PRIMAL GROUP (FORMERLY SOLEM) acquired by 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.
It is worth noting that the fund Quilvest Capital Partners took control of Primal Group through an LBO in 2021.
PRIMAL GROUP (FORMERLY SOLEM), which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (15.3x).
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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.
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Other operations with PRIMAL GROUP (FORMERLY SOLEM)
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2021 | QUILVEST CAPITAL PARTNERS | PRIMAL GROUP (FORMERLY SOLEM) | FRANCE | IoT & Connected Objects |
REFERENCES
Valuation range: EV 50M - 150M EUR
Revenue range: 25M - 50M EUR
EBITDA range: 5M - 25M EUR
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