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06/2021MajorityLBO

Keensight Capital takes majority stake in Adista

FRANCE IT Services / Infrastructure & Cloud / MSP (Managed Services) EV €300–700M

Context

Keensight Capital has signed an agreement to acquire a majority stake in Adista, taking over from Equistone Partners Europe. The deal was structured via a preemptive offer, bypassing a planned auction process due to Adista's strong performance, having doubled its revenue since 2016. The current management team, led by Patrice Bélie, reinvested significantly alongside Keensight and a pool of minority investors including FEF (Mubadala and Bpifrance), GEI, and ILP. The transaction is financed by a unitranche facility provided by Idinvest. This new strategic cycle aims to fuel Adista's "Buy-and-Build" strategy, following the successful integrations of Fingerprint Technologies and Waycom, with the objective of doubling the group's size again within four years.

By taking control of Adista, Keensight Capital continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Sogelink in 2019.

Adista, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

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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

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
€100–200M
€10–30M
[members only]
2019
€100–200M
€10–30M
[members only]

Other operations with Adista

Other operations with Adista
DateAcquirerTargetCountrySector
09/2021ADISTAUNIKFRANCEMSP (Managed Services)
02/2021ADISTAWAYCOMFRANCEMSP (Managed Services)
07/2016EQUISTONE / GEIADISTAFRANCEMSP (Managed Services)

Other operations with Keensight Capital

Other operations with Keensight Capital
DateAcquirerTargetCountrySector
09/2025KEENSIGHT CAPITALDECISION FOCUSDENMARKFinancial Services / Banking
06/2024KEENSIGHT CAPITALDIMO MAINTFRANCEIndustry-Specific Software
11/2023KEENSIGHT CAPITALNOMIOSFRANCECybersecurity Services
12/2022KEENSIGHT CAPITALQUANOSGERMANYIndustry-Specific Software
11/2019KEENSIGHT CAPITALSOGELINKFRANCEConstruction / Real Estate
09/2017KEENSIGHT CAPITALI-TRACINGFRANCECybersecurity Services

Similar deals in IT Services

Similar deals in IT Services
DateAcquirerTargetCountrySector
07/2021TRITON PARTNERSSWISS IT SECURITY GROUP (SITS)SWITZERLANDCybersecurity Services
07/2021CHARTERHOUSELABELIUMFRANCEAdTech
06/2021XENON PRIVATE EQUITYGN TECHONOMYITALYConsulting & Integration
05/2021ICGCIRCETFRANCEIT Services
05/2021IK PARTNERSTRUESEC GROUPSWEDENCybersecurity Services
05/2021EURAZEO / SAGARDI-TRACINGFRANCECybersecurity Services
03/2021APAX PARTNERSLUTECHITALYConsulting & Integration
02/2021ADISTAWAYCOMFRANCEMSP (Managed Services)
02/2021ARDIANJAKALAITALYConsulting & Integration
11/2020PRESIDIOARKPHIREIRELANDConsulting & Integration

REFERENCES

Valuation range: EV €300–700M

Revenue range: €100–200M

EBITDA range: €10–30M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Adista by Keensight Capital 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 Keensight Capital in 2021, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in July 2016, when the company was acquired by Equistone / GEI.

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

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 2x - 6x 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 €100–200M range and EBITDA in the €10–30M bracket (FY 2020). 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.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.