COEO GROUP acquired by DOVALUE
Context
doValue SpA has completed the acquisition of 100% of coeo Group from Waterland Private Equity. To maintain an asset-light business model, doValue plans to divest the portfolio of loans currently held on coeo’s balance sheet to a third-party investor for approximately €60–€70 million. The acquisition was financed via a €325 million bridge-to-bond facility. The strategic rationale for this transformational deal is to accelerate doValue’s diversification into the fast-growing BNPL and e-commerce segments while securing a strong foothold in Germany and Northern Europe. By integrating coeo’s "cAI" technological ecosystem, doValue significantly enhances its AI-driven automation capabilities, allowing it to manage higher volumes with superior efficiency. The merger shifts the group’s pro-forma revenue composition, with non-NPL revenues expected to reach approximately 55% by 2026. This move not only expands doValue’s geographic reach but also introduces a highly recurring and visible revenue profile through coeo’s established relationships with blue-chip multinational clients. The deal positions the combined entity as the leading AI-powered credit management platform in Europe, setting new standards for digital debt collection and customer experience.
COEO GROUP, which reported an EBITDA margin of LOGIN in 2026, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN as low as the average currently observed in the Financial Services sector (13.1x).
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.
-> Deep-dive in Financial Services market trends
Target
Founded in 2010, coeo Group is a leading European tech-driven and AI-led receivables management company. The group specializes in the digital management of non-financial, high-volume, and small-ticket unsecured receivables, particularly within the e-commerce, Buy-Now-Pay-Later (BNPL), telecommunications, and utility sectors. Its value proposition is centered on its proprietary AI ecosystem, "cAI," which enables the fully automated processing of customer interactions—both written and by phone—without manual intervention. coeo’s business model traditionally combined debt servicing with selective debt purchasing, though it has transitioned toward an asset-light model under new ownership. Strategically, the company focuses on operational excellence and consumer behavior insights to achieve high recovery rates in the early stages of arrears. Headquartered in Germany, coeo has established a significant international footprint across eight countries, including the DACH region, the Benelux, and the Nordics, serving a diverse base of blue-chip multinational clients.
Ent. Value
LOGIN
Equity Value
LOGIN
Multiples
EV / Revenue
LOGIN
EV / EBITDA
LOGIN
EV / EBIT
LOGIN
Historical Financials (EUR)
Similar deals in Financial Services
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 05/2026 | GLOBAL NET LEASE | MODIV INDUSTRIAL | UNITED STATES | Specialty Finance | Global Net Lease (GNL) entered into a definitive merger agreement to acquire Modiv Industrial in an all-stock, leverage-neutral transaction. The acquisition is a key strategic move for GNL, aimed at accelerating its transition to earnings growth and enhancing its portfolio quality |
| 01/2026 | DECATHLON PULSE | BIKELEASING (BLS BETEILIGUNGS) | GERMANY | Specialty Finance | Brockhaus Technologies AG has entered into a definitive agreement to sell its approximately 52% majority stake in Bikeleasing to Decathlon Pulse SAS. The strategic rationale for Decathlon is to accelerate its transition into the high-growth corporate mobility sector and secure a market-leading digital platform in Germany |
| 05/2025 | DUBAI AEROSPACE ENTERPRISE (DAE) | NORDIC AVIATION CAPITAL | UNITED STATES | Specialty Finance | Dubai Aerospace Enterprise (DAE), a leading global player in aircraft leasing, has completed the acquisition of 100% of Nordic Aviation Capital (NAC) from NAC Holdings Limited. This transaction is one of the most significant deals in the regional aircraft leasing sector in recent years and substantially strengthens DAE's international presence |
| 01/2022 | BRIDGEPOINT | SPARTFIN (PARTNERS FINANCE) | FRANCE | Specialty Finance | Bridgepoint has acquired a majority stake in Spartfin from Groupe Mentor. This primary LBO follows a competitive auction process managed by Rothschild & Co, where Bridgepoint prevailed over other major sponsors including Eurazeo |
| 11/2019 | ANDERA PARTNERS | AUXIGA | FRANCE | Specialty Finance | 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 |
| 03/2018 | B2HOLDING | VERALTIS (EX NACC) | FRANCE | Specialty Finance | B2Holding has acquired Nacc from the French private equity firm Pragma Capital, which had been the majority shareholder since a 2015 LBO. The transaction values Nacc at an Enterprise Value <€100 million |
| 01/2017 | BRIDGEPOINT | ZENITH | UNITED KINGDOM | Specialty Finance | HgCapital has entered into a definitive agreement to sell its entire majority shareholding in Zenith to private equity firm Bridgepoint. This divestment follows a highly successful investment cycle initiated by HgCapital's acquisition of Leasedrive in December 2013 and its subsequent strategic merger with Zenith in February 2014, a corporate consolidation engineered to capture substantial economies of scale |
| 07/2015 | IK PARTNERS | AUXIGA | FRANCE | Specialty Finance | IK Investment Partners has acquired a controlling interest in Auxiga Group. This deal represents an entry-point investment into the specialized financial services sector, aiming to consolidate the group's undisputed leadership in the French and Belgian reference markets |
| 09/2014 | ARROW GLOBAL GROUP | CAPQUEST | UNITED KINGDOM | Specialty Finance | The acquisition of Capquest by Arrow Global brings together two complementary businesses, creating a larger, integrated group with enhanced capabilities in debt purchase and management. The combination of Capquest's in-house servicing platform and state-of-the-art collections system with Arrow Global's leadership in data enhancement, analytics, and supply chain management is expected to create a strong company, well-positioned to prosper in the current environment |
| 01/2014 | HG CAPITAL | ZENITH | UNITED KINGDOM | Specialty Finance | HgCapital has entered into a definitive agreement to acquire a majority ownership stake in the parent company of Zenith Vehicle Contracts Group Limited from Morgan Stanley Global Private Equity (MSPE) |
REFERENCES
Valuation range: EV 300M - 700M EUR
Revenue range: 100M - 200M EUR
EBITDA range: 50M - 100M EUR
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of COEO GROUP by DOVALUE are reserved for mynth community members. Register for free to unlock full data.
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).
Press release: view release
Target: coeo group
Acquirer: dovalue