Permira has agreed to acquire a majority stake in Exclusive Group, marking a significant leadership transition for the global cybersecurity distributor. This transaction facilitates the exit of the previous majority owner, Cobepa, as well as minority investor Andera Partners. The deal follows a period of hyper-growth where the group's revenue nearly tripled over a three-year period, driven by a successful international "buy-and-build" strategy including major acquisitions in North America and Asia. The strategic rationale for this new partnership is to secure the capital and global network necessary to scale the business toward a multi-billion euro revenue target. The competitive process saw intense interest from several global private equity houses, reflecting the asset's unique profile as a specialized "pure player" in a highly defensive and technical market. The management team, which rejected industrial merger proposals in favor of maintaining operational independence, will retain a significant equity stake and continue to lead the group’s expansion into new geographic regions and service lines. The transaction financing involves a sophisticated debt structure designed to provide maximum flexibility for future tactical acquisitions and ongoing industrial investments.

EXCLUSIVE NETWORKS GROUP, which reported an EBITDA margin of LOGIN in 2017, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the TMT (Tech, Media, Telecom) sector (13.3x).

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