01/2022MajorityLBO

Astorg, Alpinvest & Goldman Sachs take majority stake in IQ-EQ

LUXEMBOURG Wealth & Asset Management REV 1m EUR - 100m EUR

Context

Astorg has successfully closed a €1.3bn dedicated continuation vehicle to acquire absolute majority control of IQ-EQ from its Fund V, marking the firm's first-ever continuation fund transaction. Following a heavily oversubscribed process managed by Lazard as exclusive financial advisor, Astorg secured a partnership with AlpInvest and Goldman Sachs Asset Management to lead this next development phase. To adequately capitalize this massive secondary operation, the deal structure includes substantial additional dry powder strictly engineered to fuel IQ-EQ's ambitious M&A roadmap and organic growth initiatives. This transaction allows the IQ-EQ leadership team and the Astorg deal team to make significant equity contributions, ensuring full alignment as the group aims to become the leading global firm in the investor services sector.

IQ-EQ, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the Financial Services sector (15.0x in 2022).

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Target

IQ-EQ is a preeminent, independent global provider of comprehensive investor services. Operating across a vast international footprint, the enterprise delivers highly innovative, technology-enabled solutions meticulously tailored for specialized fund managers, multinational corporations, private wealth entities, and family offices. The firm manages a massive portfolio of assets under administration. Driven by strong structural market trends emphasizing the expansion of private markets and increasing administrative outsourcing, the group has successfully multiplied its operational scale. This phenomenal growth was achieved through a perfectly executed combination of robust organic momentum and a highly aggressive, successful international acquisition strategy, significantly broadening its service offering and digital sustainability-oriented capabilities.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with Astorg / Alpinvest / Goldman Sachs

Other operations with Astorg / Alpinvest / Goldman Sachs
Date	Acquirer	Target	Country	Sector
04/2026	ASTORG	THERMO FISHER MICROBIOLOGY	UNITED STATES	Diagnostic Equipment
03/2026	ASTORG	BARKENE	FRANCE	Security & Guarding
04/2025	ASTORG	SOLABIA	FRANCE	Specialty Chemicals
11/2024	ASTORG	REDSLIM	SWITZERLAND	Data & AI Consulting
10/2024	ASTORG	LEBRONZE ALLOYS	FRANCE	Metallurgy / Foundry
07/2024	ASTORG	NEXPRING HEALTH EX HAMILTON THORNE	UNITED STATES	Medical Devices
07/2024	ASTORG	NORMEC	NETHERLANDS	TIC (Testing, Inspection, Certification)
03/2024	ASTORG	STELIAU TECHNOLOGY	FRANCE	Electrical Equipment
06/2022	ASTORG / GENERAL ATLANTIC	ECOVADIS	FRANCE	Industry-Specific Software
06/2022	ASTORG	OPEN HEALTH	UNITED STATES	Healthcare Services

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REFERENCES

Revenue range: REV 1m EUR - 100m EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of IQ-EQ by Astorg / Alpinvest / Goldman Sachs 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.

Acquirer: astorg / goldman sachs

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in IQ-EQ, a Luxembourgish company specialised in Wealth & Asset Management, by Astorg, Alpinvest and Goldman Sachs in 2022, structured as a leveraged buyout (LBO).

How does the valuation of IQ-EQ compare to benchmarks in the Financial Services sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 15.0x EBITDA during 2022.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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