The Lyon-based publisher of the mostly French learning software, designed for companies, training organizations, and schools, and with revenues of €12 million, joins 21Invest and Raise Impact in an LBO. They have also received a partial reinvestment from Evolem and BNP Paribas Développement. A capital reorganization, marked by the entry of the aforementioned partial investors, had provided a full cash-out to the Eurekap fund.

A little over three years later, a new capital-transmission operation saw 21Invest take a majority stake via its V. Raise Impact fund. Raise Impact, with whom Cambon Partners had been in close contact, and whose open process from February onwards led to no less than 19 bids, is joining it in the capital of the Lyon-based software publisher. Evolem and BNP Paribas Développement are reinvesting while significantly reducing their stake, but less than the founding trio, which still has a majority stake even though it has handed over operational control.

Indeed, one of the three is leaving completely, while Pascal Hostachy and the third partner are reinvesting part of the proceeds from the sale. Two historical banks, Caisse d'Épargne Rhône-Alpes and Crédit Agricole Centre Est, are also providing the new senior debt for this operation.