GROUPE FINIZY (MEILLEURTAUX)
Acquired by
GOLDMAN SACHS
GROUPE FINIZY (MEILLEURTAUX) acquired by GOLDMAN SACHS
Target
GROUPE FINIZY (MEILLEURTAUX)
Acquirer
GOLDMAN SACHS
Context
Goldman Sachs acquired a majority stake in Meilleurtaux, winning a competitive auction process managed by Rothschild & Cie. The seller, Equistone Partners Europe, realized a massive exit after acquiring the asset from BPCE in 2013. The transaction is financed by a debt package (TLA + TLB) representing roughly 4.0x EBITDA, a moderate leverage level designed to leave room for future external growth. The management team remains in place to pursue an aggressive build-up strategy.
GROUPE FINIZY (MEILLEURTAUX), which reported an EBITDA margin of LOGIN in 2016, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 14.0x average currently observed in the Financial Services sector.
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Target
Meilleurtaux is the leading French digital marketplace for financial services. Originally a pure mortgage broker, the group successfully diversified under previous ownerships into borrower insurance (Assurea), financial information (MoneyVox/cBanque), and savings (MonFinancier). At the time of the deal, mortgage brokerage represented only ~20% of revenue, positioning the group as a diversified FinTech.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with GROUPE FINIZY (MEILLEURTAUX)
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 03/2021 | GROUPE FINIZY (MEILLEURTAUX) | ACTIVE ASSURANCES | FRANCE | Brokerage | Meilleurtaux acquired 100% of Active Assurances, enabling the exit of financial sponsors Activa Capital and Bpifrance, as well as the founding management team. This strategic acquisition marks a shift in Meilleurtaux's business model: previously a simple comparator (lead generator) in auto/health insurance, the group now becomes a full-stack broker capable of selling, issuing, and managing contracts directly. The deal also strengthens its B2B wholesale brokerage capabilities through Active Assurances' subsidiary, Wazari. |
| 07/2020 | SILVER LAKE | GROUPE FINIZY (MEILLEURTAUX) | FRANCE | Brokerage | Silver Lake acquired a majority stake (~70%) in Groupe Finizy (Meilleurtaux) from Goldman Sachs Private Equity. The transaction was executed outside of a formal auction process, pre-empting a sale that was initially planned for March 2020 but halted due to the COVID-19 lockdown. The management team, holding ~30%, reinvested in the new structure. A governance transition occurred simultaneously. The deal was initially equity-funded by Silver Lake. |
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