06/2016MajorityLBO

Ardian takes majority stake in Diam

FRANCE Professional Services / Marketing & Events EV €100–350M

Context

Ardian entered into exclusive negotiations to acquire majority control of the DIAM Group from exiting historical sponsors, led by LBO France, in a tertiary leveraged buyout. This transaction marked a key milestone for the group, following a period of substantial top-line growth where revenues jumped from €65 million in 2012 to over €200 million in 2015, fueled by an active "build-up" strategy including the 2016 acquisition of Maison Prugent. The deal featured a highly strategic reinvestment from both the existing executive management team and a historical minority institutional investor, ensuring operational continuity. This capital reorganization aimed to provide the fresh liquidity and renewed strategic momentum required to support the group's next major phase of international expansion.

Diam, which reported an EBITDA margin of [members only] in 2015, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Business Services sector (11.5x in 2026).

-> Deep-dive in Business Services market trends

Target

Diam is a global specialist in point-of-sale merchandising, catering exclusively to the high-end beauty and luxury sectors. The enterprise seamlessly integrates the design, manufacturing, installation, and ongoing maintenance of sophisticated retail displays. While its historical core competency lies in premium visual merchandising, the firm has strategically expanded into elite shopfitting for prestigious boutiques and travel retail environments. The organization distinguishes itself by perfectly combining automated, high-efficiency manufacturing processes with meticulous artisanal finishing. Operating through localized production facilities across multiple continents, it effectively meets the rigorous demands of luxury brands. Driven by an ambitious leadership team, the company actively seeks to accelerate its external growth, specifically targeting the highly lucrative luxury packaging segment and the continuous expansion of its comprehensive in-store service offerings, encompassing installation, digital marketing, and sustainable recycling programs.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2015

2014

Other operations with Diam

Other operations with Diam
Date	Acquirer	Target	Country	Sector
07/2024	ARDIAN	DIAM	FRANCE	Marketing & Events
06/2018	EMZ PARTNERS / BNP PARIBAS DEVELOPPEMENT / IDIA CAPITAL INVESTISSEMENT	DIAM	FRANCE	Marketing & Events

Other operations with Ardian

Other operations with Ardian
Date	Acquirer	Target	Country	Sector
07/2026	ARDIAN / EURAZEO / UBS	HR PATH	FRANCE	ERP, HR & Finance
07/2026	ARDIAN	MUNICH ELECTRIFICATION	GERMANY	Batteries & EV Tech
07/2026	ARDIAN	PFLEGIA	GERMANY	Recruitment / Headhunting
01/2026	ARDIAN	IVB WELLNESS LAB	SPAIN	Nutrition & Dietary Supplements
12/2025	ARDIAN	FERMAX	SPAIN	Safety & Security
07/2025	ARDIAN	DOVIDA	SWITZERLAND	Outpatient Care
05/2025	ARDIAN	MASTERGRID	FRANCE	Electrical
03/2025	ARDIAN	DIOT-SIACI	FRANCE	Brokerage
03/2025	ARDIAN	AKUO	FRANCE	Renewables
01/2025	ARDIAN / EURAZEO / ASTORG	SYCLEF	FRANCE	HVAC (Heating/AC)

Similar deals in Professional Services

Similar deals in Professional Services
Date	Acquirer	Target	Country	Sector
07/2017	BLACKSTONE	CLARION EVENTS	UNITED KINGDOM	Marketing & Events
05/2017	ABENEX	EUROPA GROUP	FRANCE	Marketing & Events
05/2017	PERMIRA	ALTER DOMUS	LUXEMBOURG	Accounting & Audit
01/2016	SWIFT WORLDWIDE RESOURCES	AIR ENERGI	UNITED KINGDOM	Temp Work / Staffing
12/2015	THE CARLYLE GROUP	PA CONSULTING	UNITED KINGDOM	Strategy & Management
05/2015	CHARTERHOUSE	COMEXPOSIUM	FRANCE	Marketing & Events
04/2013	SILVERFLEET	IPES	UNITED KINGDOM	Accounting & Audit
01/2013	THE CARLYLE GROUP / STONE POINT CAPITAL / PICTET & CIE	DUFF & PHELPS	UNITED STATES	Consulting & Audit
10/2012	LGV CAPITAL	AIR ENERGI	UNITED KINGDOM	Temp Work / Staffing
08/2009	PALATINE PRIVATE EQUITY	AIR ENERGI	UNITED KINGDOM	Temp Work / Staffing

REFERENCES

Valuation range: EV €100–350M

Revenue range: €150–250M

EV/Revenue range: below 1.5x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Diam by Ardian 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.

Press release: view release

Acquirer: ardian

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Diam, a French company specialised in Marketing & Events, by Ardian in 2016, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with EMZ Partners / BNP Paribas Developpement / Idia Capital Investissement in June 2018 (see the dedicated deal page for details).

How was the acquisition of Diam by Ardian valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What was Diam’s revenue at the time of the deal?

At the time of the transaction, Diam’s annual revenue was estimated within the €150–250M range (FY 2015). Detailed financial figures are available to members.

How does the valuation of Diam compare to benchmarks in the Business Services sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. By way of comparison, in 2026 companies in the Business Services sector are valued at a multiple of 11.5x EBITDA.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

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