Towerbrook & Banijay Group take majority stake in The Independents

FRANCE Media & Internet / Content & Publishing / Digital Marketing, SEO, SEA, Data Analytics REV $250–500M

Context

The Independents finalized a $400 million fundraising round led by TowerBrook and FL Entertainment, representing a massive secondary leveraged growth operation. This investment, which followed a successful debt financing round led by BIL, Société Générale, and others, is intended to accelerate the group's international expansion and acquisition strategy. The group's ambition is to more than double in size by 2025. The deal allowed for the exit of Cathay Capital while providing the financial backing for the group to further consolidate its position as a "one-stop-shop" partner for iconic luxury brands worldwide.

The Independents, which reported an EBITDA margin of [members only] in 2023, 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 (15.3x in 2023).

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

Target

Founded in 2017, The Independents is a preeminent global marketing and communications group exclusively dedicated to premium luxury, fashion, design, and lifestyle brands. Operating through a synergistic portfolio of highly renowned specialized agencies, the enterprise offers a comprehensive suite of services encompassing digital marketing, content creation, high-end event management, and influencer strategy. The group boasts a perfectly balanced global footprint across North America, Europe, the Middle East, and Asia, catering to a vast portfolio of top-tier, iconic corporate clients. Benefiting from a robust historical growth trajectory, the firm acts as a major cross-sector leader, constantly leveraging its integrated expertise to transform its clients into cultural brands while actively pursuing an ambitious global consolidation strategy.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2023

2022

Other operations with The Independents

Other operations with The Independents
Date	Acquirer	Target	Country	Sector
09/2026	THE INDEPENDENTS	SMUGGLER	UNITED STATES	Audiovisual Production

Other operations with Towerbrook / Banijay Group

Other operations with Towerbrook / Banijay Group
Date	Acquirer	Target	Country	Sector
03/2026	TOWERBROOK	ID UNLIMITED	FRANCE	Other Sports
03/2026	TOWERBROOK	EISNERAMPER	UNITED STATES	Accounting & Audit
01/2026	TOWERBROOK	MSA MIZAR	ITALY	Insurance
09/2025	TOWERBROOK	RYDGE CONSEIL	FRANCE	Accounting & Audit
08/2025	TOWERBROOK	AMYLU FOODS	UNITED STATES	Bakery / Pastry
10/2024	TOWERBROOK	ECIT	NORWAY	Accounting & Audit
07/2024	TOWERBROOK	IDAK FOOD GROUP	SWITZERLAND	Food Products
05/2023	TOWERBROOK	INFOPRO DIGITAL	FRANCE	Digital Press
01/2022	TOWERBROOK	EISNERAMPER	UNITED STATES	Accounting & Audit
10/2021	TOWERBROOK	GROUPE BRUNEAU	FRANCE	Office Supplies & Furniture

Similar deals in Media & Internet

Similar deals in Media & Internet
Date	Acquirer	Target	Country	Sector
11/2023	BLACKSTONE / PERMIRA	ADEVINTA	NORWAY	E-commerce & Marketplaces
11/2023	EMZ PARTNERS	YURI & NEIL	FRANCE	Digital Marketing, SEO, SEA, Data Analytics
05/2023	TOWERBROOK	INFOPRO DIGITAL	FRANCE	Digital Press
12/2022	LAVAZZA	MAXICOFFEE	FRANCE	E-commerce & Marketplaces
01/2022	SEVENTURE PARTNERS / KIMA VENTURES	HARDLOOP	FRANCE	Specialized E-commerce
12/2021	SOCIETE GENERALE CAPITAL PARTENAIRES	LAFRETO OUTDOOR (GLISS SHOP)	FRANCE	Specialized E-commerce
12/2021	CONSTELLATION AUTOMOTIVE	CARNEXT	UNITED KINGDOM	E-commerce & Marketplaces
07/2021	PERMIRA	ADEVINTA	NORWAY	E-commerce & Marketplaces
04/2021	HIVEST CAPITAL PARTNERS	VIDELIO	FRANCE	Audiovisual Production
02/2021	INSIGHT PARTNERS	IAD	FRANCE	E-commerce & Marketplaces

REFERENCES

Revenue range: REV $250–500M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of The Independents by Towerbrook / Banijay 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

Acquirer: towerbrook / banijay group

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in The Independents, a French company specialised in Content & Publishing, by Towerbrook and Banijay Group in 2023, structured as a leveraged buyout (LBO).

What was The Independents’s revenue at the time of the deal?

At the time of the transaction, The Independents’s annual revenue was estimated within the $250–500M range (FY 2023). Detailed financial figures are available to members.

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

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 15.3x EBITDA during 2023.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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.