RSM, the world’s 6th largest audit and consulting network, carried out financial buy-side due diligence for Turenne Group, a major private equity player in France, during its investment in Groupe FSP, a specialist in the amicable recovery of commercial and legal claims.

For this equity investment, Turenne Group was advised by a team led by RSM Partner Eric Fougedoire.

Through this transaction, RSM’s Corporate Finance division strengthens its advisory role with companies during strategic and development operations.

Official statement from Turenne Group and Groupe FSP

A specialist in B2B debt recovery, Groupe FSP is reorganizing its capital structure to strengthen its shareholding base and support its growth.

A leading player in debt recovery serving businesses

Founded in 1985 by Stéphane PAYE, Groupe FSP has established itself as a key player in the amicable recovery of commercial and legal debts. With nearly 40 years of experience, the group now affirms its presence both in France and internationally, primarily supporting French and European SMEs.

Through its two complementary brands—AGIR RECOUVREMENT, ranked among the top 10 French players in commercial and civil debt recovery, and PRE-VENANCE, a specialist in accounts receivable management and debt recovery training for finance departments—Groupe FSP is a recognized name in its sector.

Built on strong values and a deeply human-oriented culture, Groupe FSP relies on the daily commitment of nearly 130 employees and generated revenues of over €13 million in 2024.
 

A capital restructuring operation marking the beginning of a new phase in governance and development

The transaction, supported by Turenne Capital Partenaires through its regional fund Pays de la Loire Croissance 2, is part of the reorganization of the Group’s family shareholding structure. It strengthens the position of Antoine PAYE, the majority shareholder, in the company founded by his father.

On this occasion, the Group’s governance evolves, with Olivier BLOT appointed as Chairman of the Management Board. This new structure signals the start of a fresh growth phase for the Group. FSP notably plans to integrate digital tools into its operational processes to enhance service quality for clients and improve communication with debtors. The Group also intends, in the near future and with the support of Turenne Group, to initiate external growth operations to consolidate its development both locally and internationally.
 

A sixth investment for the Pays de la Loire Croissance 2 fund

With nearly €30 million in capital, Pays de la Loire Croissance 2—a second-generation regional investment fund managed by Turenne Capital—has made its sixth investment with this transaction. Subscribed by major institutional economic players in the Pays de la Loire region, it is dedicated to supporting the development, transmission, and transformation of regional SMEs and mid-sized companies. Since its launch in 2015, the fund’s management team has supported over 20 regional businesses, providing strong guidance to leadership teams on financial management, commercial development, and identifying and executing external growth strategies.

The RSM team involved was composed of  :

• Financial due diligence : Éric Fougedoire, Marine Berger