ALVAD Group, parent company of the Toulouse-based hire company LOCACUISINES, announced on 15 September 2026 the acquisition of SERT, a Drôme-based industrial company that designs, manufactures and sells modular kitchen, laundry and sanitation solutions for the armed forces and the French Civil Protection service. The transaction brings together a hire company with 50 staff and a manufacturer with 70 employees based in Romans-sur-Isère. The amount has not been disclosed.
Analysis by the experts at Auris Finance, M&A and financial engineering advisory firm.
LOCACUISINES has been France’s leading provider of modular kitchen hire for thirty years and ranks third in Europe in its sector. The company operates a fleet of 800 modular buildings and 10,000 items of kitchen equipment, with bases in Toulouse, Rambouillet and Le Havre, and also operates in Switzerland, Belgium and Spain. Its model covers end-to-end support, from needs analysis through to removal at the end of the hire period.
SERT, for its part, ranks first in France and second in Europe for mobile living solutions for Defence and Civil Protection. The French armed forces are among its long-standing clients, alongside references in Europe, the Maghreb, the Middle East, Asia and Oceania. Its headquarters and factory occupy a site of almost three hectares in Romans-sur-Isère, certified ISO 14001, ISO 9001 and AQAP 2110. The company is also developing a growing business selling kitchen containers and food trucks to restaurateurs, local authorities, hospitality operators and event agencies.
Vertical integration from design to maintenance
The combination creates a group covering the entire value chain for modular solutions, from design and manufacturing through to hire, operation and maintenance. The two entities serve converging sectors, from defence and civil protection to contract catering, events, hospitality and local authorities.
This configuration enables the Group to bring in-house a manufacturing capability it did not previously have, while retaining the production site in Auvergne-Rhône-Alpes. The Group also points to operational synergies through the pooling of support functions, simplified human resources management and shared investment in technological innovation, notably artificial intelligence and production tools. The combined group strengthens its presence in Île-de-France, Auvergne-Rhône-Alpes, Occitanie and Normandy.
Philippe Beato, Chairman of ALVAD Group, describes the acquisition of SERT as a founding milestone for the Group, bringing together two companies that share the same commitment to quality and the same appetite for innovation.
Financial shareholders involved since 2016
Bpifrance has supported the Group since 2016, the year Philippe Beato took control of it through a management buy-in financed by Bpifrance and Galia Gestion. In 2021, a secondary LBO saw BNP Paribas Développement join the shareholder base, Bpifrance reinvest and Galia Gestion exit.
Arnaud Despoisse, Investment Director at Bpifrance Investissement, highlights the trajectory followed since 2016 and the confidence placed in the chief executive from the very beginning. Emmanuel Del Agua, Portfolio Director at BNP Paribas Développement, describes the acquisition as the kind of controlled, coherent and value-creating external growth the firm seeks to support within its portfolio companies. The vendors are the Convert family, BNP Paribas Développement and Rhône Dauphiné Développement.
The transaction reflects a trend towards vertical integration in the mobile and modular equipment market, where hire companies are seeking to control upstream manufacturing rather than rely on third-party suppliers. For SERT, joining an established hire and operations network opens up a new avenue for growth in civilian markets, complementing its long-standing business with the armed forces.
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