GROUPE PASSMAN acquired by LBO FRANCE
Context
Following a secondary leveraged buyout (LBO) transaction, Passman has come under the control of LBO France, a leading private equity firm. The investment was made through LBO France's Small Cap Opportunities vehicle, which has acquired a majority stake in the company. The founders will retain a significant stake in the business and continue to be involved in its operational management, ensuring continuity in the company's leadership. Historically focused on the hospitality sector, Passman has successfully expanded its offerings to other environments, including campsites, healthcare facilities, and shopping centers. The group develops and implements local network management and internet access solutions, with a strong emphasis on service quality and connection performance. This diversification is part of a broader growth strategy aimed at strengthening the company's international presence, particularly in Southern Europe, Africa, and the Americas, where it already has a foothold. LBO France emerged as the winning bidder after a highly competitive process involving several prominent investors, including Parquest Capital, Motion Equity Partners, and B& Capital. The transaction, which saw the exit of Siparex and the reinvestment of ActoMezz with €15 million in equity and mezzanine debt, was valued at a multiple of EBITDA exceeding 7.0x. This investment underscores LBO France's confidence in Passman's growth potential and its commitment to supporting the company's continued expansion and development.
Previously, the company had already undergone several LBOs, notably led by Siparex / RhôNes-Alpes Pme in 2010 and Andera Partners in 2014. This succession of buyouts, combined with an active build-up strategy, highlights the strong attractiveness of the company's business model.
GROUPE PASSMAN, which reported an EBITDA margin of in 2018, is valued in this transaction at an EV/EBITDA multiple of , a level than the average currently observed in the TMT (Tech, Media, Telecom) sector (15.3x).
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Target
Established in 1995, Passman is a French company that specializes in providing connectivity solutions and managed internet access to public-facing establishments. The company primarily serves the hospitality sector, but also caters to other environments such as campsites, healthcare facilities, collective residences, and select commercial sites. Today, Passman equips over 7,000 establishments with Wi-Fi, TV/IPTV, and digital signage solutions. The group designs and deploys local area network infrastructures that enable secure, stable, and multi-purpose internet access. Its offerings encompass the installation of technical equipment, Wi-Fi network management, and quality of service optimization to ensure a seamless user experience for end-users.
Ent. Value
Equity Value
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EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with GROUPE PASSMAN
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2026 | GROUPE PASSMAN | HOTEL TECHNOLOGY MANAGEMENT (HTM) | UNITED KINGDOM | IT Equipment |
| 07/2023 | SIPAREX | GROUPE PASSMAN | FRANCE | IT Equipment |
| 06/2018 | GROUPE PASSMAN | SCREEN SERVICES | BELGIUM | MSP (Managed Services) |
| 05/2014 | ANDERA PARTNERS | GROUPE PASSMAN | FRANCE | IT Equipment |
| 04/2010 | SIPAREX / RHÔNES-ALPES PME | GROUPE PASSMAN | FRANCE | IT Equipment |
REFERENCES
Valuation range: EV 50M - 150M EUR
Revenue range: 10M - 30M EUR
EBITDA range: 5M - 25M EUR
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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 passman
Acquirer: lbo france