Albarest & Bpifrance take majority stake in Masa Group

FRANCE Software / Industry-Specific Software / Defense & Aerospace EV €10–30M

Context

Albarest Partners and Bpifrance, via the Definvest fund, have partnered with Chairman and CEO Marc de Fritsch and key executives to execute a Management Buy-Out (MBO) of MASA Group. The strategic rationale for the transaction is to provide the company with institutional and entrepreneurial backing to scale its innovative AI-driven simulation technologies. Following a period of organic growth and the successful deployment of its flagship SWORD software across international markets, this new capital structure aims to strengthen MASA's global leadership in defense simulation. The deal specifically supports the "Action PME" plan of the French Ministry of Armed Forces, ensuring that a strategic provider of command-staff training remains independent and well-funded to pursue aggressive export ambitions and diversification into civil crisis management sectors.

Masa Group, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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Target

Founded in 1996 as a spin-off from the bioinformatics laboratory of ENS Paris, MASA Group is a global leader in AI-based modeling and simulation software for the defense and civil safety markets. The company specializes in crisis management and command-staff training simulations. Its flagship software, SWORD, is an automated constructive simulation used by over 30 armies and defense agencies worldwide to train commanders in decision-making and doctrine. With offices in Paris, Rio de Janeiro, and the UAE, MASA generates 45% of its revenue internationally. The business model is built on high-value software licensing and specialized maintenance for strategic military and governmental clients.

Ent. Value

€10–30M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with Masa Group

Other operations with Masa Group
Date	Acquirer	Target	Country	Sector
03/2026	MANAGEMENT & PRIVATE INVESTORS	MASA GROUP	FRANCE	Defense & Aerospace

Other operations with Albarest / Bpifrance

Other operations with Albarest / Bpifrance
Date	Acquirer	Target	Country	Sector
05/2022	IDIA CAPITAL INVESTISSEMENT / BPIFRANCE / SOFIPACA	VECTORYS	FRANCE	Road Freight
04/2022	TIKEHAU CAPITAL / BPIFRANCE / SOCIETE GENERALE CAPITAL PARTENAIRES	CROUZET	FRANCE	Sensors & Optics
03/2022	BPIFRANCE / EURAZEO	DOCTOLIB	FRANCE	Healthcare
10/2021	ARES / BPIFRANCE	POINT VISION	FRANCE	Ophthalmology
09/2021	FRENCH FOOD CAPITAL / BPIFRANCE / TIKEHAU CAPITAL	MARKAL	FRANCE	Food Products
02/2021	APAX PARTNERS / BPIFRANCE	BTP CONSULTANTS	FRANCE	TIC (Testing, Inspection, Certification)
06/2020	CEREA PARTNERS / BPIFRANCE	AXIUM PACKAGING	FRANCE	Plastic Packaging
05/2020	SIPAREX / BPIFRANCE	GROUPE TOP CHRONO	FRANCE	Last Mile Delivery
04/2020	PARQUEST CAPITAL / BPIFRANCE	JVS GROUP	FRANCE	Industry-Specific Software
09/2019	AMUNDI PRIVATE EQUITY / BPIFRANCE / SOCADIF	WIFIRST	FRANCE	Operators

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REFERENCES

Valuation range: EV €10–30M

Revenue range: €5–25M

EBITDA range: €0–5M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Masa Group by Albarest / Bpifrance 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.

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Masa Group, a French company specialised in Industry-Specific Software, by Albarest and Bpifrance in 2022. Ownership has since evolved, leading to a subsequent transaction with Management & Private Investors in March 2026 (see the dedicated deal page for details).

How was the acquisition of Masa Group by Albarest valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €10–30M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Masa Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Masa Group generated annual revenue estimated in the €5–25M range and EBITDA in the €0–5M bracket (FY 2022). Detailed financial figures are available to members.

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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