GROUPE ADF acquired by ANDERA PARTNERS
Context
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 in 2023, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Business Services sector (11.5x).
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Target
Founded in 1962 and spun off from Gaz de France in 2007, Groupe ADF is a leading industrial engineering firm specializing in production and maintenance solutions. Originally deeply anchored in the petrochemical sector, the enterprise has successfully executed a massive strategic diversification roadmap through targeted external acquisitions. It now possesses robust, specialized expertise across highly demanding industries, including aeronautics, healthcare, natural extracts, and nuclear energy maintenance. Operating with a widespread international footprint spanning multiple continents, the group is recognized as a dominant mid-market leader within its specialized industrial niche. Driven by a highly ambitious executive team, the company is actively targeting a massive expansion of its global scale, focusing heavily on executing further international acquisitions across North America and Central Europe while capitalizing on the rapidly expanding nuclear energy sector.
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REFERENCES
Revenue range: 450M - 900M EUR
EBITDA range: 25M - 50M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: groupe adf
Acquirer: andera partners