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.

AUXIGA, which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Financial Services sector (14.0x).

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