GROUPE CDS acquired by ANDERA PARTNERS
Context
Andera Partners acquires a majority stake in CDS Groupe, the French champion of business hotel booking solutions. This secondary LBO marks the exit of historical investors Siparex and Bpifrance. Ziad Minkara, the CEO, remains at the helm. With Andera's backing, CDS aims to accelerate its international expansion (particularly in Europe, targeting Italy and Germany) and potentially pursue new acquisitions to consolidate the fragmented business travel market.
GROUPE CDS, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.4x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
The French leader in the Hotel Booking Tool (HBT) market for business travel. Led by Ziad Minkara, the platform connects corporate clients and travel agencies with a vast inventory of hotels. It simplifies booking, payment, and invoicing processes. The group has grown significantly, notably through the acquisition of Rydoo's travel division in 2022.
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 300M - 700M EUR
Revenue range: 450M - 900M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Acquirer: andera partners