Ardian

• Ardian Acquires Majority Stake in Munich Electrification

  July 17, 2026

  Buyer

  Ardian

  Target

  Munich Electrification

  Seller

  Munich Electrification founders

  Industry

  Electrical Services

  Location

  Bavaria, Germany

  Type

  Buyout

  Ardian is acquiring a majority stake in Munich Electrification from the company’s founders. The deal includes additional capital to accelerate Munich Electrification’s battery management systems strategy, geographic expansion, and planned selective buy-and-build opportunities, with founders retaining a minority stake.

• Ennov Receives Strategic Growth Investment from Bregal Sagemount and Ardian

  May 20, 2026

  Buyer

  Bregal Sagemount, Ardian

  Target

  Ennov

  Industry

  Cloud & SaaS

  Location

  France

  Type

  Growth capital

  Ennov, a Paris-headquartered provider of regulatory, quality, and clinical software for life sciences, announced a strategic growth investment led by Bregal Sagemount with participation from Ardian. The capital will support continued expansion, including AI innovation, global go-to-market acceleration, and scaling Ennov’s product offering.

• Latour Capital Continuation Fund Buys Gutor From Latour 2019 Vintage Fund

  March 3, 2026

  Buyer

  Latour Capital, Hamilton Lane, Ardian, Patria

  Target

  Gutor

  Seller

  Latour's 2019 vintage fund

  Industry

  Industrial Services

  Location

  Switzerland

  Type

  Recapitalization

  Funds managed by Hamilton Lane led investment in Latour Capital’s single-asset continuation fund to acquire Gutor from Latour’s 2019 vintage fund. The continuation vehicle backed by Hamilton Lane and Ardian, with Patria as co-underwriter, also includes reinvestment and new capital from Gutor’s management team following Latour’s Schneider Electric carve-out in August 2023.

• Impact Climate Technologies Acquires Larry Wunsch & Associates

  January 31, 2026

  Buyer

  Impact Climate Technologies, Ardian

  Target

  Larry Wunsch & Associates, Inc.

  Industry

  HVAC & Mechanical

  Location

  Texas, United States

  Type

  Addon

  Impact Climate Technologies (ICT), a portfolio HVAC holding company of Ardian, has acquired Larry Wunsch & Associates (LWA), a San Antonio–based commercial HVAC and plumbing equipment representative and distributor. LWA will continue operating under its existing name and leadership while ICT provides strategic, operational, and sales resources to support growth and expand ICT's presence in Texas.

• Cathay Capital Sells Minority Stake in Diot-Siaci

  November 20, 2025

  Buyer

  Ardian, Groupe Burrus, Ontario Teachers' Pension Plan Board, Bpifrance, Mubadala Investment Company, Diot-Siaci Management

  Target

  Diot-Siaci Group

  Seller

  Cathay Capital

  Industry

  Insurance

  Location

  Île-de-France, France

  Type

  Divestiture

  Cathay Capital has completed the sale of its approximately 5% minority stake in the Diot-Siaci Group, closing the ownership restructuring that was announced earlier in 2025. The buyer for Cathay's stake was not disclosed in the announcement; the group's shareholder base includes the Burrus Group and management as majority holders and institutional investors such as Ontario Teachers', Bpifrance and Mubadala, with Ardian named as a lead investor in the broader ownership reorganisation.

• Ardian to Acquire Energia Group From I Squared Capital

  October 7, 2025

  Buyer

  Ardian

  Target

  Energia Group

  Seller

  I Squared Capital

  Industry

  Energy

  Location

  Ireland

  Type

  Buyout

  Ardian has announced a definitive agreement to acquire 100% of Energia Group from I Squared Capital. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals.

• Norvestor SPV III / Norvestor IX Acquire PHM Group Oy and Sperre Air Power AS in Continuation Fund Transaction

  July 15, 2025

  Buyer

  Norvestor SPV III SCSp, Norvestor IX SCSp, Carlyle AlpInvest, Ardian, HarbourVest Partners, Lexington Partners

  Target

  PHM Group Oy, Sperre Air Power AS

  Seller

  Norvestor VIII SCSp, Norvestor SPV II SCSp

  Industry

  Real Estate

  Location

  Uusimaa, Finland

  Type

  Divestiture

  Norvestor created a continuation vehicle (Norvestor SPV III), supported by commitments from Norvestor IX and a syndicate of institutional investors, to acquire PHM Group Oy and Sperre Air Power AS from earlier Norvestor funds (Norvestor VIII and Norvestor SPV II). The transaction provides liquidity/options to existing investors while preserving follow-on capital and strategic support for the two companies’ growth and M&A agendas.

• Ardian Acquires Remaining Stake in Hill Top Energy Center

  April 28, 2025

  Buyer

  Ardian

  Target

  Hill Top Energy Center

  Industry

  Energy

  Location

  Pennsylvania, United States

  Type

  Buyout

  Ardian has acquired the remaining equity stake in Hill Top Energy Center, giving it 100% ownership and full operational control of the 620 MW combined-cycle gas turbine in western Pennsylvania. The asset sells capacity and energy into the PJM market and the transaction is Ardian Americas Infrastructure Fund V's first energy investment, intended to support long-term growth and reliable power supply for rising electricity demand.

• Ardian and PIF Acquire 37.62% of FGP Topco (Heathrow) as Ferrovial Sells 19.75% Stake

  December 12, 2024

  Buyer

  Ardian, Public Investment Fund (PIF)

  Target

  FGP Topco Ltd (parent of Heathrow Airport Holdings Ltd)

  Seller

  Ferrovial, Tagging Shareholders (other shareholders of FGP Topco)

  Industry

  Infrastructure

  Location

  Greater London, United Kingdom

  Type

  Divestiture

  Ferrovial and certain other shareholders completed the sale of 37.62% of FGP Topco (parent of Heathrow Airport Holdings Ltd) to Ardian and the Public Investment Fund (PIF) for GBP 3,259 million (approximately €4,000 million). Ferrovial sold a 19.75% stake, will retain a 5.25% holding (to be recorded as a financial investment) and expects to recognize an estimated €2,500 million profit related to the transaction.

• PAI Partners and Ardian Agree to Buy Majority Stake in Audiotonix

  April 23, 2024

  Buyer

  PAI Partners, Ardian

  Target

  Audiotonix

  Industry

  Industrial Services

  Location

  United Kingdom

  Type

  Buyout

  PAI Partners and Ardian have agreed a deal under which PAI will acquire a majority stake in Audiotonix, becoming the company’s largest shareholder. Ardian will retain a minority stake alongside management.

• Ardian-led Consortium Acquires Vulcain Engineering (LBO)

  December 22, 2023

  Buyer

  Ardian, Tikehau Capital, EMZ, Bpifrance, Amundi Private Equity Funds, Fonds France Nucléaire (managed by Siparex)

  Target

  Vulcain Engineering

  Seller

  Equistone Partners Europe, Sagard

  Industry

  Engineering Services

  Location

  France

  Type

  Buyout

  Ardian is leading a consortium including Tikehau Capital, EMZ, Bpifrance, Amundi and the Fonds France Nucléaire (managed by Siparex) in a leveraged buyout of Vulcain Engineering. The transaction effects the exit of existing shareholders Equistone Partners Europe and Sagard while co-CEOs Frédéric Grard and Alban Guilloteau and more than 350 employee-shareholders strengthen their positions. The new financing will provide resources to accelerate Vulcain's international expansion, digitisation of engineering processes and continued external growth via acquisitions.

• Ardian Acquires Majority Stake in Tom Barrow Company

  July 25, 2023

  Buyer

  Ardian

  Target

  Tom Barrow Company

  Seller

  Tom Barrow founding family, Tom Barrow management team

  Industry

  HVAC & Mechanical

  Location

  Georgia, United States

  Type

  Buyout

  Ardian's North America Fund acquired a majority stake in Tom Barrow Company, a leading provider of commercial HVAC solutions headquartered in Atlanta, Georgia. The founding family and management will retain a meaningful minority ownership; financial terms were not disclosed and financing for the transaction included an unsecured term loan arranged by Platinum Equity's credit team.

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