At what enterprise value was IDEX acquired in 2004?

During the acquisition of IDEX by IK PARTNERS in 2004, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA.

What was the EV/EBITDA of IDEX when it was acquired by IK PARTNERS?

The estimated EV/EBITDA multiple for IDEX is in the range of 5x - 12x. Join our community for free to access full valuation data and industry trends.

When was IDEX acquired by IK PARTNERS?

IDEX was acquired by IK PARTNERS in 2004.

What was the revenue of IDEX at the time of the deal?

The revenue of IDEX at the time of the deal is estimated to be in the range of 250M - 500M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of IDEX during the acquisition?

IDEX's EBITDA is estimated to be in the range of 25M - 50M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the IDEX acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the IDEX deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://ikpartners.com/press-release/industri-kapital-acquires-idex/

← DATABASE

Home DatabaseIDEX

11/2004

IDEX acquired by IK PARTNERS

FRANCE Utilities (Regulated Infrastructure) / District Heating EV 100M - 350M EUR

Context

Idex S.A. has been acquired by Industri Kapital (IK Partners) as part of the latter's 2000 Fund investment strategy. The transaction was executed through a purchase agreement that transferred the equity of Idex from the founding family and existing financial investors to the private equity vehicle. This acquisition follows Industri Kapital's prior investments in French technical service firms and marks its first full buy‑out of a family‑owned company in the country. The rationale for the purchase centers on Industri Kapital's intent to deepen its exposure to the energy and environment services sector, leveraging Idex's established contract base with municipalities and industrial clients. By integrating Idex into its portfolio, the buyer aims to apply its expertise in long‑term contract management, operational efficiency, and strategic acquisitions to drive margin improvement. The acquisition also provides a platform for geographic expansion within the French market and potential cross‑selling of services among existing portfolio companies. Operationally, the new ownership is expected to implement cost‑reduction programs, introduce standardized performance metrics, and pursue selective bolt‑on acquisitions to broaden service offerings. These measures should enhance Idex's capacity to manage larger heating and cooling networks while maintaining service quality. The anticipated outcome includes increased cash flow stability, higher EBITDA margins, and strengthened market positioning in the French energy services landscape.

IDEX, which reported an EBITDA margin of LOGIN in 2003, is valued in this transaction at an EV/EBITDA multiple of LOGIN.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

Target

Idex is a leading integrated energy infrastructure and environmental services operator, positioned as a major player in the French district heating market. The group's activities focus on the design, operation, and optimization of heating and cooling networks, energy recovery from waste, and a comprehensive portfolio of energy services contracts. With a presence across the entire country, the company manages critical infrastructure (including prominent networks in business districts) and is at the forefront of the energy transition, developing local and renewable energy solutions. Idex's economic model is built on the recurring nature of its infrastructure activities, driven by favorable sector dynamics and government incentives for territorial greening. On an international scale, the group is implementing a geographic expansion strategy aimed at establishing a premier European network, with targeted ambitions in key markets such as Germany, Belgium, and the United Kingdom. Its integrated organization enables Idex to support local authorities and industries in reducing their carbon footprint and modernizing their thermal installations over the long term.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2003

2002

Other operations with IDEX

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
05/2018	ANTIN INFRASTRUCTURE	IDEX	FRANCE	Utilities (Regulated Infrastructure)	Antin Infrastructure Partners has entered into an agreement to acquire Idex, a French operator specializing in urban energy infrastructure and associated services. This transaction marks a significant milestone in the consolidation of France's energy infrastructure sector, driven by public policies focused on energy transition and the development of district heating networks as a viable alternative to traditional heating solutions
09/2011	CUBE INFRASTRUCTURE	IDEX	FRANCE	Utilities (Regulated Infrastructure)	Cube Infrastructure, a leading infrastructure fund, has acquired Idex from IK Investment Partners, marking the end of a nearly seven-year partnership during which the French energy services specialist refocused its business and strengthened its position in district heating infrastructure and environmental services

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 250M - 500M EUR

EBITDA range: 25M - 50M EUR

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

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: idex

Acquirer: ik partners