06/2018MajorityLBO

EMZ Partners, BNP Paribas Developpement & Idia Capital Investissement take majority stake in Diam

FRANCE Professional Services / Marketing & Events EV €300–700M

Context

In a significant strategic shift, the management team of DIAM Group successfully regained majority control from Ardian. This transaction is a management-sponsored leveraged buyout, structured as a "sponsorless" operation. The broad base of internal executives successfully negotiated exclusive terms to orchestrate the complete exit of the incumbent private equity firm, Ardian, which had held the majority stake for a brief but highly successful holding period. By leveraging a bespoke financial package provided by the specialized minority investment partners, the management team successfully transitioned from minority stakeholders to absolute majority owners. This strategic reorganization perfectly aligns the company's capital structure with the operational leaders directly responsible for executing its ongoing global expansion roadmap.

It is worth noting that the fund Ardian took control of Diam through an LBO in 2016.

Diam, which reported an EBITDA margin of [members only] in 2017, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, 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

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2017

2016

Other operations with Diam

Other operations with Diam
Date	Acquirer	Target	Country	Sector
07/2024	ARDIAN	DIAM	FRANCE	Marketing & Events
06/2016	ARDIAN	DIAM	FRANCE	Marketing & Events

Other operations with EMZ Partners / BNP Paribas Developpement / Idia Capital Investissement

Other operations with EMZ Partners / BNP Paribas Developpement / Idia Capital Investissement
Date	Acquirer	Target	Country	Sector
06/2026	EMZ PARTNERS / BPIFRANCE / AMUNDI PRIVATE EQUITY	NEXTEAM	FRANCE	Aerostructures
01/2026	EMZ PARTNERS	SNIC TECHNOLOGIES	FRANCE	Railways
07/2024	EMZ PARTNERS	FAUCHE	FRANCE	Maintenance
11/2023	EMZ PARTNERS	YURI & NEIL	FRANCE	Digital Marketing, SEO, SEA, Data Analytics
12/2018	EMZ PARTNERS	VIGNAL GROUP	FRANCE	Auto Parts & Systems

Similar deals in Professional Services

Similar deals in Professional Services
Date	Acquirer	Target	Country	Sector
06/2019	PARQUEST CAPITAL / BPIFRANCE	ADIT (AGENCE POUR LA DIFFUSION DE L'INFORMATION TECHNOLOGIQUE)	FRANCE	Consulting & Audit
03/2019	CRÉDIT AGRICOLE ASSURANCES	COMEXPOSIUM	FRANCE	Marketing & Events
06/2018	APEX GROUP	IPES	UNITED KINGDOM	Accounting & Audit
03/2018	ALTER DOMUS	CORTLAND CAPITAL MARKET SERVICES	UNITED STATES	Accounting & Audit
12/2017	PERMIRA	DUFF & PHELPS	UNITED STATES	Consulting & Audit
10/2017	CVC	TMF GROUP	NETHERLANDS	Accounting & Audit
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
06/2016	ARDIAN	DIAM	FRANCE	Marketing & Events

REFERENCES

Valuation range: EV €300–700M

Revenue range: €250–500M

EBITDA range: €25–50M

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 Diam by EMZ Partners / BNP Paribas Developpement / Idia Capital Investissement 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: emz partners / idia capital investissement / bnp paribas developpement

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 EMZ Partners, BNP Paribas Developpement and Idia Capital Investissement in 2018, structured as a leveraged buyout (LBO). This followed a prior holding cycle initiated by Ardian in June 2016, before ownership was subsequently transferred to Ardian in July 2024 (see dedicated deal pages for details).

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

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Diam’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Diam generated annual revenue estimated in the €250–500M range and EBITDA in the €25–50M bracket (FY 2017). Detailed financial figures are available to members.

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

With an estimated valuation multiple in the range of 5x - 12x in 2018, the transaction reflects historical valuation standards. 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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