DENTRESSANGLE takes majority stake in TESSI
Context
Pixel Holding, held by HLDI and HLDE, the investment holdings of the Dentressangle family, acquired a 54.1% stake in Tessi, the Grenoble-based document and payment processing company, from the Rebouah family, in a transaction announced on 1 June 2016. The price was set at 132.25 euros per share, below the market price of 154.99 euros at which the stock had last traded before being suspended. Under French market rules, the purchase of a controlling block obliged Pixel Holding to file a public tender offer for the remaining shares, opening the way to full ownership of the listed company. Dentressangle Initiatives, which controls HLDI, presented the investment as consistent with its purpose of acquiring control of commercial and industrial companies in France and Europe to support their development.
TESSI, which reported an EBITDA margin of [members only] in 2015, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average currently observed in the Business Services sector (11.5x).
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Target
Tessi processes documents and payment flows on behalf of other organisations. It digitises incoming mail and documents, extracts and checks the data they contain, handles cheque and payment processing, manages the resulting archives and runs the verification procedures its clients are required to carry out. Its clients are banks, insurers, utilities and public bodies that outsource these operations, and the company is based in France.
Ent. Value
€300–700M
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
5x–12x
EV / EBIT
10x–18x
Historical Financials (EUR)
Other operations with TESSI
Other operations with TESSI
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REFERENCES
Valuation range: EV €300–700M
Revenue range: €250–500M
EBITDA range: €50–100M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 5x - 12x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of TESSI by DENTRESSANGLE 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: tessi
Acquirer: dentressangle