NEO2 Pursues Its External Growth Strategy

NEO2, an engineering consultancy group specialising in process industries and infrastructure, announces the acquisition of AGINERGY, a recognised engineering consultancy operating in the energy and process industries. This transaction marks the Group’s third acquisition, following its combinations with Kemtec in 2023 and Technic Assistance in 2024.

Founded in the Lyon region, AGINERGY supports its clients, leading industrial players, in delivering complex projects across the energy, nuclear and process industries. Its business model, centered on providing high-value-added technical expertise, is highly complementary to NEO2’s existing offering. AGINERGY is particularly recognised for its strong expertise in the French nuclear sector and its long-standing relationships with leading industry players.
 
By joining forces with AGINERGY, NEO2 will significantly strengthen its expertise in the energy and nuclear sectors, both of which benefit from strong long-term growth prospects driven by energy security, decarbonisation and renewed investment in industry.
 
The transaction will also enable the Group to strengthen its presence in Auvergne-Rhône-Alpes, a key region for France’s industrial and nuclear activities. It further supports NEO2’s geographical expansion in France and internationally, following the recent opening of offices in Belgium and Luxembourg.
With the addition of AGINERGY and its nearly 100 employees, NEO2 continues its strong growth trajectory, bringing its workforce to over 900 consultants. The Group is expected to to generate revenues of over €110 million in 2026.
 
This third acquisition in less than four years reflects NEO2’s ambition to become a leading engineering consultancy, supporting clients across major industrial, energy and technology projects in France and internationally.

“AGINERGY’s integration into NEO2 is a strong illustration of the growth strategy we have been pursuing alongside the Group’s management team since our investment. Following the acquisitions of Kemtec and Technic Assistance, this transaction further strengthens NEO2’s position in high-growth markets while expanding its geographic reach and deepening its sector expertise.” – Fabien Bernez, Co-Head Flex Equity, CAPZA

“We were particularly impressed by the quality of AGINERGY’s teams and leadership, , especially Emile Piloti and Benjamin Caldin, as well as by the entrepreunerial culture and values we share. This combination strengthens our position in attractive markets while enabling us to expand our regional presence and work even more closely with our clients.” – Fabrice Lidy, Chairman of NEO2, and Victor Coen, CEO of NEO2.

Companies shown herein are for illustrative purposes only as of 22/07/2026 and may no longer be in the portfolio later. This information does not constitute investment research or financial analysis relating to transactions in financial instruments, nor does it constitute an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities.
 
Any information relating to CAPZA personnel is provided for informational purposes only. No assurance can be given that any individual referenced herein will remain employed by CAPZA or continue to perform their functions within the relevant CAPZA team.