Groupe Référence restructures its shareholding to accelerate its growth

Supported by Isatis Capital since 2020, Groupe Référence is restructuring its shareholding through a Management Buyout (MBO) led by its President, Thibault Cornudet, and the management team, allowing them to strengthen their majority stake in the company. The transaction also marks the entry of InnovaFonds into the capital.

Groupe Référence is France’s leading provider of Augmented Part-Time Executive Management®. Founded in 2009, the Group brings together over 200 local experts who operate within companies across France to manage support functions that have become essential to organizational development. It supports SMEs and mid-sized companies in their growth by providing expert directors in IT management, finance, human resources, marketing & digital, and transformation consulting.

This HR solution is particularly relevant in an increasingly complex world, where SMEs and mid-sized companies need to rely on senior-level executives to manage their support functions. It also addresses the recruitment challenges faced by many businesses. The value proposition delivered to clients lies in the Group’s ability to offer a part-time HR solution for support functions that combines expertise and flexibility, leveraging the collective experience of more than 200 professionals. In 2023, the Group generated approximately €24 million in revenue and continues its growth trajectory in 2024.

Groupe Référence is also equipping itself with the necessary resources to accelerate its growth, through a strengthened national presence and the launch of new service offerings, particularly in areas such as CSR, QHSE, DPO, and CISO. Several external growth opportunities are also currently under consideration.

"I am very pleased to welcome InnovaFonds as a shareholder of the Group and to take this new step alongside our trusted partner Isatis Capital and Jean-Marc Montels, with whom I co-founded Groupe Référence. This transaction significantly strengthens the position of managers and employees in the shareholding structure, effectively doubling their equity stake. More broadly, this operation reflects our long-term vision and the shared ambition of both co-founders to ensure that operational managers remain majority shareholders in Groupe Référence over the long run."

Thibault Cornudet, President of Groupe Référence

"We first supported the Group in 2020, at a time when the macroeconomic environment was highly disrupted, and were nonetheless quickly convinced by the appeal of the Augmented Part-Time Executive model for SMEs and mid-sized companies. The success that followed confirmed our conviction. We are therefore very pleased to take part in this new chapter of development alongside a strengthened management team and InnovaFonds."

Yonathan Elmalem, Managing Partner at Isatis Capital

"We are pleased to support the management team of Groupe Référence in pursuing its development project through our flex equity fund "Partenaire Managers I". Initially focused on IT management, the Group has gradually expanded the range of expertise it offers to SMEs and mid-sized companies, particularly in the industrial sector. We are well aware of the expectations of these companies, and this model offers a genuine solution for them, especially in a context where recruiting experienced profiles is often lengthy and challenging."

Quentin Ducouret, Managing Partner at InnovaFonds

Companies

• Groupe Référence | Thibault Cornudet, Jean-Marc Montels, Yoan Boiton Margant, Pierre Raschi, managers
  

Investors

• Isatis Capital | Yonathan Elmalem, Séverin Lefaure
• InnovaFonds | Quentin Ducouret

Advisors

• Legal Advisor | Lamartine Conseil: Fabien Mauvais, Raphaël Saulneron, Corentin Graff, Camille Le Foyer de Costil
• Financial Advisor | Nexia S&A: Hervé Teran

Debt

• Arranger | LCL : Xavier Perrimond
• BRED : Matthieu Gabriel, Yael Koskas
• Arkéa : Mickael Cambon
• Advisor | Volt : Alexandre Tron