mynth
10/2022100%

Telepass acquired by Partners Group

ITALY Fintech & Payments EV €1–10bn

Context

Telepass has acquired a significant equity stake in Telepass. This strategic partnership is designed to accelerate the target’s existing growth trajectory, build scale across European markets, and establish a leading pan-European platform for customer-centric mobility services. The strategic rationale for the deal is rooted in the high-growth potential of the electronic payment sector and the resilience of the target's core electronic toll collection business, which provides stable, non-cyclical cash flows. The investment enables the target to focus on several value-creation initiatives, including the consolidation of the European market through both organic development and acquisitive growth, the strengthening of its "one-stop mobility payment" solution for B2B and B2C segments, and the scaling of mobility insurance coverage. By leveraging the acquirer’s global platform and operational expertise, the target is well-positioned to execute its inorganic growth strategy and further advance its technological capabilities. The transaction also places a strong emphasis on ESG initiatives, with the partners working alongside management to foster sustainable transport solutions that reduce urban congestion and carbon emissions.

Telepass, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, standing directly in line with the average observed in the Financial Services sector (15.0x in 2022).

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Target

Telepass is a leading European provider of integrated mobility and payment services, renowned for its pervasive network of automatic toll collection systems. Founded on the management and commercialization of electronic toll payment devices, the company has successfully evolved into a comprehensive mobility platform. Its core operations center on the management of On Board Units (OBUs), currently exceeding 10 million active devices, which facilitate seamless transit across a network of over 200,000 kilometers in 19 countries. Beyond traditional tolling, the company has diversified its value proposition into integrated mobility solutions, including parking management, insurance services, and vehicle-related payment applications. By positioning its mobile application as a central hub for daily travel needs, the firm maintains a highly resilient customer base and a strong ecosystem of data-driven services. Its business model thrives on the high-frequency interaction with users, ensuring operational continuity and enabling real-time service delivery.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

Above 6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2021
€150–250M
€100–200M
[members only]
2020
€150–250M
€100–200M
[members only]

Other operations with Partners Group

Other operations with Partners Group
DateAcquirerTargetCountrySector
08/2026PARTNERS GROUPAROMA-ZONEFRANCEHygiene & Beauty Brands
06/2025PARTNERS GROUPMPMUNITED KINGDOMPet Care
02/2022PARTNERS GROUPFOREFRONT DERMATOLOGYUNITED STATESOutpatient Care
01/2022PARTNERS GROUPATNORTHICELANDHosting / Datacenter
11/2021PARTNERS GROUPDIVERSITECHUNITED STATESValves, Pumps & Taps
07/2021PARTNERS GROUPPHARMATHENGREECECDMO
07/2020PARTNERS GROUPROVENSAPORTUGALSpecialty Chemicals
01/2017PARTNERS GROUP / PSP INVESTMENTSCERBA HEALTHCAREFRANCELabs (Biology)

Similar deals in Fintech & Payments

Similar deals in Fintech & Payments
DateAcquirerTargetCountrySector
02/2025SHIFT4GLOBAL BLUESWITZERLANDFintech & Payments
01/2025SS&C TECHNOLOGIESCALASTONEUNITED KINGDOMFintech & Payments
10/2021ADVENT INTERNATIONAL / EURAZEOPLANET PAYMENTIRELANDFintech & Payments
11/2020NEXINETSDENMARKFintech & Payments
10/2020THE CARLYLE GROUPCALASTONEUNITED KINGDOMFintech & Payments
10/2020ANACAP FINANCIAL PARTNERSMARKET PAYFRANCEFintech & Payments
08/2020EURONEXTVP SECURITIESDENMARKFintech & Payments
04/2019INFRONTVEREINIGTE WIRTSCHAFTSDIENSTE VWD GROUPGERMANYFintech & Payments
11/2015EURAZEOPLANET PAYMENTIRELANDFintech & Payments
03/2014ADVENT INTERNATIONAL / ATP PEP / BAIN CAPITALNETSDENMARKFintech & Payments

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €150–250M

EBITDA range: €100–200M

EV/Revenue range: Above 6x

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 Telepass by Partners Group 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: telepass

Acquirer: partners group

FAQ

What transaction does this page cover?

This page covers Partners Group’s acquisition of 100% of Telepass, an Italian company specialised in Fintech & Payments, in 2022.

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

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the Above 6x range. Exact figures are available to members.

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

At the time of the transaction, Telepass generated annual revenue estimated in the €150–250M range and EBITDA in the €100–200M bracket (FY 2021). Detailed financial figures are available to members.

How does the valuation of Telepass compare to benchmarks in the Financial Services sector?

With an estimated multiple range of 15x - 25x, the transaction stands directly in line with historical averages for the Financial Services sector (15.0x in 2022).

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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