MBO+, through its MBO Capital 5 fund, has become the majority shareholder of GEOMINES alongside the management team, marking the exit of LGT Private Debt.

Founded in 2000 and based in Six-Fours-les-Plages, Geomines is the leader of the French market for the assessment and treatment of explosive threats. The company offers a full range of services: land and underwater explosive ordnance surveys and clearance, demilitarisation and munitions management, training, and the dismantling of pyrotechnic facilities. With revenue of more than €20m and over 80 employees, it serves a portfolio of leading public and private sector clients, including the French and foreign ministries of defence, defence manufacturers, infrastructure developers and international energy groups.

Under the leadership of Nathalie Félines and Éléonore Forget, Geomines has established itself as the French leader in explosive ordnance clearance, with growth of more than 30% in recent years. This momentum rests on three complementary drivers: the expansion of its domestic business, driven in part by major clearance contracts; strong international traction in training and demilitarisation, with operations in Ukraine, the Middle East and Africa, international business now accounting for more than 50% of revenue; and the successful integration in 2024 of EOD-EX, a former subsidiary of Sarp Industries (Veolia), which strengthened the group’s national coverage and broadened its skills base.

‘We first started talking to Nathalie Félines and Éléonore Forget 18 months ago, which allowed us to observe over time the quality of the management team, the soundness of its strategic vision and its operational excellence. As our discussions progressed, we developed a strong conviction in Geomines’ potential and found a natural alignment with the management team on the levers of value creation. We are delighted to support the group in this new chapter.’ Xavier de Prévoisin, CEO of MBO+ and Partner, Buyout strategy

‘In a growing market with high barriers to entry, Geomines has genuinely distinctive strengths: a first-rate management team, rare technical expertise, widely recognised reliability of execution and a unique ability to operate across the entire explosive ordnance clearance value chain. We share a clear ambition with Nathalie Félines and Eléonore Forget: to make Geomines an international leader in its field.’  Chloé Miller, Investment Director, Buyout strategy

‘This transaction marks a significant new milestone for the future of Geomines and reflects the quality of the work accomplished in recent years. MBO+ was quick to understand our culture and our challenges, and we were fortunate to be able to build a relationship of trust with its team over time. That is why we are delighted to begin this next chapter of our development with a partner that shares our vision, our way of working and our values.’  Nathalie Félines, Chairwoman of Geomines

‘We are proud of how far Geomines has come and of the position we have built. Our plan now rests on the organic growth of our high value-added businesses, combined with a targeted acquisition strategy to broaden our range of services and strengthen our international presence. We are convinced that MBO+’s proactive support will help us deliver this shared ambition and take the business to the next level.’  Eléonore Forget, MD of Geomines