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07/2025

COEO GROUP acquired by DOVALUE

GERMANY Specialty Finance / Specialized Lending EV 300M - 700M EUR

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.

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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.

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Historical Financials (EUR)

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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