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10/2021

GROUPE BRUNEAU acquired by TOWERBROOK

FRANCE B2B Specialized Distribution / Office Supplies & Furniture EV €300–700M

Context

TowerBrook acquired a majority stake in Groupe Bruneau from Equistone Partners Europe, alongside the management team. The deal was struck following a period of exceptional performance where Bruneau's revenue jumped from EUR310M (in 2017) to approximately EUR500M (in 2021). The investment thesis for TowerBrook centers on transforming Bruneau from a regional powerhouse into the undisputed European leader in workplace solutions.

It is worth noting that the fund Equistone took control of Groupe Bruneau through an LBO in 2017.

GROUPE BRUNEAU, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average currently observed in the Business Services sector (11.4x).

-> Deep-dive in Business Services market trends

Target

Bruneau is a leading European B2B provider specializing in office furniture, supplies, and equipment for professionals. The group offers a vast catalog of over 100,000 products, ranging from stationery and IT equipment to ergonomic office furniture and hygiene products. Bruneau stands out for its high-performance logistics, offering 24-hour delivery for a large part of its catalog. Primarily serving SMEs and large corporations, the group has successfully transitioned from a traditional mail-order business to a pure-player digital model, leveraging a powerful e-commerce platform and a dedicated customer service network.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
€250–500M
€50–100M
[members only]
2019
€250–500M
€50–100M
[members only]

Other operations with GROUPE BRUNEAU

Other operations with GROUPE BRUNEAU

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
01/2026GROUPE BRUNEAUOFFICEEASYFRANCEOffice Supplies & Furniture
07/2017EQUISTONEGROUPE BRUNEAUFRANCEOffice Supplies & Furniture

REFERENCES

Valuation range: EV €300–700M

Revenue range: €250–500M

EBITDA range: €50–100M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of GROUPE BRUNEAU by TOWERBROOK 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.

Acquirer: towerbrook