GSF, a leader in cleaning and business services, has just finalized the acquisition of Ithaque, a specialist in reception and hospitality services. Experts from AURIS Finance, a mergers and acquisitions advisory firm, analyze this market move.
New Developments in the Cleaning and Services Sector
On September 9, 2025, GSF announced the completion of its acquisition of the Ithaque Group. This is a highly strategic move for GSF, integrating Pénélope (the national leader in reception and hospitality) and FMG Sales & Marketing (an Ithaque entity specializing in operational marketing and commercial outsourcing) into its portfolio. Founded in 1971, Pénélope Group is now one of France’s leading business service providers. The company operates through 37 agencies, employing 4,000 people and generating revenue of €140 million (2023). FMG Sales & Marketing, meanwhile, specializes in commercial animation, sales force, and merchandising, with around 1,000 employees and revenue of €80 million.
A Giant in the Cleaning Industry
With this acquisition, GSF aims to strengthen its presence in the reception and hospitality market. As a benchmark in cleaning and related services, GSF employs 43,000 people in France and internationally, with revenue of €1.386 billion as of the end of 2024. With a network of 162 local branches in France, the group is pursuing a multiservices strategy for businesses: cleaning, waste management, reception, and internal logistics. Since 2022, GSF has been backed by the investment fund TowerBrook, alongside its historic shareholder Trévise Participations, providing the financial support needed to expand its activities through targeted external growth operations.
Targeted Expansion Strategy
This alliance brings the new group’s total revenue to €1.6 billion, with over a quarter coming from non-cleaning activities. To ensure cultural and service continuity, the GSF and Ithaque commercial brands will be retained, as announced during the acquisition. However, all entities will be united under common group management. Pénélope Group will become a 100% subsidiary of GSF, with the ambition of creating strong synergies between cleaning and on-site services.
New Demands
GSF’s acquisition of Ithaque reflects a broader trend of consolidation in the cleaning and related services sector. In 2025, there has been an increase in consolidation moves, driven by the need for critical mass in an increasingly demanding market. Environmental standards are pushing industry specialists to restructure in order to better meet business requirements. GSF’s critical size sets it apart: certified as a B Corp and awarded Platinum status by EcoVadis, the group ranks in the top 1% of European companies for environmental and social criteria.
Our Experts by Your Side
Beyond the GSF-Ithaque deal, other major mergers have taken place this year, highlighting the ongoing optimization and structuring of offerings in a historically fragmented market. This trend is here to stay and is creating new industry leaders, such as GSF, Samsic, and the Elior Group. In the coming months, further developments are expected. AURIS Finance’s experts specialize by sector. Our multiservices cleaning team is here to support you in your acquisition, divestment, and financing operations.
