AUXIGA acquired by ANDERA PARTNERS
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 in 2019, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Financial Services sector (12.5x).
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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
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with AUXIGA
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2015 | IK PARTNERS | AUXIGA | FRANCE | Factoring |
REFERENCES
Revenue range: 10M - 30M EUR
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Press release: view release
Target: auxiga
Acquirer: andera partners