Acieo

Who owns Acieo?

Acieo is currently owned by BTP Capital Investissement through BTP Capital Investissement (1992 vintage), since 2019.

Hand-verified · updated 2026-05-14

About Acieo

Acieo is a French construction group based in Chateau-Gontier, in the Mayenne department of the Grand Ouest region, specialising in the "clos couvert", the weatherproof building envelope, for industrial, commercial, housing and urban projects. Its work spans metal and timber framing, roofing, waterproofing, cladding and associated metalwork, delivered through seven complementary operating subsidiaries including Serru, Ateliers David, Deschamps, CMBS and MAF Atlantique. According to press coverage, the group generates around EUR 115 million in revenue and employs roughly 450 people across western France and the Loire Valley. It positions itself as a low-carbon, sustainability-minded builder, describing its teams as builders with a positive impact.

Ownership journey

Acieo was formed in 2006 through the merger of Serru and Ateliers David, later consolidating a portfolio of specialist companies into a single covered-envelope group. In 2019 the company opened its capital to BTP Capital Investissement, which has backed the business ever since as its financial partner through successive capital operations. The most recent of these, a management buyout structured in May 2026, marked the third consecutive transaction supported by BTP Capital Investissement, again alongside the leadership team. BTP Capital Investissement remains an active partner and no exit or secondary transaction has been recorded.

Under PE ownership

Since the 2019 investment, Acieo has pursued a deliberate strategy of concentrating ownership around its operating managers while preserving an independent, internally held model. The May 2026 operation reorganised the group around five operating partners, Guillaume Leborgne, Julien Cormerais, Nathalie Planchais, Vincent Poilvet and Thomas Vicari, and prepared the transfer of the presidency from Cyril Millereau, chairman for around a decade, to Guillaume Leborgne. Management has widened its stake across the three successive operations, and the group has signalled an intention to open capital to employees while retaining its local footprint. Backing from BTP Capital Investissement and a syndicate of regional banks has underpinned this gradual, succession-led transition rather than an external sale.