TVHConsulting-The ERP expert

Pragma Capital becomes a majority stake holder in TVH Consulting

Septembre 2016


Pragma Capital takes a majority stake in TVH Consulting, alongside the management team and the founder, as part of a Management Buy Out. Founded in 2003 by Guy Tubiana, TVH Consulting is a key player in the integration and development of major ERP solutions. The company serves a portfolio of blue chip, mid-cap customers, who value both its acclaimed level of expertise and its vertical solutions developed internally around ERP solutions, such as SAP, Microsoft Dynamics AX and Sage X3-Géode. TVH Consulting advises, distributes, integrates, supports, and upgrades the solutions it implements for customers across five continents, whilst managing operations, and committing to results. To maintain its independence and deliver maximum value on its projects, TVH Consulting has its own R&D centers (3 locations in France, Casablanca in Morocco and Willebroek in Belgium) and provides technically powerful and contractually well-balanced private cloud solutions to its ERP customers. TVH Consulting’s international footprint has led the company to bring together a network of partners around its solutions and projects across more than 30 countries.  Its customers are biotech companies (Pierre Fabre, Laboratoires Aguettant, Laboratoires Septodont), food-processing companies and cooperatives (Fleury Michon, Florette, Acolyance, Cap Seine), Retail and omnichannel distribution companies (SaintMaclou, RAJA, Société des Bains de Mer). With organic growth of +35% per year since its inception and many build-up opportunities in France and abroad, TVH has clear potential to become a leader in the integration of ERP solutions. The transaction carried out by Pragma Capital through the Pragma III fund, comprises the acquisition of a majority shareholding alongside the management team, led by Ahmed Mahcer and Eric Boisneault, appointed respectively Chairman of the Management Board and Chief Executive Officer, and Guy Tubiana, the founder, who has demonstrated the confidence he has in the team by reinvesting in the operation and by entering the Supervisory Board and the Strategic Committee. Ahmed Mahcer, President of TVH Consulting says: “The entry of Pragma in TVH Consulting’s capital supports the company’s transmission to a highly experienced and cohesive team of managers, committed to the development of the group. Moreover, the new shareholder brings new resources that will foster an even more dynamic growth phase, thanks to selected build-ups.” Guy Tubiana, founder adds: “Since its inception, on June 10 2003, TVH Consulting has been a venture with a human dimension, built on the concept of partnership. Results, growth, customer satisfaction, and employee loyalty have vindicated our strategy based on independence and excellence. The corollary of this strategy, which has been in place since TVH’s inception, is a clear alignment of interests and a shared sense of common values with our customers. The entry of Pragma III, a fund specialized in build-up operations, is certainly the best way to boost this growth and pursue this truly exciting human adventure.” Arnaud Leclercq, Partner at Pragma Capital concludes: “The acquisition of TVH Consulting is in line with the investment strategy implemented in our fund Pragma III. TVH Consulting is a model of operational excellence in its industry and has successfully developed high quality intellectual property assets. The potential development of the group is impressive, both in France and abroad. Pragma Capital is delighted to support the management in the several growth projects they have identified”. About Pragma Capital: Pragma Capital, an investment company entirely owned by its partners and specialized in French SMEs, invests alongside entrepreneurs and supports them in the financing and management of growth acceleration, notably thanks to build-up strategies, internationalization and by emphasizing innovation and ESG practices. Pragma Capital focuses on mid-cap companies, operates alone or with co-investors, always as a significant shareholder and generally as a majority shareholder. The investment company’s main aim is to help companies become larger and stronger by providing them with its experience and its shareholder network. Since its creation in 2002, Pragma Capital has carried out almost 90 acquisitions and has raised more than €700 M with French and international investors, mostly institutional. To find out more: