mynth
03/2026Majority

Management & Private Investors takes majority stake in Masa Group

FRANCE Software / Industry-Specific Software / Defense & Aerospace EV €50–150M

Context

This transaction marks the acquisition of a majority stake in MASA Group by Nicolas Walewski, facilitating the exit of the previous financial sponsors. The strategic rationale for the deal centers on preserving the company's independence as a "best-of-breed" simulation provider while ensuring it remains under domestic control. The operation follows a phase of significant scale-up where the group successfully expanded its international footprint and institutionalized its commercial operations. The acquirer’s offer was preferred by the management team as it allows the current leadership to remain at the helm and avoid integration into a larger industrial group. Due to the strategic nature of the target's simulation technology for national defense, the deal required formal government clearance before completion.

In the past, Masa Group was acquired by Albarest / Bpifrance in 2022 as part of its expansion strategy.

Masa Group, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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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

€50–150M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€5–25M
€5–25M
[members only]
2024
€5–25M
€5–25M
[members only]

Other operations with Masa Group

Other operations with Masa Group
DateAcquirerTargetCountrySector
03/2022ALBAREST / BPIFRANCEMASA GROUPFRANCEDefense & Aerospace

Other operations with Management & Private Investors

Other operations with Management & Private Investors
DateAcquirerTargetCountrySector
09/2026MANAGEMENT & PRIVATE INVESTORSIRISH CONTINENTAL GROUP ICGIRELANDMarine Passenger
06/2026MANAGEMENT & PRIVATE INVESTORSJJAFRANCEHome & DIY
03/2026MANAGEMENT & PRIVATE INVESTORSRIVALIS-HENRRIFRANCEERP, HR & Finance
02/2026MANAGEMENT & PRIVATE INVESTORSPRIMAL GROUP (FORMERLY SOLEM)FRANCEIoT & Connected Objects
01/2026IRD INVEST / MANAGEMENT & PRIVATE INVESTORSDECADEFRANCEPackaging & Containers
01/2026MANAGEMENT & PRIVATE INVESTORSNOVARCFRANCEComponents
11/2025MANAGEMENT & PRIVATE INVESTORSPOGGIPOLINIITALYComponents
12/2023MANAGEMENT & PRIVATE INVESTORSATELIERS DE FRANCE (FORMERLY MERIGUET-CARRERE)FRANCEFinishing Works
01/2022HIGHLAND EUROPE / MANAGEMENT & PRIVATE INVESTORSHUELUNITED KINGDOMFood Products
04/2021ICG / MANAGEMENT & PRIVATE INVESTORSDOMUSVIFRANCENursing Homes

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REFERENCES

Valuation range: EV €50–150M

Revenue range: €5–25M

EBITDA range: €5–25M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

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 Management & Private Investors 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 Management & Private Investors in 2026. This followed an earlier holding cycle initiated in March 2022, when the company was acquired by Albarest / Bpifrance.

How was the acquisition of Masa Group by Management & Private Investors valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €50–150M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 2x - 6x 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 €5–25M bracket (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.