Management & Private Investors takes majority stake in Masa Group
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)
Other operations with Masa Group
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2022 | ALBAREST / BPIFRANCE | MASA GROUP | FRANCE | Defense & Aerospace |
Other operations with Management & Private Investors
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2026 | MANAGEMENT & PRIVATE INVESTORS | IRISH CONTINENTAL GROUP ICG | IRELAND | Marine Passenger |
| 06/2026 | MANAGEMENT & PRIVATE INVESTORS | JJA | FRANCE | Home & DIY |
| 03/2026 | MANAGEMENT & PRIVATE INVESTORS | RIVALIS-HENRRI | FRANCE | ERP, HR & Finance |
| 02/2026 | MANAGEMENT & PRIVATE INVESTORS | PRIMAL GROUP (FORMERLY SOLEM) | FRANCE | IoT & Connected Objects |
| 01/2026 | IRD INVEST / MANAGEMENT & PRIVATE INVESTORS | DECADE | FRANCE | Packaging & Containers |
| 01/2026 | MANAGEMENT & PRIVATE INVESTORS | NOVARC | FRANCE | Components |
| 11/2025 | MANAGEMENT & PRIVATE INVESTORS | POGGIPOLINI | ITALY | Components |
| 12/2023 | MANAGEMENT & PRIVATE INVESTORS | ATELIERS DE FRANCE (FORMERLY MERIGUET-CARRERE) | FRANCE | Finishing Works |
| 01/2022 | HIGHLAND EUROPE / MANAGEMENT & PRIVATE INVESTORS | HUEL | UNITED KINGDOM | Food Products |
| 04/2021 | ICG / MANAGEMENT & PRIVATE INVESTORS | DOMUSVI | FRANCE | Nursing 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.
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