GA undertakes a capital restructuring operation

GA Smart Building, a low-carbon developer-builder and French leader in off-site construction and renovation, welcomes new investors to its capital and strengthens its majority employee-shareholding model.

This operation marks an important milestone in the group’s journey: it enables GA Smart Building to consolidate its predominantly employee-held capital, maintain its independence, and accelerate its unique strategy in the sector, based on industrialization, innovation, environmental impact, and sustainable development. It also reflects GA’s commitment to actively contributing to the transformation of a sector that remains too rigid, by demonstrating that a different way of designing and building is not only possible but also efficient, economical, and virtuous.

In a rapidly changing sector, GA is doing everything possible to bring the industry along towards a more sustainable future, relying on a construction model resolutely focused on innovation and environmental performance.

Continued growth thanks to an integrated industrial model and diversification strategy

In a particularly tense real estate market, GA Smart Building has demonstrated its resilience. The group has continued its growth through a diversification strategy initiated in 2014, which led to the acquisition of Ossabois, the French leader in timber construction, and the successful development of its activities in residential real estate, asset renovation, and public facilities—complementing its historical expertise in commercial real estate.

This momentum is supported by a technological and industrial platform that is completely unique in France, comprising 9 factories located across the country. This off-site setup enables GA to design, build, and renovate buildings with optimized planning, controlled quality, shortened timelines, reduced carbon impact, and high performance in use—commitments the Group stands by.

Committed financial partners to support an industrial and sustainable ambition

The financing round for this new operation brings together a pool of leading French financial investors united around the group’s long-term vision:

Eurazeo, through the Eurazeo Smart City II fund
Bpifrance
Multicroissance (Banque Populaire Occitane)
Grand Sud-Ouest Capital (Crédit Agricole Group)
CA Toulouse 31 Initiatives
IRDI Capital Investissement

“This operation marks a new chapter in the development of GA Smart Building. I am delighted with the support of new investors, including Eurazeo, which opens up new growth opportunities. I would like to warmly thank IXO Private Equity, represented by Olivier Athanase, and the co-investor shareholders (BNP Paribas Développement, Bpifrance, Multicroissance, GSO Capital) for their trust and support over the past years. Their backing has enabled us to structure an original, sustainable, and independent model,” said Sébastien Matty, Chairman of GA Smart Building.

“GA Smart Building fits perfectly with our strategy to support high-growth ‘tech’ and industrial companies that have a positive impact on our society and environment,” said Matthieu Bonamy, Pierre Devillard, and Alice Besomi, respectively Partners and Managing Director of Eurazeo’s Smart City fund.

Following the operation, employee shareholders hold 60% of the capital, while financial shareholders hold 40%.

The operation is also supported by a banking pool, with senior debt coordinated by LCL and co-arranged with Crédit Agricole Toulouse 31, joined by a group of lenders including Caisse d’Epargne Midi-Pyrénées, Arkéa Banque, and Banque Populaire Occitane.

This transaction provides GA Smart Building with the means to fully deploy its growth strategy. It opens a new chapter in the group’s history, marked by reinforced industrial ambition, increased investment capacity, and a determination to accelerate the environmental transition of the real estate and construction sectors.

Parties involved in the transaction:

Executives:
Sébastien Matty, Maëlle Couvreux

New shareholders:
Eurazeo: Matthieu Bonamy, Pierre Devillard, Alice Besomi, Antoine Daviaud, Victoire de Boisanger / Eurazeo Smart City II fund
Bpifrance Investissement: Christine Busque, Julien Dentaud, Charlotte Fadlallah
Multicroissance: Laurent Sauvade, Pierre-Louis Vidal
Grand Sud-Ouest Capital and CA Toulouse 31 Initiatives: Grégoire Torralba, Pierre-Antoine Houguenade
Irdi Capital Investissement: Nathalie Triolet, Alexandre Tissot / Irdi Impulsion fund

Investment bank:
Adviso Partners – Laurent Camilli, David Zahn, Jules Vigreux

Legal counsel to the executives:
Opleo – Pierre-Olivier Bernard, Antoine Degorce, Alexandre Brossier, Ana Gincu, Charles Ferrien

M&A counsel to the executives:
Oloryn – Eric Lesieur, Guillaume Doittau

Valuation advisor (instruments):
Accuracy – Christophe Leclerc

Financial audit:
EY – Victor de Fromont, Jean-Baptiste Bouhier, Louis Jeanne, Matthieu Casals

Strategic & ESG audit:
Indéfi – Julien Berger, Adam Laissaoui, Zine Jouini

Legal, tax and labor audit:
Deloitte – Sylvain Cuvigny, Julien Dominguez, Mathias Jourdan

Financial advisor to Eurazeo:
Eight Advisory – Philippe Méjean, Clément Médez

Legal counsel to Eurazeo:
McDermott – Fabrice Piollet, Maxime Fradet, Marie-Lou Pichoux

Legal counsel to incoming regional investors:
Fidal – Thomas Bortoli, Margot Sajous-Ducousso

Legal counsel to outgoing regional investors:
RSG Avocats – Stéphane Ruff

Competition law counsel:
Vogel & Vogel

Banking pool:
LCL: Frédéric Morel, Geoffroy Domercq, Edwin Ly
Crédit Agricole 31: Amandine Bachelot, Maria Deniau, Franck Armandet
Banque Populaire Occitane: Sylvain Contensou, Nicolas Robineau
Caisse d’Épargne Midi Pyrénées: Magali Buvat, Jean-Marc Wurtz, Hélène Anselme
Arkéa Crédit Mutuel: Laurent Coulamie, Valérie Bouyon

Legal counsel to the banking pool:
Hogan Lovells – Sabine Bironneau, Maria Klass

Outgoing shareholders:
IXO Private Equity: Olivier Athanase, Marie-Laure Joubard / IXO 3 fund
BNP Paribas Développement: Emmanuel Del Agua, Sophie Hémond
Bpifrance: Christine Busque / France Investissement Régions 1 fund
Multicroissance: Laurent Sauvade
Grand Sud-Ouest Capital: Grégoire Torralba

GA Smart Building undertakes a capital restructuring operation to accelerate its growth and strengthen its independence

Continued growth thanks to an integrated industrial model and diversification strategy

Committed financial partners to support an industrial and sustainable ambition

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