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M&A

NETCO GROUP

Acquired by

EURAZEO

FRANCE Facility Management REV [1m EUR - 100m EUR] 04/2026

Target

NETCO GROUP

Acquirer

EURAZEO

Context

Eurazeo, through its Capital team, has finalized a definitive agreement to acquire a majority stake in the target organization from its previous financial sponsor, Ardian. This strategic transaction marks a significant milestone in the group’s expansion, as the founding family reinvests substantially to accelerate the entity’s development as a global market leader. The strategic rationale for the move centers on the high degree of resilience and fragmentation in the critical maintenance sector, which offers extensive opportunities for consolidation and international growth. The partnership focuses on leveraging the acquirer’s global operational footprint, particularly in the United States and China, to drive the target’s international scaling. By combining a disciplined M&A strategy with a focus on operational excellence, the organization aims to further densify its network and reinforce its standing as a primary provider of integrated material handling solutions. This integration facilitates the target's transition into a truly global platform, providing the strategic depth and financial resources required to capitalize on the increasing outsourcing of maintenance services across multiple industrial continents.

This transaction is part of the Business Services industry, which currently tracks an average EBITDA multiple of 11.1x since the beginning of 2026, 0.8% increase compared to 2025. 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

NetCo Group is a premier European technology organization specializing in the comprehensive design, global maintenance, and servicing of industrial conveyor systems. The entity’s business model is built on a high-density service network, providing mission-critical support to essential sectors including minerals, food processing, logistics, and environmental management. Its value proposition is centered on technical durability and operational uptime, facilitating the continuous flow of materials within heavy and light industrial environments. Strategically, the firm focuses on a decentralized "service point" model, operating over 100 locations across France, Spain, Belgium, Germany, and Luxembourg. By integrating specialized technical expertise with rapid-response maintenance, the organization ensures a mission-critical role in the European productive economy. The firm prioritizes an aggressive "buy-and-build" strategy, professionalizing a historically fragmented market to maintain its regional leadership.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2026
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2025
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Other operations with NETCO GROUP

DateAcquirerTargetCountrySectorDeal Context
06/2021ARDIANNETCO GROUPFRANCEMaintenance

Ardian, through its Expansion team, has successfully finalized the acquisition of a majority stake in NetCo Group, succeeding IK Investment Partners and Andera Partners. This strategic transaction marks a new phase of international growth for the century-old family business, which remains under the operational leadership of the founding family’s fourth generation. The strategic rationale for the move centers on the accelerating trend of outsourcing industrial maintenance services across Europe and the significant opportunity for consolidation in a fragmented material handling market. By partnering with an organization with deep cross-border expertise, the group aims to accelerate its ambitious M&A policy, which has already seen over 20 acquisitions since 2015. The partnership focuses on expanding the group's footprint beyond its established networks in Benelux and Iberia, specifically targeting high-growth logistics and agro-food industrial hubs in Northern Europe. This integration facilitates the professionalization of the group's technical service offering, providing the strategic depth required to maintain technical leadership in the conveyor infrastructure sector.

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