EVERNEX acquired by THE CARLYLE GROUP
Context
The Carlyle Group has acquired a majority stake in Cap Vert Finance from Eurazeo PME in a bilateral (OTC) transaction organized by Shibumi Corporate Finance. The deal values the company at EUR137 million. This "Tertiary LBO" sees management reinvesting significantly to retain ~1/3 of the capital. Eurazeo PME exits after only two years with a 39% IRR. The acquisition is supported by a debt package representing 4-5x EBITDA, including mezzanine debt from Capzanine.
In the past, the company had already been the subject of several LBOs, notably led by Atria Capital Partenaires in 2011 and Eurazeo in 2013. This succession of buyouts highlights the strong attractiveness of the company's business model.
EVERNEX, which reported an EBITDA margin of in 2014, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).
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Target
Evernex operates as a third-party maintenance (TPM) provider specializing in data center infrastructure management. Headquartered in Paris, France, the company’s business model centers on delivering multi-vendor maintenance, repair, and operational support for servers, storage systems, and networking equipment. As an alternative to original equipment manufacturer (OEM) servicing, the platform allows corporate clients to optimize IT asset lifecycle management, delay hardware replacement cycles, and reduce infrastructure maintenance expenditures. In 2026, Evernex supports over 5,600 customers across more than 160 countries. Its service portfolio includes hardware buy-back programs, secure data erasure, IT asset disposal (ITAD) compliant with WEEE directives, and infrastructure relocation logistics. By maintaining a centralized technical framework capable of supporting legacy equipment from manufacturers such as Dell, IBM, HPE, and Cisco, Evernex integrates circular economy principles into corporate data center operations.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with EVERNEX
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2019 | 3I | EVERNEX | FRANCE | MSP (Managed Services) |
| 07/2017 | EVERNEX | CAT SISTEMAS | SPAIN | MSP (Managed Services) |
| 06/2017 | EVERNEX | TTS FRANCE | FRANCE | IT Services |
| 07/2013 | EURAZEO | EVERNEX | FRANCE | MSP (Managed Services) |
| 01/2011 | ATRIA CAPITAL PARTENAIRES | EVERNEX | FRANCE | MSP (Managed Services) |
REFERENCES
Valuation range: EV 100M - 350M EUR
Revenue range: 50M - 100M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: evernex
Acquirer: the carlyle group