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07/2023

GROUPE PASSMAN acquired by SIPAREX

FRANCE Hardware & Electronics / IT Equipment REV €25–50M

Context

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".

Previously, the company had already undergone several LBOs, notably led by Andera Partners in 2014 and Lbo France in 2019. 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 [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.7x).

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

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

€25–50M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
€25–50M
[members only]
[members only]
2022
€25–50M
[members only]
[members only]

Other operations with GROUPE PASSMAN

Other operations with GROUPE PASSMAN

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
04/2026GROUPE PASSMANHOTEL TECHNOLOGY MANAGEMENT (HTM)UNITED KINGDOMIT Equipment
03/2019LBO FRANCEGROUPE PASSMANFRANCEIT Equipment
06/2018GROUPE PASSMANSCREEN SERVICESBELGIUMMSP (Managed Services)
05/2014ANDERA PARTNERSGROUPE PASSMANFRANCEIT Equipment
04/2010SIPAREX / RHÔNES-ALPES PMEGROUPE PASSMANFRANCEIT Equipment

REFERENCES

Revenue range: €25–50M

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

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: groupe passman

Acquirer: siparex