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05/2015MajorityLBO

Cobepa takes majority stake in Exclusive Networks Group

FRANCE IT Services / IT Distribution & Channel EV €300–700M

Context

The acquisition of a majority stake in Exclusive Networks by a consortium led by Cobepa marks a significant milestone in the group's international expansion. This transaction facilitated the exit of Omnes Capital and Socadif, while Edmond de Rothschild Investment Partners (EdRIP) and the management team chose to reinvest alongside the new lead shareholder. The strategic rationale for the deal is centered on accelerating the group's trajectory toward becoming a global multi-billion euro entity. Having already established a dominant position in the EMEA region through a highly specialized service model, Exclusive Networks sought a partner capable of supporting its next phase of global consolidation. The competitive process involved numerous international private equity firms, reflecting the high market interest in the cybersecurity distribution sector. The new capital structure is designed to provide maximum flexibility for external growth, particularly in under-penetrated geographic zones. Under this new ownership, the group maintains its focus on disruptive technologies, leveraging its "Value-Added" platform to maintain superior margins compared to traditional volume distributors. The partnership also includes the implementation of a significant financing package to fund immediate capital expenditures and strategic add-on opportunities identified across the globe.

Exclusive Networks Group, which reported an EBITDA margin of [members only] in 2014, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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Target

Founded in 2003, Exclusive Networks is a global "Value-Added Distributor" (VAD) specializing in cybersecurity and cloud solutions. The group acts as a strategic intermediary, accelerating the market entry and growth of innovative IT vendors across the fragmented EMEA region and beyond. Its business model goes beyond traditional distribution by providing high-value services such as technical support, marketing, customer evangelization, and leasing solutions. By partnering with disruptive US-based security vendors, Exclusive Networks enables them to gain rapid access to international markets through its extensive network. Strategically, the company relies on a strong entrepreneurial culture and a proven ability to identify high-growth technologies, positioning itself as the privileged partner for ambitious IT firms wishing to expand their global footprint across five continents.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2014
€450–900M
€25–50M
[members only]
2013
€450–900M
€25–50M
[members only]

Other operations with Exclusive Networks Group

Other operations with Exclusive Networks Group
DateAcquirerTargetCountrySector
04/2018PERMIRAEXCLUSIVE NETWORKS GROUPFRANCEIT Distribution & Channel

Other operations with Cobepa

Other operations with Cobepa
DateAcquirerTargetCountrySector
11/2021COBEPAGROUPE CLIMATERFRANCEHVAC
01/2020COBEPAGERFLORFRANCEFlooring
12/2018COBEPASCALIANFRANCEConsulting & Integration
12/2012COBEPASOCOTECFRANCETIC (Testing, Inspection, Certification)

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08/2014GEMALTOSAFENETUNITED STATESCybersecurity Services
05/2014GFI INFORMATIQUEAIRIALFRANCECustom Dev
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REFERENCES

Valuation range: EV €300–700M

Revenue range: €450–900M

EBITDA range: €25–50M

EV/Revenue range: below 1.5x

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 Exclusive Networks Group by Cobepa 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: exclusive networks group

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Exclusive Networks Group, a French company specialised in IT Distribution & Channel, by Cobepa in 2015, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Permira in April 2018 (see the dedicated deal page for details).

How was the acquisition of Exclusive Networks Group by Cobepa 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 below 1.5x range. Exact figures are available to members.

What were Exclusive Networks Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Exclusive Networks Group generated annual revenue estimated in the €450–900M range and EBITDA in the €25–50M bracket (FY 2014). Detailed financial figures are available to members.

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.

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