MBO & Co completes the sale of Solem

On July 8th, 2021, MBO & Co completed the sale of Solem to Quilvest, the management team, led by Frédéric Comte (CEO), and Bpifrance Investissement.

Solem is the French leader of IoT solutions dedicated to irrigation, telecare and swimming pools. Under the leadership of Frédéric Comte, Solem has deeply changed its business model and positioning. The company has shifted from a traditional OEM to a major B2B IoT solutions provider. All products use the same technology base and are built on a common software platform, Attentive, developed by Solem and allowing to generate substantial R&D synergies. Today, the entire product range designed by Solem is connected.

These strategic choices have enabled Solem to double its revenues since 2015 and to significantly reduce the dependency to its first customers.

Cécile Nguyen-Cluzel, Partner at MBO & Co, stated: “We are proud and pleased to have supported Frédéric Comte in the deep transformation of Solem, made possible by the strong innovation culture and agility of the management team. Solem is entering an exciting new phase of development with a leading shareholder who will assist the company to accelerate its growth and to seize opportunities.

Frédéric Comte, CEO of Solem, stated: “MBO & Co trusted us at a critical moment in the life of Solem. Today, we are very pleased to share this success with Cécile Nguyen-Cluzel, Raphaël Lahaye, Eric Dejoie and the whole MBO & Co team. Solem is now ready to become Primal, an ambitious, technological and international project. With Quilvest, BPI, Eurvad and managers support, we have built a solid and determined team to address our new commercial, R&D and build-up challenges.