Trends in the French turnaround market While demand for turnaround funds is traditionally linked to economic slowdowns and rising business bankruptcies, the expected rise in business bankruptcies has not materialized in 2020 and 2021 due to significant government intervention. The construction, retail, repair and automotive sectors account for a significant number of businesses likely to be taken over. Expansion-related turnarounds account for 55% of interventions, while internal restructuring and bankruptcies follow with 30% and 10%. It is reasonable to assume that, once government aid is withdrawn, there could be an influx of distressed companies onto the market. With over 600,000 bankruptcies between 2010 and August 2021, there could be a latent supply of companies for turnaround funds. The turnaround industry remains a niche, characterized by a handful of players such as H.I.G Europe, Butler Capital Partners, and smaller funds like Alandia. The industrial, information/communication
