I-RUN acquired by GENEO
Context
GENEO Capital Entrepreneur has led a recapitalization effort to support the reorganization of i-Run's capital structure and fuel the company's next phase of growth. This transaction brings together a consortium of long-term investors, including Eximium, MACSF, and Bpifrance, alongside the founders and management team, with a shared objective of stabilizing the company's ownership and accelerating its development. The investment comes at a time when i-Run has already achieved significant scale, driven by its omnichannel business model combining e-commerce and a network of physical stores, as well as a strong expansion dynamic in France and Europe. The group has established itself as a reference player in the running, trail, and outdoor segments, with sustained growth driven by the digitalization of distribution and increasing demand for specialized sports equipment. As part of this effort, the capital reorganization aims to provide the necessary resources to accelerate organic growth, enhance the retail network (with a goal of opening 20 additional stores in France), and support European expansion, including the deployment of new product lines and the consolidation of its digital presence. The objective is also to structure a more ambitious international growth model, leveraging the existing customer base and synergies between physical and digital channels.
I-RUN, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.2x).
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Target
Established in the early 2000s and headquartered in Toulouse, I-Run is a leading specialist distributor of running gear and sports equipment. The company has emerged as one of France's top online retailers for running, leveraging its strong product expertise and customer-centric approach to cater to runners of all levels, from casual joggers to seasoned athletes. I-Run's multichannel strategy combines a high-traffic e-commerce platform with a network of physical stores across France, enabling the company to provide a seamless customer experience from product discovery to in-store trials and support. The company offers a wide range of products, including running shoes, technical apparel, smartwatches, and accessories, in partnership with major international sports brands.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with I-RUN
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2026 | GROUPE LFPI | I-RUN | FRANCE | Sport |
REFERENCES
Valuation range: EV 50M - 150M EUR
Revenue range: 100M - 200M EUR
EBITDA range: 5M - 25M EUR
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Press release: view release
Target: i-run
Acquirer: geneo