CAFPI
Acquired by
BLACKFIN CAPITAL
CAFPI acquired by BLACKFIN CAPITAL
Target
CAFPI
Acquirer
BLACKFIN CAPITAL
Context
BlackFin Capital Partners entered into exclusive negotiations to acquire a majority stake in Cafpi. The transaction allows for a family reorganization: the founder fully exits, while his brother reinvests alongside the management team. BlackFin secured the deal via a preemptive offer, beating out competitors like Cerberus and Santiane (backed by Latour Capital) in a process managed by Cambon Partners. The acquisition is financed by a unitranche debt representing approx. 4.0x EBITDA. The strategic roadmap focuses heavily on digitalization (currently only 7% of business comes from the web) and product diversification (savings, home insurance).
CAFPI, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 14.0x average currently observed in the Financial Services sector.
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 1971, Cafpi is the pioneer and leader of mortgage brokerage in France. Unlike its digital competitors, it relies on a dense physical network of 240 agencies and 1,500 employees/mandatories. The group generates 85% of its revenue from mortgage brokerage, with the remainder from loan repurchasing and borrower insurance. It has a nascent international presence in Portugal and Morocco.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with CAFPI
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