Ardian has entered into an exclusive agreement to acquire a majority stake in MasterGrid, a provider of critical electrical infrastructure services, from Andera Partners.

Ardian has entered into an exclusive agreement to acquire a majority stake in MasterGrid, a provider of critical electrical infrastructure services, from Andera Partners. The transaction, which remains subject to regulatory and employee approvals, will see Ardian partner with the company’s management team, who will reinvest alongside the firm.

MasterGrid was carved out of Siemens by Andera Partners in 2019 and has since scaled aggressively, completing seven acquisitions and expanding into 11 countries. The Grenoble-based company operates across three segments: proprietary equipment and maintenance services, third-party infrastructure services, and engineering solutions. It serves utilities, transmission and distribution operators, and industrial clients.

Backed by growing demand for energy, ageing grid infrastructure, and decarbonisation trends, in 2024 MasterGrid achieved a turnover of €110m, 35% of which came from international markets. The company employs nearly 500 staff across 13 French sites and 11 subsidiaries abroad.

Ardian plans to support MasterGrid’s continued international expansion, particularly in Europe and the Middle East, and to strengthen its diversification across the energy value chain.

“MasterGrid’s success is a testament to the strength and vision of its management team,” said Maxime Sequier, Managing Director at Ardian. “We are proud to support such a talented team and are confident in their ability to lead MasterGrid through its next chapter.”

Andera Partner Sylvain Charignon added: “[In 2019] we shared a clear ambition with the management team: to establish a leading player in the T&D sector. […] This strategy has been very successfully executed, and we are proud to hand over the reins to Ardian.”

The acquisition marks another high-conviction investment for Ardian’s Expansion team, which continues to back growth-stage European companies aligned with major infrastructure and sustainability trends.

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