PRESS RELEASE
Paris, February 6, 2025
GENEO Capital Entrepreneur, Bpifrance and NCI sell Human & Work: GENEO completes its first full exit
GENEO Capital Entrepreneur, Bpifrance and NCI announce the sale of their stake in Human & Work - Europe's leading consulting group dedicated to human issues in the workplace - to a world-class Canadian group. This is the first exit for GENEO Capital Entrepreneur. This important step was taken ahead of schedule, illustrating the performance and relevance of the support method applied. This transaction opens up unprecedented prospects for Human & Work on a global scale.
Human & Work is Europe's leading consultancy group dedicated to people issues in the workplace, helping HR managers to take care of their teams and their organizations.
Since GENEO's investment alongside Bpifrance and NCI on March 14, 2019, David Mahé and his teams, with the support of GENEO Capital Entrepreneur, have deployed a strategic plan aimed at making Human & Work the European leader in people at work.
These joint actions, coupled with the Carnet de croissance methodology, have accelerated Human & Work's development thanks to tailor-made support combining strategic expertise and financial backing, while at the same time enhancing the value of internal teams through value-sharing mechanisms.
This fruitful collaboration demonstrates the ability of GENEO Capital Entrepreneur - whose very first investment was Human & Work - to reveal the potential of the companies it accompanies, with the support of Bpifrance and NCI, and to lay the foundations for sustainable leadership in Europe.
In 2024, the Human & Work Group recorded sales of €35 million. With offices in France, Italy, Spain and Germany, the group's 270 employees support over 1,000 companies and their 8 million employees worldwide.
The first focus of the "Carnet de Croissance", the implementation of strategic acquisitions has enabled Human & Work to gain a solid foothold in Europe, strengthening its position in key markets: Stimulus Italy and Stimulus Spain in June 2019, Psya in France in April 2020, Stimulus Germany and Talentis in France in July 2022.
In addition to its geographical expansion, Human & Work has also structured its business around new management and positive impact practices. The Group has established itself as a leader in fields as varied as psychological health in the workplace, diversity and inclusion, and leadership development. At the same time, the move to mission-driven status in 2023 embodied Human & Work's commitment to a sustainable and inclusive vision of the world of work.
The acquisition of Human & Work by a world-class Canadian healthcare group is intended to extend the Group's capabilities in Europe, to meet the growing demand for corporate services in this region, and to broaden their range of leading employee health and wellness services to include new expertise in consulting, training, leadership development, executive coaching and career transition for executives.
By drawing on the expertise and international network of this new partner, Human & Work strengthens its ability to support companies and their employees in increasingly global and complex business environments, and can project itself as a world leader in key areas such as psychological health at work, diversity and inclusion, and leadership development.
For David Mahé, founder and president of Human & Work: "The partnership with GENEO Capital Entrepreneur has been decisive in our development. Their committed and constant support, combined with a shared vision of impact and growth, has enabled us to accelerate our expansion while remaining true to Human & Work's mission: to build an inclusive, responsible and serene world of work. Today, this alliance with a Canadian partner allows us to reach a whole new dimension and gives us the means to realize our ambition to go global."
François Picarle, Partner at GENEO Capital Entrepreneur, states: "The collaboration with Human & Work has been marked by strong achievements: significant geographic expansion, the implementation of an ambitious positive impact plan and the structuring of European leadership. These steps have not only strengthened the Group's position in its markets, but also maximized value for all stakeholders."
Fanny Letier and François Rivolier, co-founders of GENEO Capital Entrepreneur, emphasize: "This sale illustrates GENEO Capital Entrepreneur's ability to support high-potential companies in their transformation, and to create value by accelerating the construction of European leaders through the execution of an ambitious Growth Portfolio. We are proud of the ground we have covered, of the Group's evolution over the past 5 years, and above all delighted to have worked alongside David Mahé and his teams to establish Human & Work as the European leader in the human workplace."
Anne-Cécile Guitton, President of NCI, adds: "We're delighted with the progress we've made together, and in particular with the strong commitment of David Mahé and all Human and Work employees in France and Europe. Thanks to them, and to the joint work of GENEO, Bpifrance and NCI on our growth plans, H&W is now positioned as a leader in its sector. We are also very pleased to have integrated nearly 80 employees into the capital, enabling a significant sharing of value with the teams, which is one of our priorities."
Fabrice Lemarchand, Bpifrance's Interregional Director for Equity Capital, concludes: "We're delighted with the path we've all travelled together, with a first step for Bpifrance back in 2016, which has enabled us to consolidate the group's activities in France and Europe in 8 years. We are convinced that this new partnership will enable Human & Work to continue this strong growth driven by particularly committed employees."
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About Bpifrance :
Bpifrance finances companies - at every stage of their development - with credit, guarantees and equity capital. Bpifrance supports them in their innovation and international development projects. Bpifrance also supports their export activities through a wide range of products. Consulting, university, networking and acceleration programs for startups, SMEs and ETIs are also part of the services offered to entrepreneurs. Thanks to Bpifrance and its 50 regional offices, entrepreneurs benefit from a single, close and efficient contact to help them meet their challenges.
www.Bpifrance.fr - https://presse.bpifrance.fr / - Follow us on X (Old Twitter) : @Bpifrance - @BpifrancePresse
About NCI :
NCI, a major player in multi-regional private equity, invests skills and equity in innovation and business transfer projects. With historic double-digit growth and €350 million under management (entrusted by institutional investors and company directors), NCI reconciles finance and economic development in a high-potential region: Normandy, Hauts-de-France, Brittany, Pays de la Loire, the north of Nouvelle-Aquitaine and Ile de France.
About Human & Work
Human & Work is Europe's leading consultancy group specializing in human issues at work, helping companies to take care of their teams and organizations. It has unique expertise in psychological health at work, diversity and inclusion, career management and leadership development.
With offices in France, Italy, Spain, Germany and Belgium, and a network of carefully selected local partners, our 270 employees support over 1,000 companies and their 8 million employees worldwide.
Our mission is clear: "Building together an inclusive, responsible and serene world of work".
To find out more: https: //humanandwork.com, LinkedIn, YouTube
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Speakers:
Investors:
- GENEO: François Picarle, Louis Charrier
- Bpifrance: Fabrice Lemarchand, Constance Pauliac, Gauthier Valot
- NCI: Anne Cécile Guitton, Kevin Edna
M&A advisor to the seller: Cambon Partners (Nicolas Saint Pierre, Camille Grellet, Antoine Lippert)
Financial advisor to the seller: Advolis (Damien Bourg, Manon Bernadou)
Legal advice :
- Human & Work: Joffe&Associés (Romain Soiron, Aymeric Dégremont, Paddy Pascot, Antoine Danieck)
- Investors: SVZ (Pierre Emmanuel Chevalier, Natacha Baratier, Chloé Métivier, Enora Floury)
- Management : Duroc (Erwan Bodet, Elle Otto)
M&A advisor: Raymond James
GENEO Capital Entrepreneur :
Common Good Advisory:
Hugues de Tournemire - 06 67 07 22 33 - h.detournemire@bcadvisory.fr
Frédéric Paillet - 01 43 35 49 84 - f.paillet@bcadvisory.fr
