlying markets and their structural growth. The strength and dynamism of the management team, led by Bruce Xiste, enabled us to implement an ambitious external growth strategy. As we hand over the group to Seven2, we are proud of how far the group has come, and of our contribution to its success. Congratulations to Bruce Xiste and his team, whom we’ve enjoyed working with!”

Thomas Simon, Partner at Seven2, comments : “With the arrival of Seven2 alongside the management team, the aim is to support and accelerate Infraneo’s development to become a European leader in infrastructure asset management. We’re delighted to be able to bring our experience in external growth and digital transformation to Infraneo’s team, to enable Infraneo to rapidly forge closer ties with independent players in France and Europe.”


Sparring Capital 
Arnaud Leclercq, Adrien de La Bouillerie, Diane Perrin-Pelletier

Thomas Simon, Qiongyan Shao, Blandine Cleyet-Merle, Noémie Bristol Courgeon, Thibaut Plominski, Xavier Gautrin

Seller’s advisors
Michel Degryck, Augustin Alle, Thibaud Bedoux
Reed Smith 
Marc Fredj, Antea Bonito
Alvarez & Marsal 
Benoit Bestion, Thibault de la Taille, Aurore Vince
Indefi Partners 
Julien Berger, Adam Laissaoui, Yannick Hamida 

Management’s advisors
Fides Partners 
Nicolas Ménard Durant
Xavier Colard

Acquirer’s advisors
Amala Partners 
Alexis Matheron, Jad Sader, Damien Schaff, Paul Jaulin, Audrey Laurent
Weil, Gotshal & Manges 
Alexandre Duguay, Alexandra Stoicescu, Nicolas Mayol, Celine Weng
Arsene Taxand 
Denis Andres, Virginie Leprize, Hugo Keller
Bredin Prat 
Samuel Pariente, Mathieu Arnault
EY Parthenon 
Stephan Bindner, Divya Claver, Adèle Jardin
Marc de Thomasson, Yves Rommel
KPMG Finance 
Vincent Delmas, Louis Martin
KPMG social/legal 
Franck Bernauer, Christine Piault, Sofia Loria
Josselin Du Plessis, Julien Reguis, David Vincent
Jean-Marie Dargaignaratz, Ines Khouaja
Ambroise Huret, Maxime Caro, Alexis Maupoint
Thomas Lecoq, Francois Petiot