FLEET acquired by ISAI
Context
ISAI acquired a minority stake in Fleet. This transaction is a classic Owner Buy-Out (OBO): it allows founders and early employees to cash out part of their equity. No new capital (Cash-in) was injected into the company for now, as Fleet is profitable and self-financing. The deal aims to structure the company for international expansion and potential external growth (M&A) to reach �100 million in revenue within 4 years. Revenue (Target)
FLEET, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.8x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Founded 7 years ago, Fleet is a B2B platform simplifying IT equipment management for SMEs (up to 500 employees). The company offers a subscription-based model (DaaS) for Apple and Windows devices, covering procurement, delivery, insurance, and renewal/recycling. Unlike traditional leasing, Fleet provides a SaaS-like interface for "Fleet Management" (onboarding/offboarding employees). Bootstrapped and profitable, Fleet generated ~EUR30 million in revenue in 2025, reflecting a 92% year-on-year growth. It operates in Europe and the US.
Ent. Value
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Equity Value
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Multiples
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 100M - 350M EUR
Revenue range: 25M - 50M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Acquirer: isai