(AOF) – Icade Promotion signed this Friday, April 29, the acquisition of a 50.1% stake in the M&A group, thus becoming the majority shareholder of the promoter established in Montpellier since 2004. After the acquisition of Ad Vitam at the end of 2020, Icade Promotion is further strengthening its presence in Occitanie. The portfolio of operations acquired through development represents potential revenue of around €170 million, excluding taxes, over the next three years.
Icade will increase its stake in the company’s capital to 65% in 2023 and will have the opportunity to acquire the entire company by 2025 at the latest.
Founded in Montpellier, the M&A group is a recognized regional player in residential real estate development and development in the South-East of France, notably via several brands – such as “Kalithys” dedicated to the promotion of residences for social diversity and Silver Garden dedicated to senior residences – which will be retained by Icade Promotion as part of this merger.
The management of the M&A group will remain ensured by their current partners and corporate officers, Laurent Romanelli, Chairman and Founder, and Xavier Bringer, Chief Executive Officer.
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