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Sagard enters into exclusive negotiations with DENTRESSANGLE, Nordine Mazari and Xavier Frattini to acquire Synov

  • Synov is a leading European player in the design and manufacturing of electronic systems, with sales of €110m and 820 employees
  • Backed by DENTRESSANGLE, which has been the majority shareholder since 2017, Synov completed 6 acquisitions in the last 5 years
  • Sagard’s acquisition will allow Synov to pursue its development and market consolidation in France and abroad

On July 21st, 2023, Sagard announced it has entered into exclusive negotiations with DENTRESSANGLE, Nordine Mazari and Xavier Frattini to acquire Synov, a leading European player in the design and manufacturing of electronic systems.

Synov designs and manufactures custom-made electronic systems and develops associated embedded software for critical applications of its clients – OEMs in a various range of sectors (e.g. HVAC, healthcare, transport, elevators, payment terminals, energy, security, etc.).

Synov’s design offices apply their industry-specific know-how and technological expertise (e.g. in power electronics, temperature control, human-machine interface, IoT, critical environments, embedded software, etc.) to design optimal electronic solutions.

Synov is recognized for its expertise by its 400+ longstanding clients (average tenure over 20 years). As a genuine technology partner, Synov supports its clients throughout their products’ lifecycle, by developing new functionalities and ensuring maintenance.

Synov’s growth is driven by the growing penetration of electronic systems, reflecting mega trends such as digitalization, energy-efficiency, security and more generally the development of new functionalities (e.g. IoT), as well as the increasing outsourcing trend from OEMs both in the manufacturing and the design of electronic systems.

Since DENTRESSANGLE’s acquisition in 2017, the Group boasted solid organic growth and has achieved 6 acquisitions, strengthening its set of technical capabilities, expanding its geographical coverage, and positioning Synov as a unique consolidation platform in a fragmented market. With sales of €110m+ and more than 820 employees, operating across 9 sites in France and its subsidiary in Tunisia, the Group now aims at accelerating its international development.

After Sagard’s acquisition of Synov1, the Group’s management team (which is meant to remain a significant shareholder) will benefit from renewed financial and human support to pursue its development in France and abroad, both organically and through M&A.

Nordine Mazari, President and CEO of Synov commented: “I am delighted to welcome Sagard as a new shareholder who will support us in our ambition to become an international company with a presence across Europe. Sagard will share its international network which will accelerate our development. Our target remains unchanged: doubling in size over the next 5 years.”

Xavier Frattini commented: “We enter this new development phase with enthusiasm and strong ambition. In keeping with our general strategy of Synergy and Innovation, we will maintain the best quality and service level to our customers. Sagard will allow us to strengthen our presence in France and accelerate our development abroad.”

Antoine ErnoultDairaine and Maxime Baudry, Partners at Sagard, added: “We are delighted to partner with Nordine Mazari, Xavier Frattini and their teams to support Synov in its next phase of growth, in particular on the M&A front and internationalization. With the support of DENTRESSANGLE, the management team has succeeded in creating a strongly performing company which addresses the critical needs of its customers, with a DNA that combines a sense of service, innovation, agility and autonomy. We are thus particularly proud to have convinced Nordine Mazari and Xavier Frattini of our ability to support them in accelerating the Group’s development.”

Jean-Louis Savoye, Chief Executive Officer at DENTRESSANGLE concluded: “Synov’s track record is an excellent illustration of what drives DENTRESSANGLE: helping companies to grow, alongside a talented manager and his team. Since DENTRESSANGLE acquired a majority stake in Synov, the Group’s turnover has almost tripled and Synov has grown to become a leading player in Europe and a key consolidator. It has been a great pleasure for us to support Nordine Mazari and Xavier Frattini, particularly in terms of strategic considerations, M&A and structuring of the Group, and we are delighted to hand it over to Sagard. We wish them all the best in this new phase of expansion.”


Founded in 1949, Synov is a French specialist in the design and manufacturing of tailor-made electronic systems combining hardware and embedded software.

Key figures:

  • More than 820 employees, including 60+ engineers  / technicians
  • Sales of over €110m
  • 10 subsidiaries
  • More than 400 clients


Sagard MidCap is a European investment fund that provides equity capital to support the development of mid-sized companies led by ambitious management teams. Founded in 2003, Sagard’s investor base comprises leading industrial families as well as blue chip institutional investors. Since its inception, Sagard and its Paris-based team of 12 professionals have invested in 42 industrial and service companies in France. Synov will be the eighth investment of Sagard 4.

Sagard is a multi-strategy alternative asset management firm with US$14.5B under management, 125 portfolio companies, and 300 professionals. We invest in venture capital, private equity, private credit, real estate, and royalties. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. The firm has offices in Canada, the United States, and Europe.

The Sagard MidCap team comprises Antoine Ernoult-Dairaine, Maxime Baudry, Charlotte Kitabgi and Célia Kanoui Cressey.


In 2015, the family investment holding company DENTRESSANGLE made a fresh start following the sale of Groupe Norbert Dentressangle to XPO Logistics. Chaired by Norbert Dentressangle, the holding company now manages revalued net assets of 3 billion euros and focuses its activity around 2 main business lines: Private Equity and Real Estate (Logistics and Offices). Fully controlled by the Dentressangle family, the holding company is a majority shareholder in a dozen companies, including rental company KILOUTOU, property developer OGIC, digital services company TESSI, textile personalization expert FLEXDEV, medtech company ACTEON and MARLE, the world’s leading manufacturer of implants and precision instruments for orthopedics. The holding company has more than sixty employees in offices currently located in Paris, Lyon, Munich and Luxembourg.

The DENTRESSANGLE team includes Jean-Louis Savoye, Raphaël Feuillet, Axel Rhein, Camille Dussaix and Alexandre Magnier.


  • Lawyers (corporate, financing and tax): Goodwin (Thomas Maitrejean, Simon Servan-Schreiber, Laura Robez-Masson, Adrien Paturaud, Alexander Hahn, Marie-Laure Bruneel)
  • M&A and financing advisory: Clairfield (Bertrand Hermez, Marie Dokchine, Romain Fisch)
  • Financial BDD: PWC (Martin Naquet Radiguet, Olivier Lorang, Ziad Haddad, Fadhel Fahem, Yun Wang)
  • Strategic BDD: L.E.K (David Danon-Boileau, Serge Hovsepian, Stéphane Claquin, Charles Petracco, Thibault Delon, Matthieu Guerin)
  • Legal, Social and Tax BDD: D’Ornano et Associés (Raphaëlle d’Ornano, Marcus Schmidbauer, Sylvain Geissert)


  • CACIB (Cheikh Ba, Mathias Alcaraz)


  • M&A and financing advisory: Edmond de Rothschild (Pierre Boscher, Paul Assael, Paul Badaro, Laurent Neubauer, Florian Roche, Hugo Jacquemart)
  • Legal advisors: De Pardieu Brocas Maffei (Cédric Chanas, Alix Amaury)
  • Financial VDD: Eight Advisory (Maxime Goerens, William Jarraud)
  • Strategic VDD: Arthur D Little (Matteo Ainardi, Alexandre Nguyen)
  • ESG: PWC (Sylvain Lambert)

Press contact Sagard

Marina Da Cruz: [email protected]  / + 33 (0)1 53 83 30 23


Romain Levesque: [email protected] / + 33 (0)6 66 13 93 99

1The transaction remains subject to the approval of the competent antitrust authorities. 

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