Ardian, Serma Group's management and employees signed an agreement to acquire unknown minority stake Serma Group Société anonyme (ENXTPA:ALSER) from Chequers Capital and Serma Group's management and employees on June 27, 2022. Chequers Capital and Bpifrance also remain minority shareholders, alongside Ardian, the reference financial shareholder. Serma, which has more than 1,300 employees, has almost tripled its size in the last ten years, reaching a turnover of almost €150 million.

The operation is subject to the approval of the competition authority. Grégoire Andrieux, Fabrice Piollet, Côme de Saint-Vincent and Boris Wolkoff of McDermott Will & Emery LLP acted as Legal Advisor to Ardian and provided Legal, tax and social Due Diligence to Ardian and Chequers Capital. Stéphane Huten and Arnaud Deparday of Hogan Lovells acted as Legal Advisor to Chequers Capital.

Benjamin Sarfati and Julien Vialade of The Boston Consulting Group provided Commercial Due Diligence, Emmanuel Picard, Elsa Abou Mrad and Alban Molle of Ernst & Young provided Financial Due Diligence. Sylvain Lambert and Chloé Szpirglas of PricewaterhouseCoopers France provided ESG Due Diligence, Déborah Hauchemaille of Finaxy provided Insurance Due Diligence and Olivier Cazzulo and Lionel Gros of Netsystem provided IT Due Diligence to Ardian and Chequers Capital. Florence Savouré, Laura Smyrliadis, Iyad El Borini and Delphine Dilleman of Apollo Avocats and Frédérique Lumeau of Chepeau Lumeau & Associés acted as Legal Advisor to SERMA Group.