GROUPE RÉFÉRENCE

ENHANCED FRACTIONAL MANAGEMENT FOR SMEs

Founded in 2009 and led by Thibault Cornudet, Groupe Référence is the French leader in augmented fractional executive management for SMEs and mid-sized companies.

The group brings together more than 120 experts operating throughout France across the Finance & Administration, Marketing & Digital, Information Systems and Human Resources functions. These services are available through three delivery models: fractional executive management (80% of activity), expert assignments, and training/mentoring via Référence Académie.

KEY STRENGTHS

The group benefits from a resilient and diversified client portfolio, consisting mainly of SMEs and mid-sized companies, particularly in the industrial sector, with between 20 and 1,000 employees.

Its extensive regional footprint, built on a wide network of offices, enables it to cover the whole of France.

RESPONSIBLE APPROACH

The group has successfully retained its teams through an employee share ownership scheme, which now includes more than 50 employee shareholders. Key managers are also involved in operational and strategic decisions.

Finally, Groupe Référence is rolling out a low-carbon company vehicle fleet.

PROJECT

In October 2024, Innovafonds acquired a stake as part of an MBO providing a liquidity solution for the co-founder, while enabling the CEO to increase his stake and several key managers to strengthen their shareholding.

Innovafonds supports the group’s growth strategy along three main pillars:

• ORGANIC GROWTH: development of new business offerings (CSR, GDPR, QHSE, etc.)
• OPERATIONAL STRENGTHENING: support in structuring the group’s organisation and key performance indicators
• EXTERNAL GROWTH: active build-up strategy, including the acquisition of Facilib (2026).