ARMOR NAVIGATION & COMPAGNIE CORSAIRE acquired by INNER
Context
The Breton group Armor Navigation, a family-owned specialist in maritime excursions and passenger transport based in Perros-Guirec, has been acquired by the Parisian investment group Inner. The transaction, finalized in October 2025, covers all the group's entities: the operating companies Armor Navigation and Compagnie Corsaire (Saint-Malo), as well as the real estate assets held by SCI Armor Navigation.
ARMOR NAVIGATION & COMPAGNIE CORSAIRE, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Business Services sector (11.1x).
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Target
A leading maritime tourism operator on the Emerald Coast (Brittany). The group operates a fleet of passenger vessels offering regular shuttle services (Saint-Malo / Dinard) and tourist excursions to sites like Cap Frehel, Fort-La-Latte, and the Chausey Islands. It is a key player in the local tourism ecosystem.
Ent. Value
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Equity Value
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Multiples
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
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REFERENCES
Revenue range: 5M - 25M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: armor navigation & compagnie corsaire
Acquirer: inner