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02/2026MajorityLBO

Management & Private Investors takes majority stake in Primal Group

FRANCE Hardware & Electronics / IT Equipment / IoT & Connected Objects EV €50–150M

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.

It is worth noting that the fund Quilvest Capital Partners took control of Primal Group through an LBO in 2021.

Primal Group, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x in 2026).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

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

€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
€25–50M
€5–25M
[members only]
2024
€25–50M
€5–25M
[members only]

Other operations with Primal Group

Other operations with Primal Group
DateAcquirerTargetCountrySector
07/2021QUILVEST CAPITAL PARTNERSPRIMAL GROUP (FORMERLY SOLEM)FRANCEIoT & Connected Objects

Other operations with Management & Private Investors

Other operations with Management & Private Investors
DateAcquirerTargetCountrySector
10/2026MANAGEMENT & PRIVATE INVESTORSLAPEYREFRANCEBuilding & Interior Materials
09/2026MANAGEMENT & PRIVATE INVESTORSIRISH CONTINENTAL GROUP ICGIRELANDMarine Passenger
06/2026MANAGEMENT & PRIVATE INVESTORSJJAFRANCEHome & DIY
03/2026MANAGEMENT & PRIVATE INVESTORSRIVALIS-HENRRIFRANCEERP, HR & Finance
03/2026MANAGEMENT & PRIVATE INVESTORSMASA GROUPFRANCEDefense & Aerospace
01/2026MANAGEMENT & PRIVATE INVESTORSNOVARCFRANCEComponents
11/2025MANAGEMENT & PRIVATE INVESTORSPOGGIPOLINIITALYComponents
12/2023MANAGEMENT & PRIVATE INVESTORSATELIERS DE FRANCE (FORMERLY MERIGUET-CARRERE)FRANCEFinishing Works
08/2018MANAGEMENT & PRIVATE INVESTORSDESIGUALSPAINFashion & Apparel
07/2018MANAGEMENT & PRIVATE INVESTORSBETJEMAN & BARTONFRANCECoffee & Tea

Similar deals in Hardware & Electronics

Similar deals in Hardware & Electronics
DateAcquirerTargetCountrySector
04/2026GROUPE PASSMANHOTEL TECHNOLOGY MANAGEMENT (HTM)UNITED KINGDOMIT Equipment
03/2026ECOLABCOOLIT SYSTEMSCANADAServers & Networks
02/2026INFINEON TECHNOLOGIESAMS-OSRAM (NON-OPTICAL SENSOR DIVISION)AUSTRIASensors & Optics
02/2026SENSTAR TECHNOLOGIES CORPORATIONBLICKFELDGERMANYSensors & Optics
01/2026SOMACISACB GROUPBELGIUMElectronic Components
01/2026KEENFINITYAVONICNETHERLANDSIoT & Connected Objects
12/2025LEGRANDCOGELECFRANCEIT Equipment
12/2025BPIFRANCE / MBDANANOXPLOREFRANCEChips & Processors
12/2025WABTECFRAUSCHERAUSTRIASensors & Optics
07/2025NAZCA CAPITALTELTRONICSPAINIT Equipment

REFERENCES

Valuation range: EV €50–150M

Revenue range: €25–50M

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 Primal 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 Primal Group, a French company specialised in IT Equipment, by Management & Private Investors in 2026, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in July 2021, when the company was acquired by Quilvest Capital Partners.

How was the acquisition of Primal 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 Primal Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Primal Group generated annual revenue estimated in the €25–50M range and EBITDA in the €5–25M bracket (FY 2025). Detailed financial figures are available to members.

How does the valuation of Primal Group compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the TMT (Tech, Media, Telecom) sector (14.6x in 2026).

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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