Home Database TMT (Tech, Media, Telecom)Primelis

03/2024MajorityLBO

Sagard takes majority stake in Primelis

FRANCE Media & Internet / Content & Publishing / Digital Marketing, SEO, SEA, Data Analytics EV €100–350M

Context

Sagard has emerged as the winner of a competitive auction process managed by Amala Partners and eCap Partner, acquiring a majority stake in Primelis. The transaction values the company with a premium valuation underpinned by a 40% average annual growth rate over the last five years. The financing package includes a unitranche debt provided by Eurazeo Private Debt, which is structured to potentially evolve into a senior debt with PIK (Payment-in-Kind) interest to maximize reinvestment into growth. The deal also includes a dedicated CAPEX line strictly engineered to fund an upcoming build-up strategy. Following the successful "cracking" of the US market, this new partnership is designed to transform Primelis into a global MarTech leader with imminent launches planned for Canada, Mexico, and the United Kingdom.

Previously, Primelis opened its capital to Initiative & Finance in 2018.

Primelis, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the TMT (Tech, Media, Telecom) sector (16.1x in 2024).

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Target

Primelis is a high-growth digital marketing agency that has evolved into a "SaaS-enabled" platform, specializing in organic search (SEO), paid search (SEA), and social media advertising. Originally a pure consulting firm, the company shifted its strategy in 2017 to develop proprietary tracking and optimization software. These tools, which were initially for internal use by consultants, are now marketed directly to advertisers as a standalone or bundled SaaS offering. This hybrid model allows the firm to act as a "tech-tooled agency" or a "consultancy-backed SaaS platform," effectively using technology as a Trojan horse to enter major accounts.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

2023

Other operations with Primelis

Other operations with Primelis
Date	Acquirer	Target	Country	Sector
12/2018	INITIATIVE & FINANCE	PRIMELIS	FRANCE	Digital Marketing, SEO, SEA, Data Analytics

Other operations with Sagard

Other operations with Sagard
Date	Acquirer	Target	Country	Sector
02/2026	SAGARD	ESSENCES & PARFUMS	FRANCE	Flavors & Fragrances
01/2026	SAGARD	QUIPMENT	FRANCE	Healthcare Services
11/2024	SAGARD	VENPA	ITALY	Equipment Rental
10/2024	SAGARD	FUTUR MASTER	FRANCE	Supply Chain & Ops
01/2022	SAGARD	ADIT (AGENCE POUR LA DIFFUSION DE L'INFORMATION TECHNOLOGIQUE)	FRANCE	Consulting & Audit
01/2021	SAGARD	NUTRISENS	FRANCE	Nutrition & Dietary Supplements
09/2019	SAGARD	STERIMED	FRANCE	Medical Consumables
11/2018	SAGARD / BPIFRANCE	SABENA TECHNICS	FRANCE	MRO (Maintenance, Repair & Overhaul)
02/2015	SAGARD	DELICE DES 7 VALLEES	FRANCE	Bakery / Pastry
01/2015	SAGARD / SOCIETE GENERALE CAPITAL PARTENAIRES / EMZ PARTNERS	SAFIC-ALCAN	FRANCE	Specialty Chemicals

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11/2023	BLACKSTONE / PERMIRA	ADEVINTA	NORWAY	E-commerce & Marketplaces
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REFERENCES

Valuation range: EV €100–350M

Revenue range: €25–50M

EBITDA range: €5–25M

EV/Revenue range: 4x - 10x

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 Primelis by Sagard 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.

Press release: view release

Target: primelis

Acquirer: sagard

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Primelis, a French company specialised in Content & Publishing, by Sagard in 2024, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in December 2018, when the company was acquired by Initiative & Finance.

How was the acquisition of Primelis by Sagard valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 4x - 10x range. Exact figures are available to members.

What were Primelis’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Primelis generated annual revenue estimated in the €25–50M range and EBITDA in the €5–25M bracket (FY 2024). Detailed financial figures are available to members.

How does the valuation of Primelis 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 (16.1x in 2024).

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.