Andera Acto has reunited with Groupe ADF to lead a strategic recapitalization, marking the exit of the incumbent minority investor, Abénex. This transaction structurally constitutes a minority leveraged buyout, allowing ADF to reorganize its cap table while ensuring its executive management retains absolute majority control. To finance this next expansion phase, ADF welcomes back Andera Acto as the lead investor providing a bespoke, heavily bond-based financial package (50M€ ticket). The consortium, which includes Fonds France Nucléaire and Société Générale Capital Partenaires, holds a combined 20% stake in the company. The overall capitalization is robustly completed by a comprehensive senior debt package (approx. 3x EBITDA) syndicated across multiple tranches, strictly engineered to aggressively fuel ADF's ambitious cross-border acquisition pipeline in North America and Central Europe.

GROUPE ADF, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Business Services sector (11.3x).

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