21 Invest France acquires Agorastore

21 Invest France acquires Agorastore, leading digital platform for circular economy auctions that allows companies and public authorities to value and give a second life to their used equipment and real estate assets, alongside Bpifrance and the management team

21 Invest France kickstarts the deployment of its 6th generation of Funds with the acquisition of a majority stake in the capital of Agorastore. The operation, signed on October 1, 2022, allows the exit of the current majority shareholder, the entry of Bpifrance as a minority shareholder and sees the management reinvest significantly.

Founded in 2005, Agorastore has developed unique expertise in the valuation and sale of second-hand used equipment and real estate assets for BtoB customers through an online auction platform and complementary services covering the full cycle of a transaction, from asset valuation, through audience targeting, to after-sales services.

The company targets two types of sellers who use Agorastore services on a recurring basis:
public entities, for which Agorastore is the market leader, relying on expert knowledge of their cultural and regulatory characteristics: more than 2,000 local authorities and administrations such as the cities of Paris, Lyon and Marseille, the Departments of Hauts-de-Seine and Yvelines or the State Real Estate Department (DIE);
companies with large fleets of equipment: more than 300 clients including CAC 40 and SBF 120 companies such as Veolia, Suez, Eiffage, Colas, Keolis, Transdev and SNCF.

The platform also benefits from a large and qualified base of professional buyers, made up in particular of French but also European companies.

Through its activity, Agorastore places the circular economy at the heart of its business model and intends to quantify and value its positive impact in terms of decarbonization by extending the life cycle of reused equipment.

The recognized know-how of the group allows it reach a volume of sales of more than €M 100, growing by nearly 30% per year over the last three years with solid profitability.

21 Invest France, alongside Bpifrance, will support the management team in its organic growth based in particular on the acceleration of the penetration of the digital auction system on the second-hand market, the growth in the number of client public entities and the rise of the real estate division. Investors will also have accompany Agorastore in its platform strategy, with the acquisition of complementary players allowing an expansion of the offer or the strengthening of existing market segments in new geographies. Several acquisitions with strong synergies have already been identified in Europe.

Olivier de La Chaise, CEO of Agorastore comments: “Our strong growth in recent years has shown how our digital auction solutions perfectly meet the environmental, economic and regulatory challenges of our public and private clients, who are growing in number every day. The entry of 21 Invest France into our capital, accompanied by Bpifrance, will strengthen our capacity for organic growth and acquisitions. Their entrepreneurial mindset combined with their financial and strategic support are perfectly in line with our strong development ambitions in France and internationally."

Antoine Vigneron, Partner at 21 Invest France says: “We are pleased that a company recently cited among the most beautiful SMEs in France by the magazine Challenges constitutes the first investment of our new Fund. Led by Olivier de La Chaise, Agorastore has all the characteristics of the projects we wish to support: a leading position in a buoyant market, excellent financial performance, a business model offering great recurrence and finally a unique momentum on the European market which presents solid opportunities for consolidation. We were also seduced by the potential in terms of environmental and societal impact, which is perfectly in line with our approach as a responsible investor. Agorastore has the expertise, customer recognition and ideal positioning to create a leading player in its market in France but also in Europe.”

Emmanuelle Gervais, Deputy Head of Midcap Equity at Bpifrance adds: “We were impressed by the growth trajectory of Agorastore, which has been able to combine commercial dynamism, quality of service and digital innovation to support its customers - particularly public ones - in the sale of their capital goods and real estate. We are delighted to support the entrepreneurial project of Olivier de la Chaise and his teams, to make Agorastore a major player in the circular economy in France and Europe.”

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