MBO+, the French lower-mid market private equity specialist, announces the successful closing of MBO Continuation, its first continuation fund structured around two leading portfolio companies of MBO Capital 4.

MBO Continuation was established to acquire Osmaïa, the #2 French leader in green spaces management, and Groupe LT, France’s leading provider of regulatory compliant worksite safety services, and to provide additional capital to pursue the companies’ international buy & build value creation plan.

MBO Continuation raised close to €190 million, including significant additional capital for bolt-on acquisitions. Eurazeo and Montana Capital Partners acted as lead investors alongside a dozen limited partners including new European and North American investors which participated in the heavily oversubscribed syndication.

Since their initial acquisition by 2017-vintage fund MBO Capital 4, Osmaïa and Groupe LT have experienced tremendous growth and built leading positions in their respective, highly fragmented, markets. While providing a liquidity option to existing limited partners of MBO Capital 4, the continuation fund will enable the companies to continue to execute their add-on acquisition and agency roll-out strategies.

“Together with Osmaïa and Groupe LT’s managements, we decided to raise a continuation fund to provide both companies with additional time, capital and shareholder resources to execute the next phase of their development plans. While allowing an attractive liquidity option to our limited partners, this financing solution also provided our companies and their managers with our continued support in the execution of their buy & build growth plans. We are thankful to Eurazeo and Montana Capital for their trust and commitment in leading this new effort with us, and to the many investors that showed their interest and support in this initiative”.

Xavier de Prévoisin, Partner, MBO+