Veraltis acquired by B2holding

FRANCE Specialty Finance EV €50–150M

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

-> Deep-dive in Financial Services market trends

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).

Ent. Value

€50–150M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2018

2017

Similar deals in Specialty Finance

Similar deals in Specialty Finance
Date	Acquirer	Target	Country	Sector
05/2025	DUBAI AEROSPACE ENTERPRISE (DAE)	NORDIC AVIATION CAPITAL	UNITED STATES	Aviation & Maritime Leasing
05/2025	IK PARTNERS	DATAPART FACTORING	GERMANY	Factoring
01/2022	BRIDGEPOINT	SPARTFIN (PARTNERS FINANCE)	FRANCE	Consumer Credit
11/2019	ANDERA PARTNERS	AUXIGA	FRANCE	Factoring
01/2017	BRIDGEPOINT	ZENITH	UNITED KINGDOM	Fleet Management Finance
07/2015	IK PARTNERS	AUXIGA	FRANCE	Factoring
09/2014	ARROW GLOBAL GROUP	CAPQUEST	UNITED KINGDOM	Specialty Finance
01/2014	HG CAPITAL	ZENITH	UNITED KINGDOM	Fleet Management Finance
12/2013	HG CAPITAL	LEASEDRIVE GROUP	UNITED KINGDOM	Fleet Management Finance
08/2010	MORGAN STANLEY PRIVATE EQUITY	ZENITH	UNITED KINGDOM	Fleet Management Finance

REFERENCES

Valuation range: EV €50–150M

Revenue range: €25–50M

EBITDA range: €5–25M

EV/Revenue range: 1x - 3x

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 Veraltis by B2holding 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.

FAQ

What transaction does this page cover?

This page covers B2holding’s acquisition of 100% of Veraltis, a French company specialised in Specialty Finance, in 2018.

How was the acquisition of Veraltis by B2holding valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €50–150M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

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

At the time of the transaction, Veraltis generated annual revenue estimated in the €25–50M range and EBITDA in the €5–25M bracket (FY 2018). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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.