At what enterprise value was VULCAIN INGENIERIE acquired in 2019?

During the acquisition of VULCAIN INGENIERIE by EQUISTONE / SAGARD in 2019, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Business Services industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of VULCAIN INGENIERIE when it was acquired by EQUISTONE / SAGARD?

The exact EV/EBITDA multiple for VULCAIN INGENIERIE is available on mynth capital. For comparison, the Business Services sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was VULCAIN INGENIERIE acquired by EQUISTONE / SAGARD?

VULCAIN INGENIERIE was acquired by EQUISTONE / SAGARD in 2019.

What was the revenue of VULCAIN INGENIERIE at the time of the deal?

The revenue of VULCAIN INGENIERIE at the time of the deal is estimated to be in the range of 100M - 200M EUR. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the VULCAIN INGENIERIE acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the VULCAIN INGENIERIE deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.sagard.com/blog/2019/08/01/sagard-annone-son-investissement-dans-le-groupe-vulvain-ingenierie/

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Home Database Business ServicesVULCAIN INGENIERIE

08/2019

VULCAIN INGENIERIE acquired by EQUISTONE & SAGARD

FRANCE Industrial Services / Engineering & Consulting EV 100M - 350M EUR

Context

Equistone Partners Europe acquired a majority stake in Vulcain Engineering, alongside Sagard as a minority co-investor and the management team. The transaction provided an exit for previous sponsors (who had held the asset since 2014) and Initiative & Finance. The new shareholders aimed to accelerate international growth and execute a buy-and-build strategy to consolidate the fragmented engineering market.

VULCAIN INGENIERIE, which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Business Services sector (11.0x).

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

Vulcain Ingénierie is a leading multi-specialist engineering group focusing on critical infrastructure, energy transition, and life sciences. The organization provides high-value added engineering services across the nuclear, renewable energy, and rail sectors, as well as the pharmaceutical industry. The entity operates a highly decentralized model and maintains a strong international presence across Europe, North America, and Latin America. Known for an aggressive external growth strategy, the firm reinforces its service offering by integrating specialized niche players to strengthen relationships with global clients. Its business model leverages structural mega-trends related to European energy sovereignty, industrial decarbonization, and healthcare infrastructure. The group focuses on the digitalization of engineering processes and the valuation of data related to mission-critical industrial assets.

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Other operations with VULCAIN INGENIERIE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
12/2025	VULCAIN INGENIERIE	INCICO	ITALY	Industrial Services	Vulcain Engineering Group has acquired a majority stake in Incico. The current CEO and key management have reinvested to retain a minority stake and will continue to lead the company. Historical shareholder Giovanni Monini sold his stake but remains as VP of Business Development. Ten other managers also entered the capital structure. This acquisition serves as Vulcain's strategic entry point into the Italian market, with plans to double Incico's Italian revenue to EUR50m within three years.
01/2024	ARDIAN	VULCAIN INGENIERIE	FRANCE	Industrial Services	Vulcain Ingenierie, a leading engineering consultancy specialized in the energy transition and life sciences, has launched a new growth cycle following a major LBO. A top-tier consortium led by Ardian, in partnership with Tikehau Capital and EMZ, has acquired the group from Equistone Partners Europe and Sagard. This transaction is further supported by Bpifrance, Amundi, and the Fonds France Nucléaire (managed by Siparex).

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of VULCAIN INGENIERIE by EQUISTONE / SAGARD are reserved for mynth community members. Register for free to unlock full data.

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).

Press release: view release

Target: vulcain ingenierie

Acquirer: sagard / equistone