NATIXIS PARTNERS ADVISED SODERO, SIPAREX, AND THE MANAGEMENT TEAM IN THE SALE OF THE GROUP TO VULCAIN ENGINEERING GROUP

Pagoline, a specialist in engineering and consulting applied to infrastructure and networks, was founded in 2015 with the acquisition of AtlantiC Ingénierie as part of an MBO led by James Hilbert, in partnership with Sodero and Siparex. In less than a decade, Pagoline grew from 140 to over 700 employees, thanks to sustained organic growth and the acquisition of two complementary companies in the railway sector (ATIF in early 2019) and structural integrity (ASTeKE in 2023). The strategic acquisition of ATIF provided the opportunity for a second capital transaction, notably allowing the expansion of the pool of investor-managers. In 2024, having reached a critical size, Pagoline chose to merge with an industrial player, Vulcain Engineering Group, to continue addressing market challenges. The integration of Pagoline will allow Vulcain Engineering Group to strengthen its strategic position in energy transport and distribution networks and become a key player in the railway sector.