GROUPE PASSMAN
Acquired by
LBO FRANCE
GROUPE PASSMAN acquired by LBO FRANCE
Target
GROUPE PASSMAN
Acquirer
LBO FRANCE
Context
LBO France acquired a majority stake in Passman. The founders sold their controlling interest but reinvested to remain minority shareholders and operational leaders. The previous financial sponsors, Siparex, exited, while ActoMezz reinvested EUR15 million in equity and mezzanine debt. The deal implies an EBITDA multiple of roughly 7.3x.
GROUPE PASSMAN, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 13.6x average currently observed in the TMT (Tech, Media, Telecom) sector.
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Target
A leading provider of digital connectivity solutions for the hospitality, healthcare, military, and retail sectors. Founded in 1995, it equips over 7,000 establishments with Wi-Fi, TV/IPTV, and digital signage. The group has also diversified into energy management with its "Pass Energy" IoT solution.
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 PASSMAN
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 07/2023 | SIPAREX | GROUPE PASSMAN | FRANCE | IT Equipment | In a "sponsor-to-sponsor" transaction, LBO France sells its majority stake in Passman to Siparex ETI. Interestingly, this marks a "return" for Siparex, which was already a shareholder of Passman between 2010 and 2019 before selling to LBO France. Andera Partners (Acto), present since 2014, reinvests alongside the founders. This new LBO aims to support the group's international growth and the deployment of its new energy efficiency solution, "Pass Energy". |
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