Milestone Capital backs the buy-and build of ENS France with four acquisitions

Milestone Capital Partners LLP has completed the simultaneous acquisition of four companies specialising in the maintenance and replacement of residential boilers and heating equipment in France

Milestone led the transaction and, with its co-investors, provided the equity funding for the deal and will own a majority stake in ENS France going forward. Milestone has raised €22m of equity and debt to back the buy-and-build strategy of a very experienced team led by Bruno Le Rouzic, ex-CEO of Poweo Services.

The banking facilities have been arranged by BNP Paribas and Société Générale and these include an acquisition facility for future acquisitions.


The newly-created group is led by Bruno Le Rouzic and Yvan Thorin, who started a similar network at Poweo Services. The team’s plan is to build a national network of independent technicians specialized in maintaining and replacing residential boilers. The team has identified a number of targets across France that would complement the network.

Bruno Le Rouzic, CEO of ENS said:

“We have been working for nine months with Milestone to identify companies and create a platform strong enough to build a national network of independent maintenance companies. We are very pleased to have assembled a highly motivated team and a core network of companies already representing more than 60,000 contracts and more than 150 technicians. We are a team of entrepreneurs working with entrepreneurs in a dynamic sector, full of opportunities.”

Erick Rinner, Managing Partner at Milestone commented:

“ENS is typical of a Milestone platform investment with a planned a buy-and-build strategy. The residential boiler maintenance market is highly fragmented with more than 20,000 small independent companies in France. ENS France will develop its network mostly by acquisitions in selected regions. The sector has excellent visibility, very high contract renewal rates and steady growth. We have partnered with management over the last nine months to build this proprietary deal and will remain very supportive of the team in the coming years to pursue a very ambitious acquisition strategy ”

ENS project represents a unique opportunity to consolidate a very fragmented sector with strong recurring cash flows and a seasoned management team which has an excellent track record at working well with independent technicians and helping them to improve their business.

At Milestone, the deal was led by Olivier Antomarchi and Erick Rinner.

For further information, please contact:
Erick Rinner:
Olivier Antomarchi:

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