Ardian takes majority stake in Gba Group

GERMANY Industrial Services / TIC (Testing, Inspection, Certification) EV €500M–1.5bn

Context

Ardian has announced the acquisition of a majority stake in GBA Group, partnering with the existing management team and Quadriga Capital. This transaction follows a period of significant growth under the previous ownership, during which the target successfully institutionalized its platform and expanded its geographic reach through targeted acquisitions. The strategic rationale for the new partnership is to further accelerate the target,s international buy,and,build strategy, leveraging the acquirer,s extensive network in the TIC sector. The investment will focus on enhancing the company's core business, expanding into new high,growth markets, and maintaining a commitment to operational excellence. By combining the target,s scientific expertise with the acquirer,s financial strength and global reach, the group aims to solidify its competitive position as a leading bioanalytical service provider in Europe, focusing on the highly resilient food and pharmaceutical end markets.

The acquisition of Gba Group is part of the growth strategy of Ardian, which already has several external growth operations under its belt, notably AD Education in 2020.

Gba Group, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

-> Deep-dive in Business Services market trends

Target

GBA Group is a prominent independent provider of bioanalytical laboratory services operating primarily across the DACH region, with a growing presence in Belgium and Poland. The company’s business model is centered on high,stakes testing and analysis for the food, beverage, pharmaceutical, and environmental sectors. By providing a comprehensive and differentiated portfolio of scientific tests, GBA helps its clients ensure product safety and regulatory compliance in highly resilient and non,cyclical markets. The firm operates through an institutionalized platform comprising a vast network of laboratories and specialized sites, supported by a large team of scientific professionals. Its value proposition is defined by leading edge innovation and a high level of customer loyalty, positioning the group as a critical technical partner for safety and quality assurance in essential consumer and healthcare supply chains.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

Other operations with Gba Group

Other operations with Gba Group
Date	Acquirer	Target	Country	Sector
07/2026	BRIDGEPOINT	GBA GROUP	GERMANY	TIC (Testing, Inspection, Certification)

Other operations with Ardian

Other operations with Ardian
Date	Acquirer	Target	Country	Sector
09/2021	ARDIAN	FLORIDA FOOD PRODUCTS (FFP)	UNITED STATES	Food Products
06/2021	ARDIAN	NETCO GROUP	FRANCE	Maintenance
02/2021	ARDIAN	JAKALA	ITALY	Consulting & Integration
01/2021	ARDIAN / BNP PARIBAS DEVELOPPEMENT	PROTEOR	FRANCE	Implants & Prosthetics
12/2020	ARDIAN	AD EDUCATION	FRANCE	Education Providers
11/2020	ARDIAN	INOVIE GROUP	FRANCE	Labs (Biology)
10/2020	ARDIAN	ADVANCION (ANGUS CHEMICAL)	UNITED STATES	Specialty Chemicals
10/2020	ARDIAN	H2 PHARMA	FRANCE	CDMO
10/2020	KKR / TETHYS INVEST / ARDIAN / CNP ASSURANCES / MERIEUX EQUITY PARTNERS	ELSAN	FRANCE	Clinics / Hospitals
07/2020	ARDIAN	FINAXY	FRANCE	Brokerage

Similar deals in Industrial Services

Similar deals in Industrial Services
Date	Acquirer	Target	Country	Sector
04/2021	DWS GROUP / CDPQ - CAISSE DE DEPOT ET PLACEMENT DU QUEBEC	ERMEWA	FRANCE	Equipment Rental
04/2021	UNITED RENTALS	GENERAL FINANCE	UNITED STATES	Equipment Rental
02/2021	APAX PARTNERS / BPIFRANCE	BTP CONSULTANTS	FRANCE	TIC (Testing, Inspection, Certification)
02/2021	NORD COFFRAGE	RENTMAT BTP	FRANCE	Equipment Rental
02/2021	CLAYTON, DUBILIER & RICE (CD&R)	WOLSELEY UK	UNITED KINGDOM	Industrial & Technical Distribution
01/2021	SOCIETE GENERALE CAPITAL PARTENAIRES	DELTA SERVICE LOCATION	FRANCE	Equipment Rental
01/2021	KILOUTOU	SALMAT	FRANCE	Equipment Rental
12/2020	SGS	SYNLAB ANALYTICS	GERMANY	TIC (Testing, Inspection, Certification)
12/2020	APPLUS+ GROUP	QPS EVALUATION SERVICES	CANADA	TIC (Testing, Inspection, Certification)
12/2020	UTAC CERAM	MILLBROOK	UNITED KINGDOM	TIC (Testing, Inspection, Certification)

REFERENCES

Valuation range: EV €500M–1.5bn

EBITDA range: €50–100M

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Gba Group by Ardian 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: gba group

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Gba Group, a German company specialised in TIC (Testing, Inspection, Certification), by Ardian in 2021, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Bridgepoint in July 2026 (see the dedicated deal page for details).

How was the acquisition of Gba Group by Ardian valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band and its EV/EBITDA multiple within the 10x - 18x range. Exact figures are available to members.

What was Gba Group’s EBITDA at the time of the deal?

At the time of the transaction, Gba Group’s EBITDA was estimated within the €50–100M bracket (FY 2021). Detailed financial figures are available to members.

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.