Ardian took a minority stake in SFAM to accelerate its international expansion and product diversification. The transaction involved a bond issuance subscribed by ICG. Winch Capital 3 (Edmond de Rothschild Investment Partners), a shareholder since 2016, sold part of its stake but remains an investor. Founder Sadri Fegaier retains control. The strategic roadmap includes launching "Hubside" (a new web service) and expanding operations into Portugal, the Netherlands, and Italy.

INDEXIA / GROUPE SFAM, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Financial Services sector (14.0x).

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