The consortium formed by TURENNE GROUPE and GENEO Capital Entrepreneur has deployed the first €220 million bond issue and is now launching the new €117 million bond issue.


Paris, July 13, 2023.

The consortium formed by TURENNE GROUPE and GENEO Capital Entrepreneur has deployed the first €220 million tranche of Relance Bonds, and is now launching the new €117 million tranche of Relance Bonds.

As part of the deployment of the Obligations Relance (OR), TURENNE GROUPE and GENEO Capital Entrepreneur have been selected to invest a further 117 million euros. This new envelope follows on from an initial 200 million euros allocated to TURENNE GROUPE and GENEO Capital Entrepreneur to enable SMEs and ETIs to finance their projects for the future, while turning the page on the health crisis. This first tranche enabled the financing of 8 SMEs and 19 ETIs throughout France in less than a year.

Relance Bonds: the success of the first pocket has led to the renewal of the Relance Plan.

In March 2021, as part of the France Relance plan, Economy Minister Bruno Le Maire announced the creation of a new scheme for SMEs and ETIs: Relance Bonds. This long-term financing tool aimed to provide tailored responses to the needs of companies following the Covid-19 crisis and, in particular, support their development projects and investment operations.

Deployment of the Obligations Relance scheme under the France Relance plan accelerated in the second half of 2022. By the end of January 2023, 1.21 billion euros of Relance Bonds had already been granted, to which 465 million euros have now been added. These figures show that this instrument, which supports the development of French companies, is really gaining momentum. This new tranche of Relance Bonds will enable us to support more SMEs and ETIs in their development projects, without having to open up their capital.

Obligations Relance are long-term subordinated financing (with a maturity of 8 years, repayable at maturity) granted by groups of managers selected by France Assureurs, and with a minimum fixed rate of 6.70%, defined according to the credit quality of the company and the soundness of its project.

Buoyed by their first success, the TURENNE GROUPE and GENEO group of management companies is now deploying the second 117 million euro investment envelope. They will benefit from the support of several regional banks committed to helping their customers with their development projects.

The first envelope was used to finance emblematic French ETIs and SMEs such as :

- Cousin Surgery (Investissement Turenne Groupe)

Cousin Surgery is a French group specializing in implantable medical devices, with long-standing industrial expertise. Today, the company is recognized as a specialist in implantable textiles, particularly used in spinal and visceral surgery.

In the summer of 2022, Cousin Surgery applied for €3.1M in Relance Bonds to finance its €6M 2022-2024 investment program. This program, worth a total of €6M, was supported by a €1.9M grant from the France Relance plan. Cousin Surgery will modernize and automate its production tooling by implementing eco-responsible processes, relocate part of the production chain and accelerate the development of new innovative implants.

This new, more efficient production facility will be operational by 2025, and will enable new products to be brought to market sooner, thanks to the acceleration of R&D programs and productivity gains for certain implant ranges produced at Wervicq-Sud.

- Foir'Fouille (Investissement Turenne Groupe)

For several years now, La Foir'Fouille, a distributor of low-price household goods, has been pursuing a strategy of transformation. Drawing on its network of 250 stores, three-quarters of which are franchises, the group is committed to improving the in-store customer experience, designing a differentiated own-brand range, and strengthening its digital presence. La Foir'Fouille offers bargains to over 30 million customers a year. The brand demonstrated its resilience during the health crisis. The group raised Relance Bonds at the end of 2022 to diversify its sources of financing and accelerate its development and transformation plan towards sustainable discounting.

- BBL (Investissement GENEO)

BBL is a transport organizer and customs broker, with sales expected to exceed €800 million by 2022. The Group has pursued an active policy of external growth in Europe since its creation in 1997, with more than thirty acquisitions. The Relance Bonds, subscribed to at the end of 2021, have enabled it to accelerate this strategy and to complete 5 new operations in 2022, including Share Logistics in the Netherlands, which has sales of over €200 million, thus opening up new geographical prospects. The Group intends to pursue this strategy of European consolidation, while maintaining a balance between its 4 core businesses of road haulage, overseas transport, contract logistics and customs services.

- Scutum (Investissement GENEO)

A major international player in turnkey safety and security services, Scutum has a global network of 70 offices in Europe and North America, run by its 2,000 employees, with sales of €250 million by 2022. The Group is undergoing continuous organic and external development, and has already completed more than 30 external growth operations since 2015. Thanks to this long-term financing, the Group intends to continue deploying its acquisition strategy in France and internationally, while strengthening its employer brand and human capital.

Christophe Deldycke, Chairman of the Management Board, Turenne Groupe, says: " We are very pleased to have beeń selected for the second time as head of the Groupement to manage and invest a dedicated Obligations Relance fund. The speed with which we deployed the first envelope in 20 companies testifies to the need for investment and financial support, but also to the wealth of regional SMEs and ETIs to which we are close thanks in particular to our 6 regional locations. These Relance Bonds are a simple and accessible product for SMEs and ETIs. We don't change a winning team, and our partnership with GENEO, which shares TURENNE Groupe's ambition to make an impact, will enable us to continue the quality work we've already begun.

François Rivolier, co-founder, GENEO Capital Entrepreneur , comments: " The renewed confidence shown by France Assureurs and Caisse des Dépôts in the GENEO Capital Entrepreneur and TURENNE Groupe consortium underlines the quality and relevance of the investments made in our SMEs and ETIs. This simple and essential scheme enables SMEs and ETIs to support their long-term strategic vision, by financing their investments in the future and their acquisitions, via an adapted financing instrument. Supporting, financing and accompanying our companies in crisis or post-crisis situations is a commitment we have made at GENEO, and we are proud to be able to pursue it thanks to this new financing package".

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Turenne Groupe, one of France's leading private equity firms, has been supporting entrepreneurs for over 23 years in their projects to innovate, develop and transfer their companies. An independent player owned by its own teams, Turenne Groupe manages close to 1.6 billion euros. Its teams of 75 professionals, including 60 investors, based in Paris, Lille (Nord Capital Partenaires), Lyon, Marseille, Bordeaux and Nice, support 210 companies, mainly in the regions, particularly in the healthcare, hospitality, digital, environmental services, energy transition and technology startup sectors.

As a committed investor, Turenne Groupe actively supports its portfolio companies in their ESG initiatives. As a responsible corporate citizen, we finance and run the Fondation pour l'Innovation Thérapeutique Béatrice Denys (Béatrice Denys Foundation for Therapeutic Innovation), which rewards the most successful projects in French academic medical research with a view to setting up a company.


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07 62 77 69 42

About GENEO Capital Entrepreneur 

GENEO's raison d'être Capital Entrepreneur is to make available to the real economy positive finance.

Designed to unlock the potential for value creation, job creation and impact of SMEs and ETIs, GENEO Capital Entrepreneur has nearly 600 million euros at its disposal. In particular, it manages :

GENEO Capital is an evergreen investment company with a 99-year lifespan, majority-owned by families and entrepreneurs. GENEO provides tailor-made capital that adapts to the pace of each company, offering responsiveness and flexibility. Its resources increase regularly as GENEO and the companies it invests grow.

The GENEO Mezzanine fund: a positive-impact mezzanine fund for ETIs and large SMEs, with a specialized impact transformation team. This fund makes it possible to provide real quasi-equity (not counted in debt ratios) without opening up companies' capital, and to support them in their development and impact disruption while offering them significant financial incentives.

As a business partner, GENEO mobilizes its teams and specialized business partners (external growth, positive impact, digital and innovation) to support the execution of structuring, growth and transformation projects. It also boasts a platform of over 140 independent experts and a community of more than 220 families and entrepreneurs, providing a unique opportunity to share experiences and build a business network unmatched in France. The terms of this operational support are tailored to the specific needs of each company, and formalized jointly by the GENEO team, the management team and the company's other shareholders in a "Carnet de croissance".

Fascinated by those who make, create and want to move the lines, the GENEO team's sole ambition is to take each entrepreneur's ambition to the highest level. Positive finance, GENEO's raison d'être, is to reconcile performance and meaning.

At GENEOwhen we invest, we invest!

For more information:

Contact GENEO:

Mathilde PAOLI, Associate Director of the Mezzanine Fund and Liability Structuring Business Partner

06 77 14 33 47

Press contact:

Agence Verbatee: Cyrille Lachèvre 06 20 42 12 08 -

Barbara Baudier 06 68 53 28 49 -

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