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In less than 18 months, Millet Transmission, founded by Thibaud Millet-Barbé in 2025, has acquired Renocare, a leading provider of roofing maintenance and renovation services in Southwest France. The EV was approximately €10M, with around 60% of the transaction financed through senior debt provided by Crédit Agricole, complemented by a vendor loan. There was no equity gap, and investors participating in the acquisition include Innesto Partners, JB46, ONEtoONE Asset Management, EPA Investissement, The Cromwell Harbor, 9T Capital, Cabiedes Capital, the Ruiz family, and Pierre-Arthur Chatard, among others.
Founded in 2017, Renocare is a home improvement and energy renovation company specializing in thermal insulation, roofing renovation, roof maintenance, timber treatment, façade restoration, and exterior finishing works. Operating through a network of four local branches across the French Basque Country, Landes, and Gironde, the company provides homeowners with comprehensive, tailored solutions designed to improve energy efficiency, extend the lifespan of residential properties, and enhance their overall value. Renocare employs around 30 professionals and generates approximately €5.7M in revenue and €2.3M in EBITDA.
“I am delighted and honored to take over the leadership of RENOCARE. With humility and a deep attachment to the region where I was born and raised, I am committed to working tirelessly to drive the company’s growth and contribute to the local economy. The well-being and professional development of our employees will guide my actions in the years ahead. I would like to thank Rudy for the trust he has placed in me over the past few months, and I look forward to continuing the company’s growth alongside him,” said Thibaud Millet-Barbé, President of Renocare.
The company operates in a highly fragmented market, offering significant opportunities for a buy-and-build strategy. A similar approach was deployed last year in the sector when search fund Three Ridges Capital acquired Gallagher Bros Construction, a leading roofing and construction company based in Missouri, United States.
Legal: Spark Avocats
