Home Database TMT (Tech, Media, Telecom)Adista

07/2016MajorityLBO

Equistone & GEI take majority stake in Adista

FRANCE IT Services / Infrastructure & Cloud / MSP (Managed Services) EV €100–350M

Context

Equistone Partners Europe signed an agreement to become the majority shareholder of Adista, acquiring the stake from historical founders and investors. The transaction involves the reinvestment of founding directors Gilles and Pascal Caumont, alongside the regional fund GEI and the Institut Lorrain de Participation (ILP). Approximately forty managers are also associated with the capital restructuring. This operation follows a period of hyper-growth for Adista, which saw its turnover increase from €30 million in 2012 to €75 million in 2016. The partnership is designed to scale Adista’s industrial model, enhance its commercial proximity, and fund its ambitious development projects in the B2B telecom and digital transformation sectors.

Adista, which reported an EBITDA margin of [members only] in 2016, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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Target

Founded in 2000, Adista is a leading French independent B2B hosted services provider and telecommunications operator. The company offers a comprehensive "one-stop-shop" for corporate digitalization, specializing in private and public cloud solutions, managed IT services, and integrated fixed and mobile telecom networks. Adista operates its own network of proprietary datacenters across France and serves a diversified portfolio of over 300 clients, ranging from SMEs and mid-caps to public sector entities like hospitals and local authorities. Its strategic value lies in the end-to-end control of service quality, combining the roles of hosting provider, telecom operator, and IT specialist to deliver unified communications and high-security connectivity.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

Above 20x

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2016

2015

Other operations with Adista

Other operations with Adista
Date	Acquirer	Target	Country	Sector
09/2021	ADISTA	UNIK	FRANCE	MSP (Managed Services)
06/2021	KEENSIGHT CAPITAL	ADISTA	FRANCE	MSP (Managed Services)
02/2021	ADISTA	WAYCOM	FRANCE	MSP (Managed Services)

Other operations with Equistone / GEI

Other operations with Equistone / GEI
Date	Acquirer	Target	Country	Sector
08/2019	EQUISTONE / SAGARD	VULCAIN INGENIERIE	FRANCE	Engineering & Consulting
02/2019	EQUISTONE	COURIR	FRANCE	Sport
04/2018	EQUISTONE	KARAVEL	FRANCE	Tour Operators
07/2017	EQUISTONE	GROUPE BRUNEAU	FRANCE	Office Supplies & Furniture
01/2016	EQUISTONE	NOVARES	FRANCE	Auto Parts & Systems
12/2015	EQUISTONE	SICAME	FRANCE	Electrical Equipment
04/2014	EQUISTONE	FINAXY	FRANCE	Brokerage
11/2013	EQUISTONE	MADEMOISELLE DESSERTS	FRANCE	Bakery / Pastry
09/2013	EQUISTONE	CHARLES & ALICE	FRANCE	Food Products
08/2010	EQUISTONE	MPS MEAT PROCESSING SYSTEMS	NETHERLANDS	Food & Beverage Lines

Similar deals in IT Services

Similar deals in IT Services
Date	Acquirer	Target	Country	Sector
07/2017	EVERNEX	CAT SISTEMAS	SPAIN	MSP (Managed Services)
06/2017	EVERNEX	TTS FRANCE	FRANCE	IT Services
06/2016	RANDSTAD	AUSY	FRANCE	Consulting & Integration
07/2015	THE CARLYLE GROUP	EVERNEX	FRANCE	MSP (Managed Services)
05/2015	COBEPA	EXCLUSIVE NETWORKS GROUP	FRANCE	IT Distribution & Channel
02/2015	ALTRAN TECHNOLOGIES	NSPYRE	NETHERLANDS	Custom Dev
08/2014	GEMALTO	SAFENET	UNITED STATES	Cybersecurity Services
05/2014	GFI INFORMATIQUE	AIRIAL	FRANCE	Custom Dev
10/2013	NTT DATA CORPORATION	EVERIS GROUP	SPAIN	Custom Dev
07/2013	EURAZEO	EVERNEX	FRANCE	MSP (Managed Services)

REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EBITDA range: €5–25M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Adista by Equistone / GEI are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: adista

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Adista, a French company specialised in Infrastructure & Cloud, by Equistone and GEI in 2016, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Keensight Capital in June 2021 (see the dedicated deal page for details).

How was the acquisition of Adista by Equistone valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Adista’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Adista generated annual revenue estimated in the €50–100M range and EBITDA in the €5–25M bracket (FY 2016). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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