Siparex and Bpifrance acquired a 51% majority stake in Top Chrono during the company's first-ever LBO. The transaction facilitated the exit of founders. The strategic rationale focuses on scaling Top Chrono's national footprint beyond the Paris region and capitalizing on the structural shift toward home delivery accelerated by the health crisis. The new shareholders aim to double the group's size through a mix of high organic growth and targeted external acquisitions (build-ups) to consolidate the fragmented last-mile delivery market in major French urban centers.

GROUPE TOP CHRONO, which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 11.3x average currently observed in the Business Services sector.

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