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Equistone has sold its Fund VI investment in Vulcain Engineering Group to a consortium led by Ardian, with Tikehau Capital, EMZ, Bpifrance, Amundi, and Fonds France Nucléaire involved. Vulcain, a French engineering consultancy, has seen its revenue grow from €161 million in 2019 to €370 million, with a workforce of approximately 4,000 employees.

The company has shifted its focus from upstream oil, which now constitutes less than 1% of its revenues, to renewable energy, hydrogen, electricity transportation, natural liquefied gas infrastructure, and carbon capture solutions. Vulcain's commitment to sustainability has earned it a gold medal in the EcoVadis ranking for two consecutive years.