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02/2018MajorityLBO

IK Partners takes majority stake in Questel Group

FRANCE Software / Industry-Specific Software EV €100–350M

Context

IK Partners entered into exclusive negotiations to acquire a significant stake in Questel, with a structured mechanism to become the majority shareholder over time. This transaction marks the exit of Capzanine as a shareholder (though it remains the unitranche debt provider) and the reinvestment of Raise alongside IK Partners and CEO Charles Besson. The strategic rationale for the deal is to fund and accelerate Questel's aggressive build-up strategy following a period of exceptional performance where EBITDA tripled to reach €18M. The partnership allows Questel to leverage IK's pan-European network to further its international expansion, particularly capitalizing on its dominant position in patent databases and high-value services for multinational corporations.

It is worth noting that the fund Raise took control of Questel Group through an LBO in 2015.

Questel Group, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, to compare 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

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

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2018
[members only]
€5–25M
[members only]
2017
[members only]
€5–25M
[members only]

Other operations with Questel Group

Other operations with Questel Group
DateAcquirerTargetCountrySector
10/2020EURAZEO / IK PARTNERS / RAISEQUESTEL GROUPFRANCEIndustry-Specific Software
06/2015RAISEQUESTEL GROUPFRANCEIndustry-Specific Software

Other operations with IK Partners

Other operations with IK Partners
DateAcquirerTargetCountrySector
04/2026IK PARTNERSSELATEKSWEDENElectrical
03/2026IK PARTNERSDOMEK GROUPNETHERLANDSBrokerage
12/2025IK PARTNERSRHETORESFRANCEWealth & Asset Management
12/2025IK PARTNERSASCORAFRANCEBrokerage
11/2025IK PARTNERSENDRIX (EX SFC)FRANCEAccounting & Audit
08/2025IK PARTNERSFRANCKS KYLINDUSTRISWEDENHVAC (Heating/AC)
05/2025IK PARTNERSDATAPART FACTORINGGERMANYFactoring
05/2025IK PARTNERSBIOBANKFRANCEImplants & Prosthetics
05/2025IK PARTNERSKESTREL CAPITALIRELANDWealth & Asset Management
05/2025IK PARTNERSLOHOFF PENSION SERVICESGERMANYERP, HR & Finance

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06/2017HG CAPITAL / GIC / MONTAGU PRIVATE EQUITY / ICGVISMA GROUPNORWAYERP, HR & Finance
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REFERENCES

Valuation range: EV €100–350M

EBITDA range: €5–25M

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 Questel Group by IK 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.

Press release: view release

Target: questel group

Acquirer: ik partners

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 IK Partners in 2018, structured as a leveraged buyout (LBO). This followed a prior holding cycle initiated by Raise in June 2015, before ownership was subsequently transferred to Eurazeo / IK Partners / Raise in October 2020 (see dedicated deal pages for details).

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

mynth displays the transaction’s enterprise value within the €100–350M band and its EV/EBITDA multiple within the 10x - 18x 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 €5–25M bracket (FY 2018). 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 10x - 18x in 2018, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the TMT (Tech, Media, Telecom) sector are valued at a multiple of 14.6x EBITDA.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

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