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10/2020MajorityLBO

Eurazeo, IK Partners & Raise take majority stake in Questel Group

FRANCE Software / Industry-Specific Software EV €500M–1.5bn

Context

Eurazeo Capital and IK Partners have acquired a majority stake in Questel, alongside Raise Investissement and the management team. The strategic rationale for the deal is to finance and accelerate Questel’s ambitious external growth strategy, particularly in Europe, the US, and Japan. The transaction is supported by a €555 million ESG unitranche debt facility co-arranged by CAPZA, which includes an innovative margin adjustment mechanism based on the achievement of specific environmental, social, and governance criteria. This partnership aims to consolidate Questel’s leadership in the fragmented IP solutions market, leveraging the combined expertise of its new majority shareholders to continue its rapid scaling. For CAPZA, this marks a renewal of a long-term relationship with the group, transitioning from a previous shareholder role to a key debt provider.

Questel Group had already undergone several LBOs in the past, notably in 2015 with Raise and in 2018 with IK Partners. These multiple LBO cycles illustrate the strong appeal for this type of asset.

Questel Group, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average observed in the TMT (Tech, Media, Telecom) sector (13.5x in 2020).

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

Target

Founded in 1978, Questel is a leading global provider of intellectual property (IP) and innovation management solutions. The company’s business model is built on an integrated platform that combines sophisticated software with professional services to manage the entire IP life cycle—from the initial invention and filing to renewals and brand protection. Its value proposition centers on offering a collaborative ecosystem for large multinationals and research organizations, helping them streamline patent and brand management across 30 countries. Strategically, the firm focuses on aggressive international growth and technological integration, having significantly increased its operational scale through a concentrated buy-and-build strategy. With a workforce of 900 people and a client base of nearly 6,000, the organization acts as a critical infrastructure provider for global innovation and corporate legal departments.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
[members only]
€25–50M
[members only]
2019
[members only]
€25–50M
[members only]

Other operations with Questel Group

Other operations with Questel Group
DateAcquirerTargetCountrySector
02/2018IK PARTNERSQUESTEL GROUPFRANCEIndustry-Specific Software
06/2015RAISEQUESTEL GROUPFRANCEIndustry-Specific Software

Other operations with Eurazeo / IK Partners / Raise

Other operations with Eurazeo / IK Partners / Raise
DateAcquirerTargetCountrySector
10/2026EURAZEOMIYA WATERSPAINWater
06/2026EURAZEOLAURALUFRANCEEquipment Rental
04/2026EURAZEONETCO GROUPFRANCEMaintenance
11/2025EURAZEOEXCELYAFRANCECRO / Clinical Trials
03/2025EURAZEOBIOLINE AGROSCIENCESFRANCESpecialized & Indoor Farming
02/2025EURAZEO / TURENNE CAPITAL / KURMA PARTNERSGERMITECFRANCEMedical Devices
11/2024EURAZEOEOWINFRANCEIT Services
04/2024EURAZEOERESFRANCEWealth & Asset Management
09/2023EURAZEO2B SERVICES & INNOVATIONSFRANCEWaste Management
11/2022EURAZEONEOXAMFRANCEFinancial Services / Banking

Similar deals in Software

Similar deals in Software
DateAcquirerTargetCountrySector
12/2020HG CAPITALGEOMATIKKNORWAYIndustry-Specific Software
12/2020CAPVEST PARTNERSDATASITEUNITED STATESIndustry-Specific Software
09/2020ABENEXINLOGFRANCEHealthcare
09/2020SEVEN2ODIGOFRANCECRM & Sales
07/2020SILVER LAKESILAEFRANCEERP, HR & Finance
05/2020AMBIENTANAMIRIALITALYIndustry-Specific Software
04/2020CORNERSTONE ONDEMANDSABA SOFTWAREUNITED STATESERP, HR & Finance
04/2020PARQUEST CAPITAL / BPIFRANCEJVS GROUPFRANCEIndustry-Specific Software
02/2020HG CAPITALSMARTTRADE TECHNOLOGIESFRANCEFinancial Services / Banking
02/2020PERMIRALYTXUNITED STATESSoftware

REFERENCES

Valuation range: EV €500M–1.5bn

EBITDA range: €25–50M

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Questel Group by Eurazeo / IK Partners / Raise 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.

Target: questel group

Acquirer: ik partners / eurazeo / raise

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Questel Group, a French company specialised in Industry-Specific Software, by Eurazeo, IK Partners and Raise in 2020, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in February 2018, when the company was acquired by IK Partners.

How was the acquisition of Questel Group by Eurazeo valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band and its EV/EBITDA multiple within the 15x - 25x range. Exact figures are available to members.

What was Questel Group’s EBITDA at the time of the deal?

At the time of the transaction, Questel Group’s EBITDA was estimated within the €25–50M bracket (FY 2020). Detailed financial figures are available to members.

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

With an estimated valuation multiple in the range of 15x - 25x, Questel Group trades above the median sector multiple of 13.5x observed for the TMT (Tech, Media, Telecom) sector in 2020. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

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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