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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented.
Names of the companies and groups concerned:
- The acquirer: the company “Hivest Capital Partners, SAS”;
- The targets: the company “VM Industries, SAS” and the Group “Jokon GmbH”.
Nature of the operation
- Takeover
Economic sectors concerned
- Manufacture of electrical connectors for the automotive sector;
- Manufacture of outdoor lighting systems for vehicles.
Deadline for interested third parties to submit their observations
- 10 days from the date of publication of this press release, i.e. July 13, 2026.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council received notification of an economic concentration project consisting of the exclusive acquisition by the company “Hivest Capital Partners, SAS” of the company “VM Industries, SAS” and the Group “Jokon GmbH”. This operation is carried out through the ownership of 65% of the capital and voting rights of an acquisition vehicle which in turn will hold the entire share capital and voting rights of the company “VM Industries, SAS” and the Group “Jokon GmbH”.
“Hivest Capital Partners, SAS” is a simplified joint-stock company under French law, with a capital of €225,532, registered with the Paris Trade and Companies Register under number 823 869 979, with its registered office at 140 Boulevard Malesherbes, 75017, Paris. This company specializes in transmission or capital development operations for small and medium-sized enterprises (SMEs) or intermediate-sized companies (ETIs) in France, with turnover generally ranging from €20 million to €500 million. It primarily invests to enable supported companies to reach their full potential, through business growth and operational improvements.
“VM Industries, SAS” is a simplified joint-stock company under French law, with a capital of €7,400,000, registered with the Toulouse Trade and Companies Register under number 517 864 757, with its registered office at 8 Rue d’Alembert – 31340 VILLEMUR SUR TARN. This company specializes in the design and manufacture of electrical connectors for the automotive industry, with a particular focus on niche production series.
“Jokon GmbH” is a German limited liability company (GmbH), with a capital of €14,849,100, registered with the Bonn Trade Register under number HRB 203048, with its registered office at Rosenbach 42, 53229 Bonn, Germany. “Jokon GmbH” is the parent company of the Jokon Group. It is a German industrial company specializing in the development and manufacture of outdoor lighting systems, including rear, front, side, signaling, and multifunction lights, for vehicles produced in small series. “Jokon GmbH”, based in Germany, serves as the headquarters of the Jokon Group and encompasses R&D, production, and marketing functions.
Done in Rabat, on July 2, 2026.
