VERALTIS (EX NACC) acquired by B2HOLDING
Context
B2Holding has acquired Nacc from the French private equity firm Pragma Capital, which had been the majority shareholder since a 2015 LBO. The transaction values Nacc at an Enterprise Value <€100 million. This deal was preemptive; while Nacc originally sought UK-based financing to fund its portfolio acquisitions, the process attracted B2Holding’s interest. The exit also marks the departure of ActoMezz, which had supported Nacc since 2015 with junior mezzanine and €15 million in business-specific bond lines. Under Pragma's ownership, Nacc significantly accelerated its debt purchasing, investing €68M in portfolios over the 2016-2017 period. The integration into B2Holding will provide Nacc with the pan-European scale and capital access required to further expand its share of the French NPL market.
VERALTIS (EX NACC), which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Financial Services sector (13.1x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Founded as a specialist in debt acquisition and recovery, Nacc is a prominent French player focused on "non-performing corporate loans" (NPLs) for its own account. The company distinguishes itself through its ISO 9001 certification, a quality standard that reassures banking institutions during the offloading of doubtful debts by protecting their brand image. While its core business is corporate debt, approximately 15% of its turnover is derived from consumer credit services for third parties (banks and e-commerce sites).
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 50M - 150M EUR
Revenue range: 25M - 50M EUR
EBITDA range: 5M - 25M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).