Squair advises Pandora Group in the integration of Group-Solutions

Squair (Blandine Gény) advised Pandora Group, L'ESN, a telecom operator and IT equipment supplier, in connection with the acquisition of its competitor Group-Solutions from Thierry Mistral-Bernard, its founder in 1985 who mandated the investment bank Adviso Partners to join forces with another group.

However, the transferor reinvests part of its sale proceeds within the group. In particular, the operation is financed by a fundraiser (undisclosed amount), carried out with Entrepreneur Invest, Bred Banque Popaire and Caisse d'Épargne Normandie Capital DéVELOPPEMENT. The latter, entering as minority shareholders, are the first funds with the capital of the Pandora Group, which until now remained exclusively owned by Julien Kerlouët, its founder in 2011.

In order to structure the capital increase, as well as the acquisition, the company mandated the investment bank I-Deal Development to set up a senior debt set up by Banque Popolo Grand-Ouest, Caisse Régional du Crédit Agricole Mutuel d'Ille-et-Vilaine, Caisse d'Épargne Bretagne - Pays de Loire et Hauts-de-France, BNP Paribas, BRED Banque Popaire d'Ille-et-Vilaine, Caisse d'Épargne Bretagne - Pays de Loire et Hauts-de-France, BNP Paribas, BRED Banque Popolo.

Pandora Group is thus expanding in Normandy and Hauts-de-France, regions in which Group-Solutions is particularly present with eight agencies. The target of nearly 105 employees, which posted €25 million in revenue in 2024, allows the Pandora Group to exceed €84 million in pro forma turnover last year. Breton is mainly present in Brittany, Île-de-France and the east of the country. It now employs 365 people in 27 branches, for more than 20,000 customers served. Within three years, the company aims to reach €100 million in revenue and recruit 50 new employees. This is not the first acquisition by the Pandora Group, which also acquired Mobiline in 2021, SIB Ouest in 2024, and Einova last year.