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09/2014

AZULIS CAPITAL takes majority stake in ITAL EXPRESS

FRANCE B2B Specialized Distribution REV €10–30M

Context

The acquisition of Ital Express by Azulis Capital represents a secondary buyout facilitating the exit of LFPI Gestion after a six-year holding period dedicated to stabilizing the asset's core revenue base and broadening its product perimeter into light commercial vehicles. The ownership transition is designed to pivot the company from historical organic stability toward an aggressive capital deployment phase, focused on consolidating the highly fragmented domestic automotive and agricultural aftermarket through programmatic M&A. The transaction is financed via a balanced capital structure comprising a senior debt facility arranged by Banque Palatine and Caisse d'Épargne, alongside a mezzanine debt layer provided by LFPI Mezzanine, maintaining a conservative leverage profile of 3.0x to 4.0x historical social EBITDA to safeguard operational cash flow. Management continuity is secured via a material equity roll-over by Chief Executive Officer Patrice Claverie, aligning leadership incentives with the post-acquisition strategy which targets immediate investments in web-based B2B procurement channels, international market penetration, and the execution of a qualified pipeline of domestic competitors.

It is worth noting that the fund Groupe Lfpi took control of Ital Express through an LBO in 2008.

ITAL EXPRESS, which reported an EBITDA margin of [members only] in 2013, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Business Services sector (11.4x).

-> Deep-dive in Business Services market trends

Target

Ital Express functions as a pan-European procurement and distribution platform for automotive and commercial vehicle replacement components, engineered to capture margin expansion through international buy-and-build consolidation. The platform aggregates purchasing volumes across distinct country operations to secure volume-based discounts, preferential rebates, and direct sourcing lines with tier-one original equipment manufacturers, transforming purchasing scale into gross margin improvement. Operational workflows depend on unified warehouse management software and synchronized electronic catalogs, allowing the group to coordinate multi-location inventory levels, reduce dead stock, and maximize shipping density across its networks in France, Italy, and Switzerland.

Ent. Value

€10–30M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2013
€10–30M
€0–5M
[members only]
2012
€10–30M
€0–5M
[members only]

Other operations with ITAL EXPRESS

Other operations with ITAL EXPRESS

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
03/2026ITAL EXPRESSDIEDERICHS KAROSSERIETEILEGERMANYB2B Specialized Distribution
07/2024ITAL EXPRESSSIDEXPORTITALYB2B Specialized Distribution
05/2024NAXICAP PARTNERSITAL EXPRESSFRANCEB2B Specialized Distribution
07/2019CAPZAITAL EXPRESSFRANCEB2B Specialized Distribution
09/2008GROUPE LFPIITAL EXPRESSFRANCEB2B Specialized Distribution

REFERENCES

Revenue range: €10–30M

EBITDA range: €0–5M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ITAL EXPRESS by AZULIS CAPITAL 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.

Target: ital express

Acquirer: azulis capital