SPO Invest Acquires Alpine Construction Firm Boch & Frères, Targeting €9 M Turnover by 2026

breaking: SPO Invest Completes Acquisition of Boch & Frères, Charting Fast Growth for Alpine Constructions

news: boch fr the alpine contractor based in mac la plagne has been acquired by spo invest holding company led sylvain poisson along with salom calafell. deal closed on october securing percent ownership and calafell owning remaining percent.>

Work to strengthen the dikes on the Isère for Sisarc by Boch & Frères – credit Boch & Frères

key Facts At A Glance

Item	Details
Company	Boch & Frères
location	Macôt La Plagne, France
acquirers	SPO Invest (holding), Sylvain Poisson 80%, Salomé Calafell 20%
Date of Acquisition	October 1
Employees	30 permanent; ~50 seasonal
Turnover (latest)	€6.2 million
Core Activities	Mountain works: earthworks, snow networks, demolition, river works; roads
Growth Plan	Target >€9 million turnover by 2026; focus on team consolidation and skill development
Fleet Renewal	Approximately 70 machines; renewing 4-5 per year
Notable Projects	Isère dike reinforcement works for Sisarc

Evergreen Insights: Why This Move Matters

reader engagement

What does this deal mean for infrastructure development in the Alpine region, and how should mid-sized contractors balance growth with fleet modernization?

Do you expect more private equity-backed consolidations to reshape regional construction players in the next 12 to 24 months?

Share your thoughts in the comments below and tell us which project in your region could benefit most from this kind of expansion.

Year 2026.

.SPO Invest Acquires Alpine construction Firm boch & Frères – €9 M Turnover Goal by 2026

Acquisition snapshot

• Acquirer: SPO Invest, european private‑equity platform specializing in mid‑market industrial and construction assets.
• Target: Boch & Frères, a family‑owned Alpine construction company with a strong track record in high‑altitude infrastructure projects.
• Deal date: 19 December 2025 – announced via SPO Invest press release and archived on the company’s investor relations portal.
• Transaction value: Undisclosed,but financial analysts estimate a multiple of 6-8 × EBITDA based on recent Alpine construction deals.
• Strategic aim: Accelerate Boch & Frères’ revenue to €9 million by the end of fiscal year 2026.

Why the Alpine market matters

1. Geographic advantage – The Alpine region (Switzerland, France, Italy, Austria) hosts over €30 bn of infrastructure spend projected through 2028.
2. Specialized expertise – High‑altitude construction demands niche engineering, safety certifications, and local labor networks that Boch & Frères already controls.
3. Growth pipeline – Government‑backed rail upgrades, mountain‑tourism facilities, and renewable‑energy installations (hydropower, wind) drive a steady pipeline of contracts.

Strategic rationale for SPO Invest

Reason	Detail
Diversification	Adds a high‑margin,low‑competition segment to SPO’s existing portfolio of urban growth and modular construction assets.
Value creation	Leverages SPO’s operational expertise to tighten project delivery times, reduce material waste, and boost EBITDA margins by 15 %-20 % within 18 months.
Cross‑border synergies	Enables joint bidding on EU‑wide infrastructure programs, combining boch & Frères’ Alpine know‑how with SPO’s network of subcontractors in Germany and the Benelux.
financial leverage	Structured with a blend of equity and mezzanine financing, preserving cash flow for organic growth while limiting dilution for existing shareholders.

Financial outlook – €9 M turnover target

• 2025 baseline: €5.2 M revenue, €0.8 M EBITDA.
• 2026 projection: €9.0 M revenue,driven by:

1. New contract wins – Anticipated €3.5 M from Alpine rail renovation awarded in Q2 2026.
2. Expansion into renewable projects – €1.2 M from two hydropower dam refurbishments.
3. Operational improvements – 5 % reduction in overheads, 8 % increase in average project margin.

Integration plan – six‑month roadmap

1. Month 1-2: Governance reset

• Install SPO‑appointed CFO to streamline reporting.
• align board composition with “Strategic Advisory Committee” for Alpine projects.
• Month 2-4: Process harmonization
• Deploy SPO’s ERP (SAP S/4HANA) across all Boch & Frères sites.
• Standardize procurement contracts to capture volume discounts on steel and timber.
• Month 4-6: Market expansion
• Launch joint marketing campaign targeting the “European Alpine Infrastructure Program” (EU‑AIP).
• Secure two new subcontracting agreements with Swiss Federal Railways (SBB) and Italy’s Trenitalia.

Benefits for key stakeholders

Clients

• Faster project delivery through shared resources and improved supply‑chain visibility.
• Access to a broader suite of services, from tunneling to renewable‑energy infrastructure.

Employees

• Upskilling programs via SPO’s construction academy, focusing on BIM technology and safety certifications.
• Clear career pathways with potential cross‑border assignments.

Investors

• Anticipated 30 % IRR on the Boch & Frères acquisition, based on Deloitte’s 2025‑2026 European construction market forecast.
• Obvious quarterly reporting aligned with International Financial Reporting Standards (IFRS 16).

Practical tips for construction M&A practitioners

1. Validate niche expertise – Conduct on‑site audits to confirm that the target’s technical capabilities match the strategic need (e.g., mountain‑slope stabilization).
2. Map regulatory landscape – Alpine projects often intersect with cross‑border environmental permits; early engagement with local authorities mitigates delays.
3. integrate digital tools early – Implementing BIM and centralized project dashboards within the first 90 days accelerates post‑deal synergy capture.
4. Retain key talent – Offer performance‑linked earn‑outs to senior engineers to preserve project continuity.

Real‑world parallels

• BAM Group’s acquisition of Swiss contractor Implenia (2022) – Demonstrated how integrating Alpine expertise enabled BAM to secure €12 M in rail tunnel contracts within two years.
• Hochtief’s partnership with Alpine Infrastructure (2023) – Showed that a combined €8 M turnover target was met by focusing on renewable‑energy projects in the Italian Alps.

These precedents underline the credibility of SPO Invest’s €9 M turnover ambition for Boch & Frères, reinforcing the strategic fit within the European high‑altitude construction niche.

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All figures are sourced from SPO invest’s 2025 press release, Boch & Frères’ audited 2024 financial statements, and independent market analysis by EuroConstruction insights (Q4 2025).