Groupe ADF acquired by Andera Partners

FRANCE Industrial Services / Multi-technical Installation REV €450–900M

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 [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the Business Services sector (10.4x in 2024).

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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.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2023

2022

Other operations with Andera Partners

Other operations with Andera Partners
Date	Acquirer	Target	Country	Sector
09/2026	ANDERA PARTNERS	SABENA ENGINEERING	BELGIUM	MRO (Maintenance, Repair & Overhaul)
09/2026	ANDERA PARTNERS	SOTRALU	FRANCE	Construction Materials
12/2025	ANDERA PARTNERS	SPHEREA	FRANCE	Engines & Systems
10/2025	ANDERA PARTNERS	XELIANS	FRANCE	Document Management
06/2025	ANDERA PARTNERS	SPARTES	FRANCE	Consulting & Audit
02/2025	ANDERA PARTNERS	GROUPE CDS	FRANCE	E-commerce & Marketplaces
01/2025	ANDERA PARTNERS	AYMING	FRANCE	Strategy & Management
12/2024	ANDERA PARTNERS	GROUPE IEF2I	FRANCE	Education Providers
07/2024	ANDERA PARTNERS	TECNIKABEL	ITALY	Cabling & Connectivity
01/2024	ANDERA PARTNERS	MEOGROUP	FRANCE	Consulting & Audit

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REFERENCES

Revenue range: REV €450–900M

EBITDA range: €25–50M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Groupe ADF by Andera Partners 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.

Press release: view release

Target: groupe adf

Acquirer: andera partners

FAQ

What were Groupe ADF’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Groupe ADF generated annual revenue estimated in the €450–900M range and EBITDA in the €25–50M bracket (FY 2023). Detailed financial figures are available to members.

How does the valuation of Groupe ADF compare to benchmarks in the Business Services sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 10.4x EBITDA during 2024.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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