Blue acquired by Legal & General L&G & Bpifrance
Context
The acquisition of Blue by Legal & General Asset Management (L&G) represents a significant entry into the French sovereign cloud market for the British institutional manager’s digital infrastructure fund, LDIF. This transaction marks the conclusion of a highly successful holding period for Quilvest Capital Partners, who served as the lead sponsor since 2020. During this period, Blue nearly tripled its revenue, reaching 55 million EUR in 2025, supported by three strategic build-ups: Oceanis, ADMI, and Openhost. The deal structure involves a majority stake acquisition by L&G alongside the founder and CEO, Nicolas Boittin, while Bpifrance continues its long-term support as a minority shareholder. The transaction was negotiated on a bilateral basis following an unsolicited offer from L&G, with the financing package utilizing a portable senior debt facility refinanced in mid-2025. Strategically, the investment aims to capitalize on Blue’s established multi-regional footprint and its transition into a comprehensive MSP with deep expertise in cybersecurity and private networking.
Blue, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only].
-> Deep-dive in TMT (Tech, Media, Telecom) market trends
Target
Blue is a leading sovereign cloud operator and Managed Service Provider (MSP) based in Western France, specializing in high-assurance digital infrastructure for the B2B segment. The company operates two proprietary datacenters and provides an integrated "one-stop-shop" suite of digital services, including private network connectivity, cloud hosting, workplace management, and advanced cybersecurity solutions. Originally founded as Bretagne Télécoms, the firm has undergone a significant industrial transformation, evolving from a regional connectivity provider into a diversified digital services platform through a combination of organic innovation and strategic build-ups. Its business model is centered on the provision of secure, locally hosted infrastructure that meets the stringent data sovereignty requirements of French enterprises and public institutions.
Ent. Value
[members only]
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Legal & General L&G / Bpifrance
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2026 | FRENCH FOOD CAPITAL / BPIFRANCE / BNP PARIBAS DEVELOPPEMENT | FABULOUS FRENCH BRASSEURS | FRANCE | Wines & Spirits |
| 05/2026 | ABENEX / BPIFRANCE | TETHYS | FRANCE | Electronics |
| 04/2026 | BYWAY CAPITAL / BPIFRANCE | LA TÊTE DANS LES NUAGES | FRANCE | Leisure Facilities |
| 03/2026 | 123 IM / BPIFRANCE / SMALT CAPITAL | FRIENDLY HOTELS GROUP | FRANCE | Hotels & Accommodation |
| 01/2026 | DASSAULT AVIATION / BPIFRANCE | HARMATTAN AI | FRANCE | Electronics |
| 12/2025 | BPIFRANCE / MBDA | NANOXPLORE | FRANCE | Chips & Processors |
| 11/2025 | BPIFRANCE / BNP PARIBAS DEVELOPPEMENT | SACRED | FRANCE | Plastics |
| 10/2025 | FRENCH FOOD CAPITAL / BPIFRANCE | SABRE PARIS | FRANCE | Home & DIY |
| 10/2025 | SIPAREX / BPIFRANCE | BRIFER (LA FERROVIAIRE DE LA BRIE) | FRANCE | Railways |
| 10/2025 | BPIFRANCE / BRED BANQUE POPULAIRE | ERIGEA LOISIRS | FRANCE | Leisure Facilities |
Similar deals in IT Services
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 05/2026 | CINVEN | ONGOING WAREHOUSE | SWEDEN | Infrastructure & Cloud |
| 05/2026 | ISATIS CAPITAL | CAPTIVEA | FRANCE | Custom Dev |
| 04/2026 | VECTION TECHNOLOGIES | DXLABS | AUSTRALIA | Custom Dev |
| 04/2026 | AFINUM | SEQURIO | GERMANY | Cybersecurity Services |
| 04/2026 | TRUESEC GROUP | SUBSET | SWEDEN | Cybersecurity Services |
| 04/2026 | AGENCE DES PARTICIPATIONS DE L'ETAT (APE) | ATOS ADVANCED COMPUTING | FRANCE | Data & AI Consulting |
| 04/2026 | NORDLO | NETHOUSE | SWEDEN | MSP (Managed Services) |
| 04/2026 | NORD HOLDING | VISIONMAXX GROUP | GERMANY | MSP (Managed Services) |
| 04/2026 | PROJECT INFORMATICA | SISTEMI HS | ITALY | Consulting & Integration |
| 03/2026 | SPYROSOFT | MD CONSULTING UND INFORMATIONSDIENSTE | GERMANY | Custom Dev |
REFERENCES
Revenue range: REV €50–100M
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Blue by Legal & General L&G / Bpifrance 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: blue
FAQ
What transaction does this page cover?
What was Blue’s revenue at the time of the deal?
What sources support the information on this transaction?
What is mynth?