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Montefiore invested in Maison Lyovel in May 2014, alongside several company executives and members of the holding family.

Sector: Business retail
Support: 2014-2017
Participation : Majority


Vending machine operator in France, Maison Lyovel specializes in hot and cold drinks, as well as snacks. Formerly a subsidiary of the Coser group owned by the Boyer family, the family business experienced a pronounced decline in sales in 2014, when Montefiore acquired a stake: -3% per year since 2011.


When Montefiore sold Maison Lyovel to Jacobs Douwe Egberts at the end of 2017, the family-run business had transformed itself into a market leader in vending machines: returning to growth (+7% on average) both organically and thanks to acquisitions that completed territorial coverage. At the same time, Maison Lyovel’s offering has been repositioned and its organization optimized, resulting in a clear improvement in margins.

Key figures

Operator of automatic machines in France, with 14,000 machines in 2017, 21,000 by 2023
average annual growth between 2014 and 2017
EBITDA annual growth rate between 2014 and 2017

Our growth strategy with Lyovel

A new management team

The cornerstone of our ambitious development plan was the strengthening of Maison Lyovel’s management team. In consultation with the owner family, we put together a team that included both long-standing executives and new recruits. These included the appointment of a new CEO, as well as several employees in key positions, notably in the marketing department. We also redefined our internal processes and created a management incentive system to align interests.

A review of the offer and key partnerships With the new management of Maison Lyovel, we carried out a review of the existing offer, focusing on improving attractiveness, margins and turnover. At the same time, our sector knowledge enabled us to set up partnerships with several strategic suppliers. The result: a wider choice of brands, diversification of market segments reached, and increased ability to adapt to customer budgets and preferences.

Montefiore has supported us in a number of digital initiatives, both on the back office and front office sides. For example, we had developed Salesforce, to monitor our sales performance, and installed contactless payment terminals. As a result, we were able to accurately track the purchase of our products, which in turn enabled us to boost sales, reduce costs and facilitate the work of our technicians.

Patrick GargulaCEO, Maison Lyovel

Optimized equipment costs and financing

Renegotiating unprofitable contracts, controlling and optimizing costs (in particular by investing in IT), optimizing machine financing… We activated each of these levers to improve Maison Lyovel’s EBITDA margin.

An ambitious external growth strategy Alongside us, Maison Lyovel has been able to deploy a growth strategy based on the acquisition of new companies. The five transactions carried out in three years enabled the company to densify its network and extend its geographical reach, and were fully integrated with internal IT systems and processes.

To discover Maison Lyovel today :