Sparring Capital announces the acquisition of a majority stake in Iridis Group.
Established in 1975 with the inauguration of the first McDonald’s in France, Iridis Group, owned by the Prouvost family since 2003 and led by Benjamin Prouvost since 2015, benefits from a recognized expertise in the maintenance and distribution of equipment for players in the fast-food industry.
The Group’s core activities include the sale and maintenance of equipment to major international chains such as McDonald’s, Burger King, Starbucks, KFC, Five Guys and Quick, as well as the sale of spare parts through a network of technical partners. Iridis Group represents some of the most prominent American brands that outfit the kitchens of restaurant chains.
The group comprises a team of over 60 professionals, including 40 highly qualified technicians strategically located throughout the French territory. Thanks to its strong national presence and an operational model focused on service quality (achieving over 95% “first time fix”, i.e., resolving issues during the first intervention), Iridis has experienced consistent growth in recent years. Presently, the Group achieves a turnover of nearly €20m.
This operation is carried out in collaboration with Benjamin Prouvost, who reinvests alongside Sparring Capital. The arrival of Sparring Capital will enable the group to accelerate its growth, notably through the appointment of an experienced manager, Jérémie Ohnona, as Managing Director alongside Benjamin Prouvost.
Benjamin Prouvost, Chairman of Iridis, states: “I was looking for a partner capable of contributing to the development of Iridis while respecting what constitutes its strength and DNA. Throughout my discussions with Sparring, I have also been able to appreciate their expertise in the transmission of a family-owned business.”
Jérémie Ohnona, Managing Director, declares: “Iridis positioning, its reputation, strategic partnerships and its growth potential both in France and in Europe, have convinced me to join this project. The partnership with Sparring Capital represents a privileged means to realize the Group’s growth ambitions.”
Johann Le Duigou, Partner at Sparring Capital, adds: “We were particularly impressed by Iridis’ development potential, which is based on longstanding relationships with its main customers and suppliers. We are delighted to play a key role in supporting the Group in this new stage of its growth, and we would like to thank Benjamin Prouvost and all the operational teams for their trust.”
Deal participants:
Sparring Capital
Johann Le Duigou, Alexandre Beau, Romane Parent
Senior Debt
Loan coordinator, arranger and underwriter
CEIDF – Cédric Alin, Paul Morigny, Natacha Legros, Virginie Herter Almeida
Participating banks
BNP Paribas – Amine Achour, Achraf El Khadali, Valentin Duranty
CADIF – Mikael Levistre, Melanie Le Moal , Giulia Luciani
M&A Advisors – Sellers
Newco Corporate Finance – Alexandre Gebelin, Manuel Le Guen, Eric Larsen
Legal advisors – Investor
Agilys Avocats – Baptiste Bellone, David Kalfon, Carolle Thain-Navarro, Chloé Journel, Constance Guyot
Legal advisors – Sellers
Arpèges Avocat – Hubert Ployart
A7Tax – Benoît Pauly
Legal advisors
Jérémie Ohnona
Dimitrie Ramniceanu
Legal advisors – Senior Banks
Volt Associés – Alexandre Tron
Financial due diligence – Buyers
Exelmans – Manuel Manas, David Choufane
Strategic due diligence – Buyers
Archery Strategy Consulting – Antoine Kimmel, Grégoire Hertz
Insurance due diligence – Buyers
Marsh – Clara Not
ESG due diligence – Buyers
Cority – Marion Dop