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11/2019MajorityLBO

Andera Partners takes majority stake in Auxiga

FRANCE Specialty Finance / Specialized Lending / Factoring REV €10–30M

Context

The transaction involves a secondary LBO of Auxiga, where Andera Partners acquires a majority stake from IK Investment Partners, who had held the company for four and a half years. As part of the deal, the management team will significantly increase its shareholding to approximately 15%, ensuring strong alignment with the new sponsor’s growth objectives. The strategic rationale for the investment is based on the significant untapped potential of the French inventory-based lending market, where only a fraction of the total estimated 500 billion EUR in domestic inventory is currently utilized as collateral. Andera Partners aims to capitalize on the shift in market perception, as inventory pledges evolve from a "lender of last resort" solution into a standard liquidity tool comparable to factoring. The group intends to support Auxiga’s international expansion, specifically targeting the UK, Germany, and Spain, by leveraging its proven expertise in "floor-checking" services for multinational manufacturers.

Previously, Auxiga had been acquired in an LBO by IK Partners in 2015.

Auxiga, which reported an EBITDA margin of [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the Financial Services sector (12.6x in 2019).

-> Deep-dive in Financial Services market trends

Target

Auxiga is a century-old French specialist and the domestic market leader in the management and securing of inventory-based lending solutions. The company operates as a mission-critical intermediary between financial institutions and corporate borrowers, providing legal expertise in bankruptcy law and security interests to facilitate asset-based financing. Its core business involves ensuring the feasibility of inventory pledges and conducting rigorous, recurring on-site inspections to verify the existence and value of the collateralized stocks throughout the loan duration. Since the acquisition of Eurogage, the firm controls approximately 80% of the French market, positioning itself as an essential partner for banks seeking to mitigate credit risk. Beyond traditional inventory pledging, Auxiga has successfully diversified into "floor-checking" services for the captive finance arms of automotive and agricultural machinery manufacturers, verifying the physical presence of vehicle fleets at dealership sites.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2019
€10–30M
[members only]
[members only]
2018
€10–30M
[members only]
[members only]

Other operations with Auxiga

Other operations with Auxiga
DateAcquirerTargetCountrySector
07/2015IK PARTNERSAUXIGAFRANCEFactoring

Other operations with Andera Partners

Other operations with Andera Partners
DateAcquirerTargetCountrySector
09/2026ANDERA PARTNERSSABENA ENGINEERINGBELGIUMMRO (Maintenance, Repair & Overhaul)
09/2026ANDERA PARTNERSSOTRALUFRANCEConstruction Materials
12/2025ANDERA PARTNERSSPHEREAFRANCEEngines & Systems
10/2025ANDERA PARTNERSXELIANSFRANCEDocument Management
06/2025ANDERA PARTNERSSPARTESFRANCEConsulting & Audit
02/2025ANDERA PARTNERSGROUPE CDSFRANCEE-commerce & Marketplaces
01/2025ANDERA PARTNERSAYMINGFRANCEStrategy & Management
12/2024ANDERA PARTNERSGROUPE IEF2IFRANCEEducation Providers
07/2024ANDERA PARTNERSTECNIKABELITALYCabling & Connectivity
03/2024ANDERA PARTNERSGROUPE ADFFRANCEMulti-technical Installation

Similar deals in Specialty Finance

Similar deals in Specialty Finance
DateAcquirerTargetCountrySector
05/2025IK PARTNERSDATAPART FACTORINGGERMANYFactoring
05/2025DUBAI AEROSPACE ENTERPRISE (DAE)NORDIC AVIATION CAPITALUNITED STATESAviation & Maritime Leasing
01/2022BRIDGEPOINTSPARTFIN (PARTNERS FINANCE)FRANCEConsumer Credit
03/2018B2HOLDINGVERALTIS (EX NACC)FRANCESpecialty Finance
01/2017BRIDGEPOINTZENITHUNITED KINGDOMFleet Management Finance
07/2015IK PARTNERSAUXIGAFRANCEFactoring
09/2014ARROW GLOBAL GROUPCAPQUESTUNITED KINGDOMSpecialty Finance
01/2014HG CAPITALZENITHUNITED KINGDOMFleet Management Finance
12/2013HG CAPITALLEASEDRIVE GROUPUNITED KINGDOMFleet Management Finance
08/2010MORGAN STANLEY PRIVATE EQUITYZENITHUNITED KINGDOMFleet Management Finance

REFERENCES

Revenue range: REV €10–30M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Auxiga by Andera Partners 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.

Press release: view release

Target: auxiga

Acquirer: andera partners

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Auxiga, a French company specialised in Specialized Lending, by Andera Partners in 2019, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in July 2015, when the company was acquired by IK Partners.

What was Auxiga’s revenue at the time of the deal?

At the time of the transaction, Auxiga’s annual revenue was estimated within the €10–30M range (FY 2019). Detailed financial figures are available to members.

How does the valuation of Auxiga compare to benchmarks in the Financial Services sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 12.6x EBITDA during 2019.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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