PRIMAL GROUP (FORMERLY SOLEM)
Acquired by
MANAGEMENT & PRIVATE INVESTORS
PRIMAL GROUP (FORMERLY SOLEM) acquired by MANAGEMENT & PRIVATE INVESTORS
Target
PRIMAL GROUP (FORMERLY SOLEM)
Acquirer
MANAGEMENT & PRIVATE INVESTORS
Context
After five years under Quilvest's control, the management of Primal Group regained majority ownership in a transaction that marks a major turning point for the company. This milestone allows the leadership team to become the controlling shareholders, effectively "connecting" the company's future to its management's vision. Supported by EMZ Partners and Bpifrance, the group is now positioned to leverage its three core brands—Attentive, Solem, and Indygo—to pursue an ambitious next phase of European and international growth. The transaction highlights the success of Primal's transition from a hardware manufacturer to a high-value tech provider with strong social and environmental impact.
PRIMAL GROUP (FORMERLY SOLEM), which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the average currently observed in the TMT (Tech, Media, Telecom) sector (13.6x).
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
Primal is the French leader in professional IoT (Internet of Things) solutions. It operates through three flagship brands: Attentive (France's #1 provider of smart home telecare for seniors), Solem (specialist in connected smart irrigation), and Indygo (connected pool management). The company employs approximately 180 people and controls the entire Corporate chain, from hardware and software design to manufacturing. Under the leadership of President Frederic Comte, it transformed from a traditional contract manufacturer into a B2B solutions provider built on a unified software platform.
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)
Other operations with PRIMAL GROUP (FORMERLY SOLEM)
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 07/2021 | QUILVEST CAPITAL PARTNERS | PRIMAL GROUP (FORMERLY SOLEM) | FRANCE | Hardware & Electronics | Quilvest Capital Partners acquired a majority stake in Solem from MBO & Co and Altur Investissement. This "LBO ter" allowed the CEO to increase his stake in the company and secure a long-term partner for the next growth phase. The strategic rationale focuses on expanding the product lines across the three core verticals and increasing recurring service revenue through software integration. The transaction was supported by a bank leverage of less than 4x EBITDA, providing the group with significant "dry powder" for targeted external growth (M&A). |
REFERENCES
Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).