Quilvest Capital Partners takes majority stake in Primal Group
Context
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).
Primal Group, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the TMT (Tech, Media, Telecom) sector (14.2x in 2021).
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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
[members only]
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Primal Group
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2026 | MANAGEMENT & PRIVATE INVESTORS | PRIMAL GROUP (FORMERLY SOLEM) | FRANCE | IoT & Connected Objects |
Other operations with Quilvest Capital Partners
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2022 | QUILVEST CAPITAL PARTNERS | LES SECRETS DE LOLY | FRANCE | Hygiene & Beauty Brands |
| 11/2017 | QUILVEST CAPITAL PARTNERS | GROUPE EDH | FRANCE | Education Providers |
| 01/2016 | QUILVEST CAPITAL PARTNERS / BPIFRANCE | SOGETREL | FRANCE | Infrastructures |
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| 10/2021 | SECO | GARZ & FRICKE GROUP | GERMANY | IoT & Connected Objects |
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REFERENCES
Revenue range: REV €10–30M
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 Quilvest Capital Partners 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.
Acquirer: quilvest capital partners
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