The EBITDA Multiple: One of the Most Widely Used Methods to Value a Company
The EBITDA multiple (Enterprise Value / EBITDA) is one of the most widely used methods for estimating the value of a company in a sale or acquisition. The principle is simple: apply a multiple observed in comparable transactions to the company’s EBITDA. When a business owner says they sold their company for “6 x EBITDA,” M&A professionals immediately have a good sense of the valuation range. But behind this apparent simplicity lies a more complex financial reality: EBITDA is almost always adjusted the multiple depends heavily on the company’s profile the price received by shareholders can differ significantly from the simple “EBITDA × multiple” calculation, particularly due to financial debt and cash. To fully understand this multiple, it is important to first understand its two components: Enterprise Value and EBITDA. 1) What is enterprise value? Enterprise Value (EV) represents the value of the business itself, regardless of how the company is financed. It can be expressed simply as: EV = Equity Value + Financial Debt – Cash Financial debt mainly includes bank loans, certain credit facilities and financial lease commitments. Cash refers to the liquid funds available in the company at the time of the transaction, as well as certain cash-like items such as security deposits or short-term financial investments. In practical terms, when a buyer acquires a company: they pay the shareholders for their shares they assume or repay the financial debt but they also gain access to the available cash. Enterprise value therefore represents the true economic cost of acquiring the business. In practice, enterprise value is usually discussed first, before determining the equity price based on debt, cash, and other balance sheet items. Why start with enterprise value? Because it is independent of the financing structure. Two companies with similar activities and profitability will have the same enterprise value, but a different equity value depending on their debt and cash on hand. This is precisely what makes the EV/EBITDA multiple comparable across companies. 2) What is EBITDA? EBITDA stands for: Earnings Before Interest, Taxes, Depreciation, and Amortization It measures the company’s operating profit before interest, taxes, depreciation, and amortization. It can also be derived from net income: EBITDA = Net Income + Taxes + Interest + Depreciation and Amortization This metric is consistent with enterprise value because it measures performance before returns to lenders and shareholders. Why exclude interest? Interest reflects the cost of debt financing and depends on the financing structure. Two identical companies financed differently can report very different net income figures. Excluding interest helps isolate operating performance and provides a measure consistent with enterprise value. Why exclude taxes? Taxes are calculated on profit that includes interest expenses. Once interest is removed, taxes also lose part of their economic relevance in the comparison. Tax rates also vary across jurisdictions and group structures. Why exclude depreciation and amortization? Depreciation and amortization are accounting charges related to past investments or to impairments in the value of assets. Their level can vary significantly from one business to another depending on the company’s investment history, the nature of its assets and the accounting policies applied. These charges do not result in a cash outflow when they are recognized, so excluding them helps focus the analysis on the operating performance of the period. The investment required to maintain the business is nevertheless considered in the overall analysis and reflected in the valuation multiple applied. ⚠️ EBITDA is not cash flow EBITDA measures operating profitability but not the actual cash generated. It does not account for: investments required to sustain the business changes in working capital financial expenses. A company may therefore report high EBITDA while generating little cash. 3) Adjustments to EBITDA In M&A, the EBITDA used for valuation is almost always an adjusted EBITDA. The goal is to reflect the company’s recurring profitability by eliminating one-off items and certain discretionary decisions made by the owner-manager. The most common adjustments include: Owner compensation: If the owner-manager’s compensation is above or below market levels, the difference is adjusted to reflect a market-level salary. This is one of the most common adjustments in small and mid-sized companies. Owner-related benefits and expenses: Certain expenses incurred by the company may reflect the owner’s personal choices (company cars, travel, etc.) and may be adjusted if they do not reflect normal operations. Rent: When real estate is owned by an entity affiliated with the owner, the rent may be adjusted to market rates. If the company occupies its own premises rent-free, a notional rent is often applied to properly measure the business’s profitability (the value of the real estate is then assessed separately). Finance lease expenses: Expenses related to finance lease contracts reduce EBITDA, even though the equipment involved could also have been financed through bank debt. For comparability purposes, these expenses are typically excluded from EBITDA, with the remaining lease obligations treated as financial debt. Non-recurring expenses: Certain one-off expenses, such as a legal dispute or an exceptional provision, may be adjusted if they do not reflect recurring performance. Non-recurring income: Conversely, exceptional income, such as a one-off subsidy or the sale of an asset, is generally excluded. 📌 The financial implications of adjustments A €100,000 difference in adjusted EBITDA represents €600,000 in value at a 6x multiple. These adjustments are therefore often among the most technical and most debated aspects of a negotiation. 4) Factors that influence the multiple Two companies with the same EBITDA can have very different valuations. The multiple depends in particular on the industry, the size of the company, certain company-specific characteristics, and the context in which the sale takes place. The industry Some sectors require little recurring investment. In these sectors, EBITDA more closely reflects the cash generated, which often justifies higher multiples. More capital-intensive sectors generally command lower multiples. The growth prospects specific to each industry, as well as their sensitivity to economic conditions, also play an important role. Company size Larger companies often command higher multiples. They are
Owner Buy Out (OBO): secure your assets while retaining control of your company
When a manager considers selling part of his company, two options generally come to mind. He can open up the capital to a minority investor: he then retains control, but the immediate cash-out remains limited. On the other hand, he can sell the majority stake and collect more cash, but at the cost of losing control over the company. Between these two extremes, there is an alternative: the Owner Buy Out (OBO). This mechanism makes it possible to transform a significant part of the company’s value into cash, while remaining a majority shareholder and continuing to develop the business. What is an Owner Buy Out? In practical terms, an OBO is a “sale to oneself”: the manager sells his company to a holding company that he controls. The operation is based on the following mechanism: Creation of a takeover holding company, controlled by the manager, who contributes equity (generally 30 to 40% of the price, alone or with co-investors). This contribution can be in cash and/or in the form of shares. Bank financing: the bank completes the package with a loan to the holding company representing 60 to 70% of the price. In practice, this usually corresponds to 2.5 to 3.0x EBITDA, or even 3.5x in very stable sectors. Acquisition: the holding company buys back the company’s shares from the owner (often 100%, but sometimes only part), who receives the sale price while retaining control via the holding company. More and more managers are opting to sell their businesses in this way, in order to secure their assets without turning over a new leaf. A concrete example Let’s imagine a company valued at €5 million, with EBITDA of around €1 million. The holding company’s financing could be structured as follows: Bank debt: 3 M€ (3x EBITDA, i.e. 60% of the price), Management contribution: €2 million Mechanics of the operation : The holding company buys 100% of the company for €5 million. The executive receives €5 million, but having invested €2 million in the holding company at the outset, his net cash-out is €3 million. In this example, with no co-investors, he retains 100% of the capital via the holding company. The 3 M€ debt is contracted by the holding company and repaid from the profits generated by the company, in the form of dividends. In practice: co-investors, financing, advantages and limitations of OBOs Many OBOs are carried out with the support of co-investors, usually investment funds. In some cases, key managers or family members also participate, often on a minority basis. Their presence reduces the manager’s contribution, diversifies the shareholder base and can send a positive signal to banks, especially when a fund validates the valuation and believes in the company’s potential. In practice, the manager does not always have the immediate cash available to contribute equity to the holding company. In this case, the contribution can be made in the form of shares, with the manager directly transferring a portion of his shares to the holding company in exchange for shares in the latter. Alternatively, the bank can set up a “reinvestment bridge”, i.e. a short-term loan that is repaid as soon as the sale price is received. These mechanisms make the operation possible even when personal liquidity is limited. OBOs offer real advantages: they enable you to cash in a substantial cash-out while retaining a majority stake, secure and diversify your assets, and prepare for a second cash-out in the event of a future resale. But as with any financial package, there are a number of points to bear in mind. The debt must remain sustainable, the level of the manager’s contribution must inspire confidence in the banks, the role and governance of co-investors must be clearly defined, and the tax aspects (contribution, sale, dividend payment) must be carefully analyzed. It is also essential to prepare a solid presentation file and to sound out the banks beforehand: the quality of the file, the clarity of the business plan and the coherence of the package largely determine the success of the operation. An OBO enables the owner to convert part of the value created into cash, while retaining control of the company. Properly structured, it is a powerful tool for securing assets and ensuring managerial continuity. Are you considering such an arrangement? At AKCEAN, we support managers in structuring and negotiating these operations, so as to secure their implementation and adapt them to their wealth and professional objectives.
M&A trends – August 2025: disposals, acquisitions, fundraising – LU BE FR
Each month, we review the latest M&A deals to gain a better understanding of sector dynamics. Here are those that caught our attention in August in Luxembourg, Belgium and France: Luxembourg copper foil manufacturer Circuit Foil goes under Chinese flag Circuit Foil, the Wiltz-based Luxembourg manufacturer of fine copper foils, is to be acquired by the Chinese industrial group Defu Technology for €174 million. The transaction, expected to be finalized in mid-October, comes after a number of difficulties encountered by Circuit Foil in recent years, including a redundancy plan in 2023. The company, until now controlled by the Korean group Solus Advanced Materials, produces copper foils used in electric car batteries and printed circuit boards, and employs over 300 people in Luxembourg. Luxembourg publishing group LeA strengthens its presence in Belgium with five publishing acquisitions Groupe LeA, a legal publishing house in Luxembourg and Belgium, has acquired five Belgian publications specializing in tax and corporate law from multimedia group Roularta Media Group. The new titles include Le Fiscologue, Fiscoloog, Le Fiscologue International, Fiscoloog Internationaal and the bilingual Revue pratique des sociétés. These publications extend the LeA Group’s editorial offering to weekly news and join its other titles: Legitech in Luxembourg, Anthemis and LeA Uitgevers in Belgium, as well as the LexNow.io digital platform. Lizy, Belgian scale-up in used-vehicle leasing, strengthens its capital base Lizy, a Belgian scale-up based in Ixelles and specializing in the leasing of used cars, particularly electric cars, obtains €75 million in financing to support its growth. Existing shareholders D’Ieteren (a Belgian group active in mobility and automotive distribution) and Alychlo (an investment vehicle owned by entrepreneur Marc Coucke) have contributed €10 million in capital, while the remainder comes from a €65 million loan. Present in Belgium, France and the Netherlands, the company aims to strengthen its position in these markets and extend its model across Europe. Showpad, the Ghent-based tech nugget, joins the portfolio of an American fund Showpad, a Belgian company founded in 2011 in Ghent and publisher of sales support software, has been acquired by the American investment fund Vector Capital. The Showpad platform optimizes the efficiency of sales and marketing teams by integrating content, training, interaction and analytics. With annual sales of around €100 million and offices in the USA, Showpad will be merged with Vector Capital’s US portfolio company Bigtincan, a competitor and major player in the sector, to form a combined entity operating under the Showpad brand. Socomec, French electrical equipment manufacturer, acquires start-up PowerUp Socomec, an electrical equipment manufacturer based in Benfeld (Alsace), has acquired the start-up PowerUp. Founded in 2017 in Paris, the company develops software for managing the lifecycle of lithium-ion batteries and employs around twenty people. Its solution will gradually be deployed internationally, notably in North America and Asia. Socomec, a family-run business specializing in DC power switching (switches, circuit breakers, etc.), has 4,600 employees and sales of €924 million. #M&A #Mergers & Acquisitions #Market Trends #Corporate Strategy #Luxembourg #Belgium #France Sources: Paperjam, Virgule, L’Echo, Les Echos, S&P Capital IQ Pro
M&A trends – July 2025: divestments and acquisitions – LU BE FR
Each month, we review the latest M&A deals to gain a better understanding of sector dynamics. Here are those that caught our attention in July in Luxembourg, Belgium and France: Luxembourg asset manager Qualion acquired by Crystal Group Luxembourg-based asset manager Qualion, which also operates in Belgium, has been acquired by the French Crystal Group, backed by Goldman Sachs Private Equity and Seven2. Qualion manages €1.4 billion in assets for almost 1,000 families and generates sales of €11 million. This is the first international acquisition for Crystal, which has €25 billion in assets under management and €300 million in sales, and intends to build a leading European platform for private banking and life insurance. Luxembourg companies PROgroup (building engineering) and ImpaKT (circular economy consulting) acquired by Sweco Group Luxembourg-based PROgroup (an engineering consultancy specializing in the design and monitoring of construction projects) and ImpaKT (a consultancy specializing in the circular economy and sustainable management of urban projects) have been acquired by Sweco, a major European engineering group. The two structures, which bring together some 40 experts and generate sales of €5.1 million, will strengthen Sweco’s 106-strong workforce in Luxembourg, where the group is present via its subsidiary Betic. With worldwide sales of €2.7 billion, Sweco is pursuing a growth strategy in sustainable engineering. Belgian frozen food specialist Clarebout Potatoes acquired by American J.R. Simplot Company Flemish family group Clarebout Potatoes, a specialist in frozen potato products, has been acquired by the American J.R. Simplot Company, a major player in the agro-industry and the world’s leading supplier of French fries to the fast-food industry. With over 3,000 employees, 5 industrial sites in Europe and estimated sales in excess of €1 billion, Clarebout Potatoes is one of the world leaders in its sector. The operation aims to create a major global player with 23 production sites, subject to regulatory approvals. Belgian forwarder Gheeraert acquires compatriot De Rudder Belgian transport group Gheeraert acquires compatriotDe Rudder, active in Kortrijk (West Flanders) and Vilvoorde (north of Brussels), with 145 employees, 125 trucks and 55,000 m² of warehouse space. Specialized in distribution and complementary logistics, De Rudder reinforces Gheeraert’s offer and territorial coverage. The operation, finalized in mid-July, brings the total workforce to almost 350, consolidating the group’s position on the Belgian market. Le Coq Sportif, placed in receivership, taken over by a consortium Based in Romilly-sur-Seine near Troyes (Eastern France), the Le Coq Sportif brand is being taken over by Franco-Swiss entrepreneur Dan Mamane, with the support of the Mirabaud Patrimoine Vivant fund and the Japanese group Itochu, owner of the brand in Asia. The plan calls for an injection of €70 million to relaunch the industrial facilities, pay off part of the debts and preserve 200 jobs at this iconic sportswear brand, which was placed in receivership in November 2024. Lille-based strategic consulting firm Altera joins the Willing Group Lille-based Altera, specialized in strategy consulting, interim management and transformation projects, has joined Willing, a strategy and transformation consulting group with offices in eight cities in France and Geneva. Altera’s 35 consultants will strengthen Willing’s presence in the Hauts-de-France region and enhance its operational and technological consulting offering. Willing had sales of €22 million in 2024, with 250 employees, and is aiming for sales of €35 million in 2025. #M&A #Mergers & Acquisitions #Market trends #Corporate strategy #Luxembourg #Belgium #France Sources: Paperjam, L’Echo, Les Echos, S&P Capital IQ Pro
Valuation multiples – 2nd quarter 2025
The comparables method is one of the most commonly used approaches for estimating a company’s value, especially for well-established companies. This approach involves estimating the value of a company by comparing it with other similar companies, based primarily on their profitability. Although the best comparison is the multiple at which a similar company has recently sold, publicly listed companies, whose financial data is publicly available, offer an interesting point of reference for establishing valuation multiples for SMEs. The multiples observed on the stock market are generally adjusted downwards to take account of differences in size, increased operational risk and the lower liquidity of SME shares compared with listed companies. Discover the multiples by business sector that we have compiled below as at June 30, 2025.
Economic indicators – Analysis and trends for Q2 2025
Access to credit, company valuations, buyer appetite: sales, acquisitions and capital raising operations are directly influenced by the macroeconomic environment. For a better understanding of current trends, we offer a summary of the main economic indicators to June 30, 2025. This perspective allows us to situate the conditions in which M&A operations are evolving today, between interest rate cycles, commercial uncertainties and a slowdown in demand.
M&A trends – June 2025: disposals, acquisitions and fundraising – LU BE FR
Each month, we review the latest M&A deals to gain a better understanding of sector dynamics. Here are those that caught our attention in June in Luxembourg, Belgium and France: Luxembourg-based scale-up Tadaweb raises $20 million to accelerate its expansion in cybersecurity Founded in 2011 in Luxembourg, Tadaweb develops OSINT (Open Source INTelligence) platforms that automate the collection and analysis of online data, reducing analysts’ workload from weeks to minutes. Already adopted by government agencies in Europe and the United States, its technology enhances intelligence and investigation capabilities in the fields of cybersecurity, defense and intelligence. This $20 million round of financing, led by US funds Arsenal Growth and Forgepoint Capital, is designed to support the company’s international expansion. It adds to the $18 million raised from Wendel in 2023 and the $2 million raised in 2015 from business angels. Tadaweb has over 120 employees, with offices in Europe and North America. German-Luxembourg start-up Nuwacom raises €3.2 million to deploy its AI workspace in companies Founded in 2024, with offices in Luxembourg and Koblenz (Germany), Nuwacom has raised €3.2 million from Dutch fund Newion and business angels to accelerate the development of its collaborative platform. Already adopted by groups such as Lufthansa and Vodafone, the solution enables companies to connect their internal knowledge, human teams and AI agents in a single, secure environment aligned with their brand identity. The start-up, which currently has around 20 employees, plans to increase its workforce to around 50 in the coming months to support its commercial growth. Brussels-based start-up Axiles Bionics raises €6 million to bring its bionic prosthesis to market Axiles Bionics, which specializes in intelligent foot prostheses, announces that it has raised €6 million from private equity fund PE Group and public players EIC Fund and Finance & Invest.brussels. Its Lunaris device, a CE and FDA-certified bionic foot prosthesis, is already reimbursed in Belgium. This financing is aimed at accelerating its international marketing and developing a new generation of robotic prostheses. Belgian energy consultancy AYA raises €2 million for European expansion Founded in 2019 in Aalst, Flanders, AYA supports companies with high energy consumption (over 3 GWh per year) in optimizing their energy performance and transitioning to sustainable solutions. The company employs 30 people and will achieve sales of €2.7 million in 2024. It has just raised €2 million from Wallonie Entreprendre (a public player), Nomainvest (a family holding company) and BeWatt (an investment company active in sustainable solutions). Conrad, an industrial SME from Eastern France, joins the Amiquar group Conrad, a family-run company specializing in machining and mechanical welding (€15 million in sales, 75 employees) and based in Moselle, has been acquired by the Amiquar group via its Quarfloc subsidiary, active in cutting, stamping and welding. Amiquar is a private industrial holding company controlling some twenty niche companies. This transaction strengthens the industrial synergies of the group (2,000 employees, €600 million sales). Champagne house EPC acquires producer Charles Mignon Founded in 2019 in Vindey (Marne), the young champagne house EPC, backed by Kima Ventures (Xavier Niel) and several family offices, has acquired 100% of the Champagne house Charles Mignon, an Épernay-based producer with sales of €12 million and 1 million bottles. This transaction will enable EPC (350,000 bottles sold by 2023) to secure its supply, integrate a production tool, and support its international development, notably in the United States and the United Kingdom. #M&A #Mergers & Acquisitions #Market trends #Corporate strategy #Luxembourg #Belgium #France Sources: Paperjam, L’Echo, Les Echos, S&P Capital IQ Pro
M&A trends – May 2025: disposals, acquisitions and fundraising – LU BE
Each month, we review the latest M&A deals to gain a better understanding of sector dynamics. Here are those that caught our attention in May in Luxembourg and Belgium: BIL Manage Invest, a specialist in Luxembourg fund structuring, acquired by Waystone BIL Manage Invest, a subsidiary of Banque Internationale à Luxembourg (BIL) specializing in the structuring of traditional and alternative investment vehicles – with a team of 26 people, 77 sub-funds and €6.9 billion in assets under management – comes under the control of Waystone, a global provider of services to the asset management industry. This acquisition strengthens Waystone’s presence in Luxembourg and extends its capabilities in the European market. Luxembourg tokenization fintech Tokeny takes control of Apex Group Tokeny, a Luxembourg-based company specializing in infrastructures for the tokenization of digital assets, has been acquired by Apex Group, a global financial services provider. With sales of €1.2 million in 2023, Tokeny claims over €32 billion in already tokenized assets. Apex joins Tokeny as a majority shareholder, with plans to increase its stake to 100% within three years. This transaction aims to accelerate the institutional adoption of tokenization within the financial industry. Luxembourg start-up Kidola raises €1.3 million to digitalize day-care centers in Europe Kidola, a Luxembourg-based start-up specializing in the digitalization of day-care centers, has raised €1.3 million fromExpon Capital to accelerate its development. The aim of the funding is to strengthen the company’s presence on the European market and enhance its digital solutions for the management of childcare facilities. Candriam, a European player in asset management, opens up 33% of its capital to Belfius Candriam, an asset manager with offices in Brussels, Paris, London and Luxembourg – where its headquarters are located – is opening up 33% of its capital to the Belgian bank Belfius, in a deal that values the company at around €1 billion. The stake was acquired from New York Life Investments, a shareholder in Candriam (formerly Dexia Asset Management) since 2013. With €155 billion in assets under management and more than 600 employees, Candriam intends, through this merger, to strengthen synergies between its expertise in institutional and sustainable management and Belfius’ private banking and wealth management offering. Louyet Group, Belgian car dealership group, takes over Discar and expands its network in Wallonia Louyet Group, a major player in automotive distribution in Belgium and Luxembourg, with 37 dealerships and over 1,000 employees, has acquired all the Discar Group’s car dealerships in Liège, Verviers, Eupen and Malmedy. The deal strengthens Discar’s network in Wallonia and expands its portfolio of brands, notably BMW and MINI, consolidating its position as one of Belgium’s leading automotive distributors. Belgian space start-up Aerospacelab now valued at €500 million Aerospacelab, based in Mont-Saint-Guibert, has raised between €20 and €25 million in a new round of financing, from funds including EQT, XAnge, Airbus Ventures and other undisclosed European industrial players. The deal values the company at nearly €500 million. Founded in 2018, Aerospacelab develops and manufactures small low-orbit satellites, with infrastructures in Belgium and the USA. This round of financing aims to accelerate its industrial development, notably with the construction of a factory in Charleroi capable of producing up to 500 satellites a year. Belgian B2B database specialist Infobel acquired by Datasharp and Strada Partners Infobel, a company based in Uccle and active for almost 30 years, has been taken over by Datasharp, the structure of entrepreneurs Antoine Bruyns and Didier Baclin, with the support of Strada Partners, now the majority shareholder. Infobel references over 400 million companies in more than 200 countries, and generates annual sales in excess of €7 million. The new shareholders aim to accelerate Infobel’s international development and consolidate its position in data brokerage and mapping services. #M&A #Mergers & Acquisitions #Market trends #Corporate strategy #Luxembourg #Belgium #France Sources: Paperjam, L’Echo, S&P Capital IQ Pro
M&A trends – April 2025: disposals, acquisitions and fundraising – LU BE FR
Every month, we take a look at the latest M&A deals to gain a better understanding of sector dynamics. Here are those that caught our attention in April in Luxembourg, Belgium and France: Yellow T International, a Luxembourg-based transport group, acquires MP Trans with the support of AKCEAN The Yellow T International group has finalized the acquisition of MP Trans, a Luxembourg-based freight forwarder specializing in partial freight forwarding. This operation completes the group’s offer in complete transport, whether chartering or own transport. It was carried out with the support of AKCEAN, Yellow T International’s M&A advisor, from target identification through to closing. Exobiosphere raises €2 million to launch its microgravity space research platform in Luxembourg Luxembourg-based deeptech Exobiosphere has raised €2 million in seed capital to accelerate the development of its orbital platform dedicated to biological research in microgravity. This round of funding, notably fromExpansion Ventures and Expon Capital, aims to promote the discovery of new drugs in weightless conditions. Belgian medtech Azalea Vision raises €9 million for its connected vision platform Ghent-basedAzalea Vision has raised €9 million in a first Series A closing from SPRIM Global, Afrimobility and an undisclosed strategic investor. The start-up is developing a connected ocular lens for the treatment of severe vision disorders. This financing will help accelerate the clinical development and industrialization of its solution. Belgian biotech start-up Agricells raises €2.3 million to accelerate expansion Agricells, founded in 2021 in Marche-en-Famenne, has raised €2.3 million from its historical investors and Nicaphis, a vehicle of entrepreneur Philippe Moorkens. Specializing in agricultural biostimulants and biocontrols, the start-up is aiming for rapid expansion in Africa, the United States and Latin America, and is preparing a next round of €20 to €30 million to finance the registration of new products. French transport operator Place Mobilité joins the Transarc Group Place Mobilité, a player in urban, interurban and school transport based in Valenciennes (Hauts-de-France) with sales of around €40 million, has been acquired by Transarc, a passenger transport group based in Dijon (Burgundy-Franche-Comté) and owned by the Infranity infrastructure fund. This transaction enables Transarc to strengthen its territorial coverage in France. #M&A #Mergers & Acquisitions #Market trends #Corporate strategy #Luxembourg #Belgium #France Sources: Paperjam, L’Echo, Les Echos, S&P Capital IQ Pro
Success – Yellow T International acquires MP Trans
AKCEAN had the pleasure of assisting YELLOW T INTERNATIONAL as M&A advisor in the strategic acquisition of MP TRANS, a freight forwarder based in Mondorf-les-Bains (Luxembourg). We supported YELLOW T INTERNATIONAL at every stage of the process, from target identification to closing. This latest transaction is in line with YELLOW T INTERNATIONAL’s development strategy, following the acquisition of AB Trans (a transport company based in Metz) in 2023, also carried out with AKCEAN’s support. This marks a further step in the gradual strengthening of the group. Yellow T International – The buyer YELLOW T INTERNATIONAL is an established road haulage operator based in Luxembourg. The company oversees the operations of its fleet of trucks across Europe, and specializes in the transport of general cargo under canvas, with a strong expertise in express and customized services. It is also active in France via its subsidiary AB Trans, dedicated to regional flows. Founded in 1996, the Yellow T group will achieve sales of around €10 million following this operation. MP Trans – The target Founded in 2009, MP TRANS specializes in partial freight forwarding. Drawing on a network of partners and recognized expertise, the company optimizes its customers’ transport flows by pooling loads. MP TRANS operates mainly on European routes, offering flexible, responsive solutions to the needs of its industrial and commercial customers “An operation enabling us to broaden our expertise” Patrick Gindt, CEO of YELLOW T INTERNATIONAL, comments: “This operation is fully in line with our strategy of strengthening our expertise. The integration of MP TRANS’ skills in part-chartering enables us to complete our offer in general cargo transport. Whether it’s full, partial, charter or own transport, we now have all the capacities we need to meet our customers’ requirements. We are delighted to welcome MP TRANS to our group, and thank AKCEAN for the quality of its support throughout the process.” Buy-Side team M&A advisory and due diligence: AKCEAN – Thibault Vittet Legal counsel: GSK STOCKMANN – Anna Gassner, Etienne Weryha
