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Dip Ascenseurs | dipascenseurs.fr | France
D2P CASE 206

DIP Ascenseurs: From Organic Growth to Regional Scale

DIP used the 2021 acquisition of PEGOT and IRDI Capital Croissance investment to expand its Toulouse-area elevator services platform, while increasing revenue and operating profitability.
BEFOREIn 2020, DIP reported approximately €3 million in revenue and 28 employees, after roughly 12 years of mainly organic growth.
AFTERPublic figures show approximately €5.31 million revenue and €439,000 EBITDA in 2024, with about 45 employees reported in 2024 portfolio materials; 2025 revenue growth was publicly stated at 45.6%.
OUTCOMESuccess
MODELDIP Ascenseurs, Fermetures et Mobilité serves property managers, real-estate developers, industrial and commercial customers, and individuals. It installs and modernizes elevators and lifting equipment, provides preventive and breakdown maintenance, and offers automatic doors, garage doors, access control and accessibility solutions. Revenue comes from engineering projects, maintenance contracts and repair services.

Full Story

Background & Opportunity

DIP’s development began with a local technical-services model: elevators, lifting equipment, automatic doors and related installation, modernization, repair and maintenance. Founded in June 2009, the company served property managers, real-estate developers, industrial and commercial customers, and individuals. By 2020, it had approximately €3 million in revenue and 28 employees. This represented roughly 12 years of primarily organic growth, but organic expansion alone could not provide the desired speed of regional coverage, customer density and maintenance scale across Toulouse and surrounding western Occitanie. The strategic question was therefore how to grow without losing the operational logic of a local service company. DIP chose external growth. In 2021, it acquired PEGOT Ascenseurs, an independent elevator company rooted in the Toulouse area since 2008 and reporting approximately €1.4 million in revenue at the transaction. DIP also brought IRDI Capital Croissance into its shareholding. The PEGOT business combination became effective on 1 October 2021. This structure combined an existing local customer and service base with capital support for expansion, integration and organizational development. The post-transaction public figures indicate a larger and more profitable platform. Revenue rose from approximately €3.65 million in 2023 to approximately €5.31 million in 2024, with a stated annual growth rate of 45.6%. EBITDA increased from approximately €213,000 to €439,000, and operating margin moved from 3.8% to 6.4%. IRDI’s 2024 portfolio materials list approximately €6.57 million in revenue and 45 employees, with activity covering Haute-Garonne, Aude, Tarn, Tarn-et-Garonne and Ariège. Because this differs from Pappers’ legal-company figure, the amounts should not be combined or presented as one identical metric. DIP’s model also continued to include maintenance, modernization, repair, automatic doors, access control and mobility solutions. A disclosed 2024 ICF Habitat Atlantique contract, worth approximately €19,495 over five years, demonstrates the continuing role of maintenance work in the platform.

Original Problem / Model

The starting point was a local business with approximately €3 million revenue and 28 employees in 2020.

Turning Point

Organic growth had delivered progress, but regional expansion required greater speed and customer density.

Core Decision

PEGOT supplied an established Toulouse-area elevator business with approximately €1.4 million revenue.

Execution / Model / Acquisition Changes

IRDI Capital Croissance entered DIP’s shareholding to support expansion, integration and organizational development.

Measurable Results

The combination became effective on 1 October 2021, linking acquisition with a broader service platform.

Lessons

The case shows the value of pairing local acquisition density with capital support while keeping financial perimeters distinct.

Regional expansion through acquisition

Deep Analysis

DIP’s core problem was not a lack of service capability, but the speed and density of regional expansion. Acquiring PEGOT added an established Toulouse-area elevator business with approximately €1.4 million in revenue, while IRDI Capital Croissance provided shareholder support for expansion and integration. The 1 October 2021 combination gave DIP a platform for broader coverage and service capacity. Subsequent public figures show higher revenue, EBITDA and operating margin. The evidence supports acquisition-led regional integration, while the differing 2024 revenue figures must remain separate because they reflect different reporting perimeters.

Turning Point

In 2021, DIP acquired PEGOT and opened its capital to IRDI Capital Croissance; PEGOT’s business joined DIP on 1 October 2021.

Before vs After

Before
A Toulouse-area elevator services SME with approximately €3 million revenue and 28 employees in 2020, relying mainly on organic growth.
After
A broader regional services platform with higher public revenue and profitability figures, approximately 45 employees in IRDI’s 2024 portfolio materials, and wider departmental coverage.

GoGoUp Five Powers

Discover5/5
★★★★★
Analyze5/5
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Execute5/5
★★★★★
Decide5/5
★★★★★
Create5/5
★★★★★

Discover5/5

DIP needed faster regional coverage, more equipment under maintenance and greater customer density than organic growth alone could provide.

Analyze5/5

PEGOT offered an established Toulouse-area base; IRDI added capital support. The transaction also required integration and careful interpretation of differing financial perimeters.

Execute5/5

DIP completed the acquisition in 2021, introduced IRDI as a shareholder and combined PEGOT’s business with DIP from 1 October 2021.

Decide5/5

Choose acquisition-led expansion rather than continuing with organic growth only or narrowing the service portfolio.

Create5/5

Build a broader elevator, access and mobility platform combining projects, maintenance contracts and repair services.

A regional service SME can accelerate scale by combining local acquisition density with shareholder capital and integration discipline.
Evidence / Sources
Pappers reports 2024 revenue of approximately €5.31 million, EBITDA of €439,000 and 45.6% growth; IRDI separately reports approximately €6.57 million and 45 employees.