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# AfricInvest French-African Fund 3 Backs ACC M
- URL: https://www.africainvestorreview.com/africinvest-french-african-fund-3-backs-acc-m/
- Published: 2026-11-14T10:38:00.000Z
- Updated: 2026-11-14T10:38:59.000Z
- Description: French-African Fund 3 acquires a stake in ACC M, France's leading independent railway rolling stock refurbishment specialist, alongside majority shareholder LBO France, Siparex Territoires, and CACF Développement.
- Author: Charles S.
- Tags: Private Equity

**PARIS** \- [AfricInvest Europe](https://www.linkedin.com/company/africinvesteurope/home/?ref=africainvestorreview.com) has announced that French-African Fund 3 (FFA 3) has completed its second investment by acquiring a stake in [ACC M](https://www.linkedin.com/company/acc-m/home/?ref=africainvestorreview.com), a premier French specialist in the mid-life refurbishment and heavy maintenance of railway rolling stock.

FFA 3 is investing alongside majority shareholder LBO France, the Fonds Souverain Auvergne-Rhône-Alpes managed by [Siparex Territoires](https://www.linkedin.com/company/siparex-territoires/home/?ref=africainvestorreview.com), and [CACF Développement](https://www.linkedin.com/company/cacf-developpement/about/?ref=africainvestorreview.com). ACC M Chairman [Thierry Cézard](https://www.linkedin.com/in/thierry-cezard/?ref=africainvestorreview.com), TTH Group founder [Thierry Torti](https://www.linkedin.com/in/thierry-torti-92a9437b/?ref=africainvestorreview.com), and key members of the management team are also reinvesting significantly in the transaction.

## Corporate Profile & Operational Scale

Founded in 1919 and operating from facilities in Clermont-Ferrand and Albi, ACC M specializes in extending the operational lifespan of trains, metros, and trams from approximately 20 years to 40 years:

- **Full-Service Refurbishment:** Manages the entire modernization lifecycle from initial diagnostics to final return to service for both urban and mainline rail networks.
- **Subsidiary Integration:** Includes Track Rail Route (TRR), which performs on-site maintenance directly within customer workshops.
- **Financial Trajectory:** Employs approximately 450 personnel and anticipates generating 2026 revenues of roughly €70 million, more than doubling its 2022 level.

## Growth Strategy & African Expansion

The newly agreed development plan focuses on solidifying ACC M's domestic market standing, anchored by recent rolling stock contracts for Citadis trams in Bordeaux and regional trains in the Pays de la Loire, while pursuing targeted European acquisitions.

Beyond European markets, the partnership aims to introduce ACC M's mid-life refurbishment expertise to the African continent. Leveraging AfricInvest Group's local presence across eight African offices, FFA 3 will support ACC M in targeting growing refurbishment needs for urban rail fleets, including Citadis trams and equipment operated by established French transit operators.

## Executive Commentary

> "With the support of our eight offices in Africa (Algeria, Côte d'Ivoire, Egypt, Mauritius, Kenya, Morocco, Nigeria and Tunisia), we are delighted to support the ACC M team in its international expansion strategy, particularly on the African continent. We believe that the region offers growing opportunities, with mid-life refurbishment needs already identified for metros and trams built by French manufacturers, including Citadis trams, and/or trams operated by French companies well known to ACC M. ACC M's recognised technical expertise positions it well to meet these needs."  
> — **Stéphane Colin** and [**Khaled Benjennet**](https://www.linkedin.com/in/khaledbenjennet/?ref=africainvestorreview.com), Managing Partners of AfricInvest Europe

## Transaction Advisory & Financing

- **Financial Advisors:** Pax Corporate Finance advised ACC M and its shareholders.
- **Debt Financing:** Senior debt facilities, including dedicated external growth tranches, were arranged by Crédit Agricole Centre France as facility agent, alongside La Banque Postale, LCL, Groupama Asset Management, and La Banque Postale Asset Management.
- **Employee Ownership:** The transaction incorporates an employee share ownership plan to allow eligible staff members to take an equity stake in the company.

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