mynth
02/2026

FLEET acquired by ISAI

FRANCE IT Services EV 100M - 350M EUR

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

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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2025
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2024
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REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of FLEET by ISAI are reserved for mynth community members. Register for free to unlock full data.

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