BARKENE acquired by ASTORG
Context
Astorg has reached an agreement to acquire a majority stake in Barkene from Montefiore Investment, marking the ninth investment from its €1.3 billion mid-cap fund. Barkene’s founder will continue to lead the group during this new phase of institutional ownership. The strategic rationale for the acquisition is focused on accelerating Barkene’s "buy-and-build" engine in a market that remains highly atomized. Under Montefiore’s ownership, Barkene successfully integrated 16 acquisitions, growing its revenue to over €110 million by 2025. Astorg intends to double the size of the group within the next five years, primarily through the continued acquisition of small-scale targets (typically under €5 million in revenue) and mid-sized regional players. The strategy capitalizes on Barkene’s high share of recurring contractual revenue and a structural market demand for fire safety and electronic security. The deal, expected to close before the summer of 2026, will be supported by a new debt package currently under negotiation with various lenders. For Astorg, Barkene represents a perfect "platform" asset with 4 to 5% organic growth potential and strong margins, serving as a consolidation vehicle in the French multi-technical security services landscape.
BARKENE, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Business Services sector (11.1x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Founded in 2018, Barkene is a French specialist in comprehensive security solutions for people and property. The company operates a multi-technical business model focused on electronic security, fire safety, and automated closing systems. Its value proposition is built on providing integrated safety infrastructure for diverse professional clients, ranging from installation to long-term maintenance. Barkene’s strategy is heavily centered on high contractual recurring revenues, ensuring long-term visibility and client retention. Since its inception, the group has positioned itself as a leading consolidator in a highly fragmented market, leveraging a dense regional network to provide local responsiveness. By integrating specialized technical teams across dozens of agencies, the company addresses the structural demand for regulatory compliance and proactive risk management. Barkene continues to professionalize the security services sector through operational excellence and a disciplined buy-and-build approach, aiming to become a national leader in the protection of sensitive sites and commercial assets.
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 100M - 350M EUR
Revenue range: 100M - 200M EUR
EBITDA 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: barkene
Acquirer: astorg