At what enterprise value was JOA acquired in 2017?

During the acquisition of JOA by BLACKSTONE in 2017, 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. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of JOA when it was acquired by BLACKSTONE?

The estimated EV/EBITDA multiple for JOA is in the range of 5x - 12x. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was JOA acquired by BLACKSTONE?

JOA was acquired by BLACKSTONE in 2017.

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

The revenue of JOA at the time of the deal is estimated to be in the range of 150M - 250M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of JOA during the acquisition?

JOA'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 JOA 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 JOA 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://www.unquote.com/france/official-record/3006141/blackstone-to-acquire-joa-from-alchemy

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Home Database Retail & ConsumerJOA

10/2017

JOA acquired by BLACKSTONE

FRANCE Gambling & Betting EV 100M - 350M EUR

Context

Blackstone has completed the acquisition of JOA, one of France’s leading casino operators. The transaction follows a competitive sale process and marks a new phase in the company’s development after a period of restructuring and repositioning that strengthened its market position and operational foundations. For Blackstone, the investment is consistent with its strategy of backing established businesses operating in regulated markets with attractive consolidation opportunities. The firm intends to support JOA’s next stage of growth by building on the strength of its brand, nationwide casino network and complementary portfolio of gaming, hospitality and digital entertainment activities. The acquisition is expected to support JOA’s expansion through a combination of organic growth and targeted acquisitions. Blackstone plans to help the company strengthen its presence across the French market, broaden its service offering and enhance operational performance by leveraging its investment experience and operational expertise. Following completion, a phased operational improvement programme will be implemented to harmonise selected processes, strengthen technology capabilities and optimise support functions across the organisation. JOA also intends to continue expanding its network of venues in order to reinforce its presence in key regional markets. With Blackstone’s support, JOA aims to strengthen its position among France’s leading casino operators by pursuing long-term growth, operational excellence and continued innovation in customer experience.

JOA, which reported an EBITDA margin of LOGIN in 2016, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.0x).

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.

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Target

JOA is one of France’s leading casino operators, providing an integrated entertainment and hospitality offering through a nationwide network of gaming venues. The group combines regulated casino gaming with restaurants, bars and, at selected locations, hotel facilities to deliver a comprehensive customer experience. Its portfolio includes slot machines, traditional table games, electronic gaming solutions and dedicated food and event spaces. This diversified offering enables JOA to generate multiple revenue streams while enhancing customer engagement across its venues.

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Other operations with JOA

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
07/2026	BANIJAY GROUP	JOA	FRANCE	Gambling & Betting	Blackstone has announced the sale of its entire ownership interest in JOA to Banijay Gaming, bringing to a close nearly nine years of ownership of France’s second-largest casino operator by number of venues. The transaction represents a new chapter for JOA following a period of expansion driven by organic growth and selective acquisitions that strengthened its position in the French regulated gaming market. For Banijay Gaming, the acquisition forms part of a broader strategy to build an integrated European gaming platform

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 150M - 250M 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 JOA by BLACKSTONE 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).

Acquirer: blackstone