mynth
02/2025

GROUPE CDS acquired by ANDERA PARTNERS

FRANCE Media & Internet / E-commerce & Marketplaces EV 300M - 700M EUR

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.

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

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.

Ent. Value

LOGIN

Equity Value

LOGIN

Multiples

EV / Revenue

LOGIN

EV / EBITDA

LOGIN

EV / EBIT

LOGIN

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
LOGIN
LOGIN
LOGIN
2023
LOGIN
LOGIN
LOGIN

Similar deals in TMT (Tech, Media, Telecom)

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
09/2025OLX GROUPLA CENTRALEFRANCEMedia & Internet

OLX Group, a subsidiary of the Dutch investment group Prosus, has finalized the acquisition of the automotive classifieds platform La Centrale. Closed on November 17, 2025, the transaction facilitates the full exit of US private equity firm Providence Equity Partners, which had held a controlling stake since 2020, alongside the divestment of minority shares held by Axel Springer

07/2025GENERAL ATLANTICPLANETARTFRANCEMedia & Internet

Claranova completed the sale of its personalized photo division, PlanetArt, to a consortium led by General Atlantic Credit and the division's management team. The deal is a strategic imperative for Claranova to deleverage its balance sheet and pivot to a "pure-player" software model

11/2024INFLEXIONFINANZEN.NETGERMANYMedia & Internet

Inflexion has agreed to acquire a majority stake in Finanzen.net Group from the media conglomerate Axel Springer. The transaction is structured as a carve-out, separating the financial portal and brokerage business from the parent company to operate as a standalone platform

10/2024LVMHPARIS MATCHFranceMedia & Internet

LVMH Moët Hennessy Louis Vuitton has completed the acquisition of the iconic weekly magazine Paris Match from the Lagardère group. This transaction represents the culmination of a long-held ambition for LVMH's Chairman and CEO, Bernard Arnault, who has publicly expressed his deep admiration for the magazine, viewing it as a significant piece of French cultural heritage and a premium brand

06/2024TREVISE PARTICIPATIONS / HIVEST CAPITAL PARTNERSVIDELIOFRANCEMedia & Internet

This transaction involves a significant restructuring of the target’s capital, resulting in a newly introduced family office acquiring a controlling majority stake. The operation successfully materializes merely a few years after a previous take-private leveraged buyout

03/2024SAGARDPRIMELISFRANCEMedia & Internet

Sagard has emerged as the winner of a competitive auction process managed by Amala Partners and eCap Partner, acquiring a majority stake in Primelis. The transaction values the company with a premium valuation underpinned by a 40% average annual growth rate over the last five years

12/2023LATOUR CAPITALEUROPEAN DIGITAL GROUP (EDG)FRANCEMedia & Internet

Latour Capital has successfully completed the capital reorganization of European Digital Group, acquiring a 30% stake alongside historical partner Montefiore Investment. This "LBO Bis" transaction, orchestrated by Lazard, was highly competitive, attracting interest from major funds such as Towerbrook and Marlin Equity Partners

11/2023EMZ PARTNERSYURI & NEILFRANCEMedia & Internet

EMZ Partners has successfully organized a management-sponsored buyout to support the founders of Yuri & Neil in their acquisition of majority control of the group. This strategic operation marks the beginning of a new expansion cycle for the agency, which has demonstrated a remarkable growth trajectory since its inception five years ago

06/2023TOWERBROOK / BANIJAY GROUPTHE INDEPENDENTSFRANCEMedia & Internet

The Independents finalized a $400 million fundraising round led by TowerBrook and FL Entertainment, representing a massive secondary leveraged growth operation. This investment, which followed a successful debt financing round led by BIL, Société Générale, and others, is intended to accelerate the group's international expansion and acquisition strategy

05/2023TOWERBROOKINFOPRO DIGITALFRANCEMedia & Internet

This transaction represents a renewed leveraged buyout where the incumbent private equity majority shareholder reinvests through its latest flagship fund to maintain absolute corporate control. The operation is executed in seamless alignment with the founding executive and the broader management team, who remain deeply involved in the capital structure

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 450M - 900M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of GROUPE CDS by ANDERA PARTNERS are reserved for mynth community members. Register for free to unlock full data.

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