Houlihan Lokey Advises Zodiac Milpro

Houlihan Lokey is pleased to announce that Zodiac Milpro has received investment from BNP Paribas Développement (BNP) and Société Générale Capital Partenaires (SGCP) as minority shareholders, joining its existing majority shareholder, Argos Fund (Argos) and management.

Zodiac Milpro is a global leader in the design and manufacture of highly technical inflatable and rigid-hulled boats for military, professional, and specialised civilian applications. The group combines advanced engineering, industrial expertise, and global execution capabilities to deliver mission-critical maritime solutions worldwide. With production sites in Spain, Canada, Germany, Australia, and the United States, Zodiac Milpro is able to serve a diversified customer base worldwide while meeting local requirements.

Since Argos became the majority shareholder in 2018, Zodiac Milpro has pursued a growth strategy combining innovation, portfolio expansion, and international development. The group’s revenue has more than doubled over the past five years to reach €120 million, with 90% generated internationally. In May 2025, Zodiac Milpro refinanced its unitranche debt and repurchased and cancelled shareholder bonds, strengthening its financial structure to support continued growth.

Argos is an independent European private equity group that supports the growth of midsized businesses and backs their management teams. With over €2.3 billion in assets under management, 35 years of experience, and more than 100 businesses assisted, Argos operates in Benelux, DACH, France, and Italy from six offices in Amsterdam, Brussels, Frankfurt, Luxembourg, Milan, and Paris.

BNP is an independent subsidiary of BNP Paribas, which has, for more than 38 years, taken minority stakes in successful SMEs to support their growth and secure their long-term development by facilitating their transmission.

SGCP supports shareholder-managers of SMEs and midsized companies in their growth and transformation through a long-term, local partnership approach. With teams based in Paris, Lille, Strasbourg, Lyon, Marseille, Bordeaux, and Rennes, SGCP completes around 20 investments each year, reflecting its long-standing commitment to supporting French companies and contributing to their sustainable development.

This transaction widens Zodiac Milpro’s shareholder base alongside Argos and the management team, providing additional long-term resources and expertise to support the group’s ambitious next phase of development, focused on innovation, industrial capacity, and international expansion.

Guillaume Laurin, CEO of Zodiac Milpro, added, “This transaction provides additional long-term support to execute our strategy, invest in innovation and industrial capacity, and expand our international footprint in close alignment with customer requirements.”

Thomas Ribéreau, Partner at Argos, said, “Zodiac Milpro has built a leading industrial and technological platform with a proven track record of execution. The entry of BNP Paribas Développement and Société Générale Capital Partenaires further strengthens the shareholder base to support the group’s innovation roadmap and international expansion.”

Delphine Larrandaburu, Director, BNP, said: “We are pleased to support Zodiac Milpro alongside Argos and the management team, bringing long-term capital and expertise to support its industrial development and international growth.”

Marc Jacquin, SGCP, commented, “We are delighted to join Zodiac Milpro’s shareholder base to support a new phase of growth and value creation in a market with strong long-term fundamentals.”

Houlihan Lokey served as financial advisor to both Zodiac Milpro and its shareholders in the reorganisation of its shareholding structure with the entry of BNP and SGCP alongside management and Argos Fund, as well as financial advisor to Zodiac Milpro in its refinancing.

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