Global asset manager L&G has agreed to acquire a majority stake in French local cloud operator Blue from Quilvest Capital Partners and other stakeholders.
L&G is investing an undisclosed sum on behalf of its digital infrastructure fund LDIF to become a joint shareholder in Blue alongside the firm’s founder and CEO, Nicolas Boittin.
Bpifrance has agreed to reinvest in the firm alongside senior employees, while minority shareholder Crédit Mutuel Equity is selling its stake.
Founded in 2005, Blue is an operator for more than 2,500 companies. Blue is the first private cloud hosting provider in Western France to seek SecNumCloud certification, a high-level security standard awarded by ANSSI, the French national cybersecurity agency.
The deal represents the first continental European acquisition for LDIF.
Matteo Colombo, head of digital infrastructure investments, asset management at L&G, said: ”As an early mover in digital infrastructure investment, L&G has long been committed to identifying opportunities that aim to offer long-term value for investors while supporting innovation, inclusion, and economic resilience.
“We are excited to partner with a well-aligned and proven management team to support Blue’s next phase of growth and address the accelerating demand for robust and sovereign digital infrastructure across Europe. This also marks the first continental European acquisition for LDIF and reflects our focus on incubating and scaling solutions aligned to long-term macroeconomic trends.”
Boittin said: “We are excited about the next stage of our growth trajectory. With L&G’s financial support, industry expertise and successful track record of scaling high-potential businesses and sectors, Blue is now ideally positioned to continue its expansion, accelerate market consolidation and continues to provide its customers with sovereign, resilient and high-performance cloud infrastructures.”
Anthony Lesaicherre, VP, Quilvest Capital Partners, said: “We had identified in Blue a visionary entrepreneur, Nicolas Boittin, and an exceptional management team, serving a loyal and satisfied customer base. We wanted to continue to develop complementary services, increase the commercial conquest and structure the company.
“This is exactly what Nicolas and his teams have accomplished to make Blue a leading player in the sector. We are convinced that L&G’s sector expertise and network will be decisive assets to take Blue to a new stage of growth.”
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