Les Joyeux Recycleurs launches MBO with AXIO Capital to accelerate national rollout while strengthening its profitable impact model

Lamartine Conseil advised the buyers (AXIO Capital and Famae Impact), while EY Ventury and Investec advised the seller (founder Gilles Rouverand); Archiipel carried out the financial due diligence, Isys Conseil the IT due diligence, Oderis provided vendor assistance, and Gramond Avocats together with Fieldfisher advised on financing. The transaction is a management buyout in which AXIO Evidence, a fund of AXIO Capital focused on environmental progress, takes a majority stake in Les Joyeux Recycleurs. Famae Impact joins as a co-investor, contributing both equity and bonds and bringing sector expertise. Founder Gilles Rouverand has chosen to reinvest and to remain involved through the Supervisory Board to ensure a smooth transition and continuity of the company’s culture. The transaction is financed in part by LBO senior debt provided by BPRI and Neuflize OBC. Founded in 2013 and developed under Gilles Rouverand’s leadership, Les Joyeux Recycleurs operates a recurring subscription model for office waste collection and sorting. The company combines advanced digitalisation with operational capacity: it serves over 2,000 major clients in Île-de-France, operates its own fleet and has deployed more than 12,000 sorting boxes. Its service covers over 16 different waste streams and can be adapted to each client’s needs. The company emphasises a strong ESG positioning: a majority of its workforce comes from professional integration pathways, and it applies end-to-end 100% recycling. Clients receive monthly and annual impact reporting, including certificates of valorisation, to meet growing non-financial reporting requirements. The new investors plan to accelerate organic and geographic growth. In the medium term Les Joyeux Recycleurs aims to double its volume in Île-de-France and replicate its model in three to five other major cities, leveraging its technology platform and an operational model designed for roll-out with limited set-up costs. Lamartine Conseil represented the buyers (AXIO Capital and Famae Impact) and provided legal and due diligence support, with a team composed by: Bintou Niang, Franck de Castro, Nadia Driouich, Fatima Kheidri; Tax: Bertrand Hermant, Marion Hubier; Social: Charlotte Moreau, Patricia Volpe, Manon Mestre; Contracts/IP: Benoit Philippe, Audrey Freeman. Investec represented the seller Gilles Rouverand as M&A advisor with a team composed by: Guillaume tenHave, Augustin Alle, Louis Le Clec’h, Theau Wagner. Archiipel conducted the financial due diligence with a team composed by: Clément Michel, Jordan Meimoun, Guillaume Jeunot. Isys Conseil carried out the IT due diligence with: Alexandre Fovez. EY Ventury represented the seller Gilles Rouverand with a team composed by: Soline Quidet, Alexis Chretien. Oderis provided vendor assistance to the seller with: Nicolas Bouchet. Gramond Avocats and Fieldfisher advised on financing matters related to the LBO, with teams composed by: Corinne Cousseau (Gramond Avocats); Aurélien Jugand, Martin Baffou (Fieldfisher).

Les Joyeux Recycleurs launches MBO with AXIO Capital to accelerate national rollout while strengthening its profitable impact model

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