XELIANS acquired by ANDERA PARTNERS
Context
Montefiore Investment has exited its majority stake in Xelians (slightly over 50%) following a seven-year holding period. The operation allows the current Chairman, Jacques Thibon, to increase his stake to over 80%, up from 45% previously. The management team, led by CEO Jérôme Pariscoat and CFO Thomas Perche, now holds nearly 10% of the equity. Andera Acto completed the transaction with a €34 million investment, structured as over 90% in bonds. The financing package also included a €10 million private debt facility provided by CIC Private Debt. The total transaction was completed at a leverage ratio of less than 4.5x EBITDA. The strategic rationale marks the completion of the industrial integration phase and a successful digital shift. Under this new majority-management ownership, Xelians aims to reach €100 million in revenue within five years, with digital services expected to grow to 40% of the overall activity. This MBO secures the long-term independence of the group while providing a stable financial platform for its next growth cycle.
XELIANS, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Business Services sector (11.4x).
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Target
Xelians is a leading French provider of document management and archiving services, formed from the merger of Locarchives and Archiveco. The organization operates an extensive network of 33 archiving and digitization sites along with three dedicated data centers. Its business model addresses the resilient physical archiving needs of major corporations, including a majority of CAC 40 companies, with average document retention periods exceeding 10 years. Since 2018, the entity has executed a strategic pivot toward high-value digital services, which now represent 30% of its total turnover. The company’s value proposition combines secured physical storage with advanced digital solutions for public administrations and private large-cap clients. The group focuses on the complete document lifecycle, ensuring compliance, security, and digital transformation for its diverse institutional customer base.
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REFERENCES
Valuation range: EV 100M - 350M EUR
Revenue range: 50M - 100M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: andera partners