Bruneau is a leading online retailer of office supplies and equipment.

Equistone exited its Fund V majority investment in Bruneau by way of a management buyout in October 2021 and reinvested in a minority position, alongside the management team and TowerBrook Capital Partners, through its dedicated Reinvestment Fund.

Headquartered in Paris since 1955, Bruneau is positioned as a one-stop-shop solution for its B2B customers, offering over 100,000 products including stationery, furniture, electronic equipment, general services and other office accessories.

Bruneau has a strong market position and a well-established reputation for providing high quality service as a result of its e-commerce platform and efficient supply chain, which is supported by over 950 employees across its sales offices, call centres, warehouses and regional distribution centres, serving customers in France, Belgium, Italy, Luxembourg, the Netherlands and Spain.


Equistone initially invested in Bruneau in 2017 through Fund V. During Fund V’s hold period, Equistone has worked alongside the management team to support organic and external growth, which has resulted in a revenue increase from €320m in 2017 to €485m for the financial year ending 2021.

Three acquisitions were completed during the investment period:

  • Entry into the Luxembourg market was achieved through the acquisition of a stake in Muller & Wegener in July 2018.
  • Bruneau’s position in Spain was strengthened by the acquisition of Office Depot’s Viking Spain division in October 2020.
  • Entry into the Italian market was supported through the acquisition of Office Depot Italy in March 2021.

Furthermore, Bruneau has focused on developing its digital capabilities and a selective marketplace strategy to expand its product offering, which has resulted in its range increasing from 35,000 to more than 100,000 products during the investment period.


Oct 2017 - Oct 2021




Business Services

Revenue Progression

€320m / €485m

Employees at ACQ.


Investment Type

Secondary MBO

Bruneau 1

We are very proud to have accompanied Bruneau’s outstanding growth story since 2017. As the Group demonstrated resilience during the pandemic, recent acquisitions show it is ideally positioned to be a major player in the sector’s European consolidation.


Office Depot Italy
Mar 2021
Viking Spain
Oct 2020
Muller & Wegener
Jul 2018