The transaction marks the third LBO for ECF Group, with Naxicap Partners acquiring a majority stake from Weinberg Capital Partners (WCP), Initiative & Finance, Salvepar, and Five Arrows. The deal followed a highly competitive auction process involving both financial sponsors (LBO France, Abénex, Florac, Gimv, Caravelle) and strategic bidders like Bunzl. The strategic rationale for Naxicap is to support the next phase of the group's international development and market consolidation. Since the previous LBO in 2011, the company successfully integrated the Australian leader Reward, significantly expanding its global footprint. A unique feature of this specific transaction is the inclusion of Saxod, one of ECF’s largest franchisees, which was acquired from the Saxod family as part of the perimeter of the new LBO. This integration aims to secure key distribution channels and harmonize the group's retail operations. Naxicap intends to leverage the company’s strong multi-channel model and logistics expertise to pursue further acquisitions in Europe and beyond, while maintaining the flexible portable debt package previously established.

ECF GROUP, which reported an EBITDA margin of LOGIN in 2016, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 10.9x average currently observed in the Business Services sector.

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