Management & Private Investors takes majority stake in Ateliers de France

FRANCE Construction / Finishing Works EV €500M–1.5bn

Context

The management team of Ateliers de France acquired the majority stake previously held by a consortium of investors (IDI, Raise Invest, Tikehau Capital, and Bpifrance's "Creative Industries" fund). The deal allows the financial sponsors to exit with a 2.1x cash-on-cash multiple.

The acquisition of Ateliers de France is part of the growth strategy of Management & Private Investors, which already has several external growth operations under its belt, notably Desigual in 2018.

Ateliers de France, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

Target

Ateliers de France is a federation of specialized artisanal companies dedicated to high-end decoration and the restoration of historical heritage. The group was built around the historic painting and gilding firm Meriguet-Carrère. It aggregates rare trades (stone cutting, ironwork, wood paneling, fine masonry) to serve prestigious clients: national palaces (Versailles, Elysee), luxury hotels (Ritz, Crillon), and private ultra-high-net-worth residences globally. Since the previous LBO in 2017, the group has tripled in size, completing nearly 20 acquisitions.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

10x–18x

EV / EBIT

10x–18x

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2023

2022

Other operations with Management & Private Investors

Other operations with Management & Private Investors
Date	Acquirer	Target	Country	Sector
01/2026	IRD INVEST / MANAGEMENT & PRIVATE INVESTORS	DECADE	FRANCE	Packaging & Containers
11/2025	MANAGEMENT & PRIVATE INVESTORS	POGGIPOLINI	ITALY	Components
01/2022	HIGHLAND EUROPE / MANAGEMENT & PRIVATE INVESTORS	HUEL	UNITED KINGDOM	Food Products
04/2021	ICG / MANAGEMENT & PRIVATE INVESTORS	DOMUSVI	FRANCE	Nursing Homes
08/2018	MANAGEMENT & PRIVATE INVESTORS	DESIGUAL	SPAIN	Fashion & Apparel
07/2018	MANAGEMENT & PRIVATE INVESTORS	BETJEMAN & BARTON	FRANCE	Coffee & Tea
06/2017	ICG / MANAGEMENT & PRIVATE INVESTORS	DOMUSVI	FRANCE	Nursing Homes
07/2012	MANAGEMENT & PRIVATE INVESTORS	LVL MEDICAL GERMANY	GERMANY	Outpatient Care
03/2012	MANAGEMENT & PRIVATE INVESTORS	ICELAND FOODS GROUP	UNITED KINGDOM	General Grocery
01/2008	MANAGEMENT & PRIVATE INVESTORS / DENTRESSANGLE	OGIC	FRANCE	Residential Dev

Similar deals in Construction

Similar deals in Construction
Date	Acquirer	Target	Country	Sector
01/2024	SPIE BATIGNOLLES	GROUPE ETPO	FRANCE	Public Works
01/2024	BNP PARIBAS DEVELOPPEMENT / SOCIETE GENERALE CAPITAL PARTENAIRES / BTP CAPITAL / BPIFRANCE / CREDIT MUTUEL EQUITY	DEMATHIEU BARD	FRANCE	Construction
12/2023	NORD CAPITAL PARTENAIRES	GROUPE ROGER DELATTRE	FRANCE	Masonry & Civil Eng.
07/2023	PAI PARTNERS	INFRA GROUP	BELGIUM	Utilities Networks (Water/Fiber)
06/2023	ARGOS WITYU	TKH FRANCE	FRANCE	Electrical
05/2023	MONTEFIORE INVESTMENT	EXO GROUP	ITALY	Finishing Works
03/2023	BNP PARIBAS DEVELOPPEMENT / BPIFRANCE / BTP CAPITAL / ESFIN PARTICIPATIONS	GCC	FRANCE	Construction
11/2022	HAL HOLDING	ROYAL BOSKALIS WESTMINSTER	NETHERLANDS	Public Works
11/2022	VEIDEKKE	CONSTRUCTA ENTREPRENØR	NORWAY	Masonry & Civil Eng.
07/2022	BYGGPARTNER GRUPPEN	FLODÉN BYGGNADS	SWEDEN	Masonry & Civil Eng.

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €450–900M

EBITDA range: €25–50M

EV/Revenue range: below 1.5x

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 Ateliers de France by Management & Private Investors 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: ateliers de france

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Ateliers de France, a French company specialised in Finishing Works, by Management & Private Investors in 2023.

How was the acquisition of Ateliers de France by Management & Private Investors valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Ateliers de France’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Ateliers de France generated annual revenue estimated in the €450–900M range and EBITDA in the €25–50M bracket (FY 2023). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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