Private Equity Company Screens Report
Private Equity Company Screens Report
Discover High Growth Deal Opportunities in Europe
Discover High Growth Deal Opportunities in Europe
Discover High Growth Deal Opportunities in Europe
Table of contents
Executive Summary
In this report, we identify 14 different investment screens to help you jumpstart your private equity deal sourcing journey. We have carefully crafted each criterion to make sure it is relevant to our industry.
At Gain.pro, we cover every company in the world with more than 10 employees. For those that hit our threshold size, we dedicate over 12–14 hours of primary research to each company. These 14 investment screens are built upon those investable asset pools. While not exhaustive, we believe these strategies offer a strong foundation for further exploration.
We also welcome you the opportunity to further refine your search based on sector, region, EBITDA, or over a hundred other metrics, directly on Gain.pro.
If you have any questions about the data or the report, do not hesitate to reach out to sid.jain@gain.pro.
Table of contents
Table of contents
Screens Overview
Here are the 14 Investment screens we profile in the report:
Bounce Backs: Companies showcasing a bounce back in growth after a few tough years
Consolidators: Assets growing through an extensive buy-&-build strategy
Covid Survivors: Companies recovering strongly post significant COVID-19 downturn
Domestic Champions: Strong domestic companies poised for global expansion (or acquisition)
EBITDA Growth Leaders: Companies with best-in-class EBITDA growth & margins
Exit Ready: PE-owned assets with strong potential nearing an exit
Family Legacies: Resilient centuries-old family businesses nearing acquisition
Family Outperformers: Family-owned businesses with strong growth & margins
FTE Momentum Leaders: Companies rapidly growing their workforce
Organic Kings: Companies with best-in-class organic growth in their subsector
PE Outperformers: PE-backed companies in the top quartile of growth & margins
Resilient Growth: Companies with stable & predictable annual growth between 5-15%
Take Private Candidates: Underappreciated listed companies with robust growth & margins
VC-backed Buyout Opportunities: Growing and profitable VC-backed assets ripe for PE acquisition
Screens
Bounce Backs
Companies showcasing a bounce back in growth after a few challenging years. Here are the screening criteria:
Family or PE-owned assets in Europe
6 years top-line figures availability
First 3 years of negative growth
Last 2 years of positive growth
EBITDA >€5m (last reported)
Company in Spotlight
Location
United Kingdom
Industry
Technology
Owner(s)
Pulsant is a British provider of colocation & cloud infrastructure services. The company's business model revolves around offering colocation, data center services, workplace recovery, business continuity and managed services including hosting, networks, cloud and cybersecurity, enabling businesses to manage their IT infrastructure. As of August 2024, Pulsant served ~1.5k clients and owned and operated 12 data centers across the UK.
The 30-year-old business has a long PE ownership history, starting with the 2010 Bridgepoint takeover, which then sold Pulsant to Oak Hill Capital Partners and Scottish Equity Partners for ~€240m EV. In 2019, the owners attempted to sell the business at a rumored £340m but the deal was aborted. Finally, in 2021, the hosting & colocation provider found a new owner, Antin. Pulsant’s top-line started struggling around 2019 and the decline continued until 2021 (-4% CAGR 2018-2021). After Antin’s takeover, the company managed to generate double-digit growth figures with a +16% CAGR 2021-2023. In 2023, Pulsant generated the largest unadjusted EBITDA numbers since 2014. As such, we believe that the company is on track to further grow its top-line and improve the bottom-line given market tailwinds from growing consumer and business data consumption needs (e.g. IoT, big data).
Pulsant is a British provider of colocation & cloud infrastructure services. The company's business model revolves around offering colocation, data center services, workplace recovery, business continuity and managed services including hosting, networks, cloud and cybersecurity, enabling businesses to manage their IT infrastructure. As of August 2024, Pulsant served ~1.5k clients and owned and operated 12 data centers across the UK.
The 30-year-old business has a long PE ownership history, starting with the 2010 Bridgepoint takeover, which then sold Pulsant to Oak Hill Capital Partners and Scottish Equity Partners for ~€240m EV. In 2019, the owners attempted to sell the business at a rumored £340m but the deal was aborted. Finally, in 2021, the hosting & colocation provider found a new owner, Antin. Pulsant’s top-line started struggling around 2019 and the decline continued until 2021 (-4% CAGR 2018-2021). After Antin’s takeover, the company managed to generate double-digit growth figures with a +16% CAGR 2021-2023. In 2023, Pulsant generated the largest unadjusted EBITDA numbers since 2014. As such, we believe that the company is on track to further grow its top-line and improve the bottom-line given market tailwinds from growing consumer and business data consumption needs (e.g. IoT, big data).
Pulsant is a British provider of colocation & cloud infrastructure services. The company's business model revolves around offering colocation, data center services, workplace recovery, business continuity and managed services including hosting, networks, cloud and cybersecurity, enabling businesses to manage their IT infrastructure. As of August 2024, Pulsant served ~1.5k clients and owned and operated 12 data centers across the UK.
The 30-year-old business has a long PE ownership history, starting with the 2010 Bridgepoint takeover, which then sold Pulsant to Oak Hill Capital Partners and Scottish Equity Partners for ~€240m EV. In 2019, the owners attempted to sell the business at a rumored £340m but the deal was aborted. Finally, in 2021, the hosting & colocation provider found a new owner, Antin. Pulsant’s top-line started struggling around 2019 and the decline continued until 2021 (-4% CAGR 2018-2021). After Antin’s takeover, the company managed to generate double-digit growth figures with a +16% CAGR 2021-2023. In 2023, Pulsant generated the largest unadjusted EBITDA numbers since 2014. As such, we believe that the company is on track to further grow its top-line and improve the bottom-line given market tailwinds from growing consumer and business data consumption needs (e.g. IoT, big data).
Consolidators
Assets growing through an extensive buy-and-build strategy. Here are the screening criteria:
Family or PE-owned assets in Europe
In the top 5% of acquirers in their subsector
3-year FTE CAGR >25% (last reported)
Company in Spotlight
Location
United Kingdom
Industry
Software
Owner(s)
The Access Group ("Access") is a British provider of integrated business management software for mid-market companies. The group’s software provides industry-specific applications for a diversified customer base of clients operating in recruitment, education, health, manufacturing, etc.
In January 2015, TA Associates acquired the controlling stake in Access from Horizon Capital. In 2015-2018, the group doubled its top-line (from €70m revenue in 2014 to €170m in 2018), executed 11 acquisitions, entered 3 new vertical markets and grew its customer base to c.13k UK businesses and not-for-profit organizations.
In April 2018, Hg joined TA Associates as a joint owner in a deal valuing the business at €1.2bn EV and 21.0x EV/EBITDA multiple. Since then, Access’ top-line skyrocketed, reaching c. €1.4bn sales in 2023 at 63% CAGR 2020-2023, while EBITDA grew at 71% CAGR and margins improved by c.6pp. During this period, the group made >50 add-ons in the UK, Ireland and APAC, grew its customer base to >100k, expanded internationally with >40 offices in 11 countries and increased its headcount to >6,000 (vs. c.1,300 in 2018).
It comes as no surprise that in June 2022, Access received further strategic investment from Hg and TA Associates at a c.€11bn valuation. Additionally, GIC has entered as a minority shareholder in the group.
The Access Group ("Access") is a British provider of integrated business management software for mid-market companies. The group’s software provides industry-specific applications for a diversified customer base of clients operating in recruitment, education, health, manufacturing, etc.
In January 2015, TA Associates acquired the controlling stake in Access from Horizon Capital. In 2015-2018, the group doubled its top-line (from €70m revenue in 2014 to €170m in 2018), executed 11 acquisitions, entered 3 new vertical markets and grew its customer base to c.13k UK businesses and not-for-profit organizations.
In April 2018, Hg joined TA Associates as a joint owner in a deal valuing the business at €1.2bn EV and 21.0x EV/EBITDA multiple. Since then, Access’ top-line skyrocketed, reaching c. €1.4bn sales in 2023 at 63% CAGR 2020-2023, while EBITDA grew at 71% CAGR and margins improved by c.6pp. During this period, the group made >50 add-ons in the UK, Ireland and APAC, grew its customer base to >100k, expanded internationally with >40 offices in 11 countries and increased its headcount to >6,000 (vs. c.1,300 in 2018).
It comes as no surprise that in June 2022, Access received further strategic investment from Hg and TA Associates at a c.€11bn valuation. Additionally, GIC has entered as a minority shareholder in the group.
The Access Group ("Access") is a British provider of integrated business management software for mid-market companies. The group’s software provides industry-specific applications for a diversified customer base of clients operating in recruitment, education, health, manufacturing, etc.
In January 2015, TA Associates acquired the controlling stake in Access from Horizon Capital. In 2015-2018, the group doubled its top-line (from €70m revenue in 2014 to €170m in 2018), executed 11 acquisitions, entered 3 new vertical markets and grew its customer base to c.13k UK businesses and not-for-profit organizations.
In April 2018, Hg joined TA Associates as a joint owner in a deal valuing the business at €1.2bn EV and 21.0x EV/EBITDA multiple. Since then, Access’ top-line skyrocketed, reaching c. €1.4bn sales in 2023 at 63% CAGR 2020-2023, while EBITDA grew at 71% CAGR and margins improved by c.6pp. During this period, the group made >50 add-ons in the UK, Ireland and APAC, grew its customer base to >100k, expanded internationally with >40 offices in 11 countries and increased its headcount to >6,000 (vs. c.1,300 in 2018).
It comes as no surprise that in June 2022, Access received further strategic investment from Hg and TA Associates at a c.€11bn valuation. Additionally, GIC has entered as a minority shareholder in the group.
Covid Survivors
Companies that faced significant revenue decline during COVID-19 years but recovered strongly. Here are the screening criteria:
Family or PE-owned assets in Europe
Revenue declined between 10-50% in 2020 and 2021
Revenue recovered and grew by 25% in 2022 and 2023 (where reported)
EBITDA >€5m (last reported)
Company in Spotlight
Location
Netherlands
Industry
Leisure
Owner(s)
Fletcher Hotels ("Fletcher") is a hotel and restaurant chain operator. The company's business model revolves around operating 3- and 4-star hotels as well as restaurants, bars, wellness centers and event facilities. As of March 2024, Fletcher operated c.110 hotels located across the Netherlands.
Fletcher is the largest hotel chain in the Netherlands in terms of the number of hotels and 4th largest by the number of rooms. Additionally, the company has a market-leading (NL) position in the lower-mid segment.
Founded in 1997 by Chris Luken, Fletcher underwent an MBO by Rob Hermans and Edwin van Heteren in 2016, with NIBC and Xead Group acquiring a minority stake. In 2021, Egeria bought a majority stake in the company and still retains majority ownership alongside the management.
Despite the challenges posed by COVID-19, Fletcher experienced a solid rebound from 2020 to 2023, achieving a topline CAGR of 24%. This growth was fueled by the acquisition of properties as well as an increase in domestic travel within the Netherlands.
Fletcher Hotels ("Fletcher") is a hotel and restaurant chain operator. The company's business model revolves around operating 3- and 4-star hotels as well as restaurants, bars, wellness centers and event facilities. As of March 2024, Fletcher operated c.110 hotels located across the Netherlands.
Fletcher is the largest hotel chain in the Netherlands in terms of the number of hotels and 4th largest by the number of rooms. Additionally, the company has a market-leading (NL) position in the lower-mid segment.
Founded in 1997 by Chris Luken, Fletcher underwent an MBO by Rob Hermans and Edwin van Heteren in 2016, with NIBC and Xead Group acquiring a minority stake. In 2021, Egeria bought a majority stake in the company and still retains majority ownership alongside the management.
Despite the challenges posed by COVID-19, Fletcher experienced a solid rebound from 2020 to 2023, achieving a topline CAGR of 24%. This growth was fueled by the acquisition of properties as well as an increase in domestic travel within the Netherlands.
Fletcher Hotels ("Fletcher") is a hotel and restaurant chain operator. The company's business model revolves around operating 3- and 4-star hotels as well as restaurants, bars, wellness centers and event facilities. As of March 2024, Fletcher operated c.110 hotels located across the Netherlands.
Fletcher is the largest hotel chain in the Netherlands in terms of the number of hotels and 4th largest by the number of rooms. Additionally, the company has a market-leading (NL) position in the lower-mid segment.
Founded in 1997 by Chris Luken, Fletcher underwent an MBO by Rob Hermans and Edwin van Heteren in 2016, with NIBC and Xead Group acquiring a minority stake. In 2021, Egeria bought a majority stake in the company and still retains majority ownership alongside the management.
Despite the challenges posed by COVID-19, Fletcher experienced a solid rebound from 2020 to 2023, achieving a topline CAGR of 24%. This growth was fueled by the acquisition of properties as well as an increase in domestic travel within the Netherlands.
Domestic Champions
Companies with a strong domestic foothold that could expand internationally (or be a part of a platform acquisition strategy). Here are the screening criteria:
Family or PE-owned assets in Europe
Sales are predominantly domestic
Revenue >€300m (last reported)
EBITDA >€50m (last reported)
Company in Spotlight
Location
Italy
Industry
Education
Owner(s)
Multiversity is an Italian online education provider. The group’s business model centers on offering online degrees, specializations and certifications with in-person exams, while also providing language and skill certifications and specialized master's programs for individuals and start-ups, to a lesser extent. Notably, it is the largest provider of online university education in Italy and the owner of Italy’s largest online university, Universitá Telematica Pegaso.
Founded in 2006, Multiversity saw its first PE investment in 2019 when CVC Capital Partners acquired 50% of the group from the founder (valued at €1.0bn, 14.3x EBITDA multiple). CVC acquired the remaining 50% in 2021 (at €1.5bn, 14.7x).
Over the last 4 years, the group has transitioned from a family-owned business to a PE-owned operator, catering to the largely under-served and under-penetrated Italian undergraduate market. Between 2020 and 2023, Multiversity's top-line and EBITDA have grown at >30% CAGR, maintaining strong EBITDA margins of c.58%. This impressive performance prompted CVC to extend its involvement with the group, transferring ownership to a CVC-managed single-asset continuation fund in April 2024.
Multiversity is an Italian online education provider. The group’s business model centers on offering online degrees, specializations and certifications with in-person exams, while also providing language and skill certifications and specialized master's programs for individuals and start-ups, to a lesser extent. Notably, it is the largest provider of online university education in Italy and the owner of Italy’s largest online university, Universitá Telematica Pegaso.
Founded in 2006, Multiversity saw its first PE investment in 2019 when CVC Capital Partners acquired 50% of the group from the founder (valued at €1.0bn, 14.3x EBITDA multiple). CVC acquired the remaining 50% in 2021 (at €1.5bn, 14.7x).
Over the last 4 years, the group has transitioned from a family-owned business to a PE-owned operator, catering to the largely under-served and under-penetrated Italian undergraduate market. Between 2020 and 2023, Multiversity's top-line and EBITDA have grown at >30% CAGR, maintaining strong EBITDA margins of c.58%. This impressive performance prompted CVC to extend its involvement with the group, transferring ownership to a CVC-managed single-asset continuation fund in April 2024.
Multiversity is an Italian online education provider. The group’s business model centers on offering online degrees, specializations and certifications with in-person exams, while also providing language and skill certifications and specialized master's programs for individuals and start-ups, to a lesser extent. Notably, it is the largest provider of online university education in Italy and the owner of Italy’s largest online university, Universitá Telematica Pegaso.
Founded in 2006, Multiversity saw its first PE investment in 2019 when CVC Capital Partners acquired 50% of the group from the founder (valued at €1.0bn, 14.3x EBITDA multiple). CVC acquired the remaining 50% in 2021 (at €1.5bn, 14.7x).
Over the last 4 years, the group has transitioned from a family-owned business to a PE-owned operator, catering to the largely under-served and under-penetrated Italian undergraduate market. Between 2020 and 2023, Multiversity's top-line and EBITDA have grown at >30% CAGR, maintaining strong EBITDA margins of c.58%. This impressive performance prompted CVC to extend its involvement with the group, transferring ownership to a CVC-managed single-asset continuation fund in April 2024.
EBITDA Growth Leaders
Companies with best-in-class EBITDA growth and margins. Here are the screening criteria:
Family or PE-owned assets in Europe
EBITDA margin in the top decile of the sub-sector (last reported)
3-year EBITDA CAGR in the top quartile of the subsector (last reported)
Increasing margins with 3-year EBITDA CAGR >3-year revenue CAGR (last reported)
EBITDA >€20m (last reported)
EBITDA (last reported) at least 50% higher than in 2019
Company in Spotlight
Location
Sweden
Industry
Food & Beverage
Owner(s)
Vitamin Well is a group of functional drink and food brands, focused on developing and marketing vitamin- and mineral-enriched beverages and healthy snacks. Key brands include Vitamin Well, NOCCO, NOBE, Barebells, Smiling, Aloe Vera and Tyngre. The group outsources production and distribution, allowing it to focus on product innovation and marketing. As of 2024, Vitamin Well markets its products in >40 countries, mainly across Europe, and has offices in Europe, the US and Singapore.
Founded in 2006 by Jonas Pettersson, Vitamin Well received its first PE investment from Bridgepoint in 2016. In August 2024, Cinven acquired a majority stake, with Bridgepoint retaining a minority share. Under Bridgepoint ownership, revenues grew >12x to c.€500m.
Between 2020 and 2023, the group achieved stellar growth in topline (+37% CAGR) and EBITDA (+95% CAGR), driven by product expansion and geographic growth. Under Cinven, Vitamin Well is set to continue its growth, benefiting from rising demand for health-focused convenience products supporting an active lifestyle and an asset-light, low-CAPEX business model.
Vitamin Well is a group of functional drink and food brands, focused on developing and marketing vitamin- and mineral-enriched beverages and healthy snacks. Key brands include Vitamin Well, NOCCO, NOBE, Barebells, Smiling, Aloe Vera and Tyngre. The group outsources production and distribution, allowing it to focus on product innovation and marketing. As of 2024, Vitamin Well markets its products in >40 countries, mainly across Europe, and has offices in Europe, the US and Singapore.
Founded in 2006 by Jonas Pettersson, Vitamin Well received its first PE investment from Bridgepoint in 2016. In August 2024, Cinven acquired a majority stake, with Bridgepoint retaining a minority share. Under Bridgepoint ownership, revenues grew >12x to c.€500m.
Between 2020 and 2023, the group achieved stellar growth in topline (+37% CAGR) and EBITDA (+95% CAGR), driven by product expansion and geographic growth. Under Cinven, Vitamin Well is set to continue its growth, benefiting from rising demand for health-focused convenience products supporting an active lifestyle and an asset-light, low-CAPEX business model.
Vitamin Well is a group of functional drink and food brands, focused on developing and marketing vitamin- and mineral-enriched beverages and healthy snacks. Key brands include Vitamin Well, NOCCO, NOBE, Barebells, Smiling, Aloe Vera and Tyngre. The group outsources production and distribution, allowing it to focus on product innovation and marketing. As of 2024, Vitamin Well markets its products in >40 countries, mainly across Europe, and has offices in Europe, the US and Singapore.
Founded in 2006 by Jonas Pettersson, Vitamin Well received its first PE investment from Bridgepoint in 2016. In August 2024, Cinven acquired a majority stake, with Bridgepoint retaining a minority share. Under Bridgepoint ownership, revenues grew >12x to c.€500m.
Between 2020 and 2023, the group achieved stellar growth in topline (+37% CAGR) and EBITDA (+95% CAGR), driven by product expansion and geographic growth. Under Cinven, Vitamin Well is set to continue its growth, benefiting from rising demand for health-focused convenience products supporting an active lifestyle and an asset-light, low-CAPEX business model.
Exit Ready
PE-owned assets approaching the end of their holding period, with strong exit potential. Here are the screening criteria:
PE-owned assets in Europe
Last deal more than 5 years ago
3-year revenue CAGR higher than the subsector median (last reported)
EBITDA margin higher than the subsector median (last reported)
EBITDA >€10m (last reported)
Company in Spotlight
Location
United Kingdom
Industry
Healthcare Services
Owner(s)
VetPartners is a group of veterinary practices. The group’s business model focuses on providing veterinary care for small domestic animals, equine and farm animals. VetPartners’ practices offer services such as surgeries, vaccinations, health checks, emergency treatments, grooming and microchipping. As of June 2023, the group operated approximately 760 sites (+18% vs June 2022) across the UK and Europe.
VetPartners was formed in 2015 through the August Equity-backed merger of three veterinary practices. The group was subsequently acquired by BC Partners in 2018 in a deal valued at around £720m.
From 2020 to 2023, VetPartners achieved strong top-line growth (+28% CAGR) through a buy-and-build strategy and European expansion (Spain, Switzerland). BC Partners explored a sale in 2022 but withdrew due to bids falling short of price expectations. As a leader in the UK veterinary market with growing operations in Europe, VetPartners operates in the resilient and growing animal healthcare industry, positioning it as a strong candidate for a future private equity buyout with significant further growth potential.
VetPartners is a group of veterinary practices. The group’s business model focuses on providing veterinary care for small domestic animals, equine and farm animals. VetPartners’ practices offer services such as surgeries, vaccinations, health checks, emergency treatments, grooming and microchipping. As of June 2023, the group operated approximately 760 sites (+18% vs June 2022) across the UK and Europe.
VetPartners was formed in 2015 through the August Equity-backed merger of three veterinary practices. The group was subsequently acquired by BC Partners in 2018 in a deal valued at around £720m.
From 2020 to 2023, VetPartners achieved strong top-line growth (+28% CAGR) through a buy-and-build strategy and European expansion (Spain, Switzerland). BC Partners explored a sale in 2022 but withdrew due to bids falling short of price expectations. As a leader in the UK veterinary market with growing operations in Europe, VetPartners operates in the resilient and growing animal healthcare industry, positioning it as a strong candidate for a future private equity buyout with significant further growth potential.
VetPartners is a group of veterinary practices. The group’s business model focuses on providing veterinary care for small domestic animals, equine and farm animals. VetPartners’ practices offer services such as surgeries, vaccinations, health checks, emergency treatments, grooming and microchipping. As of June 2023, the group operated approximately 760 sites (+18% vs June 2022) across the UK and Europe.
VetPartners was formed in 2015 through the August Equity-backed merger of three veterinary practices. The group was subsequently acquired by BC Partners in 2018 in a deal valued at around £720m.
From 2020 to 2023, VetPartners achieved strong top-line growth (+28% CAGR) through a buy-and-build strategy and European expansion (Spain, Switzerland). BC Partners explored a sale in 2022 but withdrew due to bids falling short of price expectations. As a leader in the UK veterinary market with growing operations in Europe, VetPartners operates in the resilient and growing animal healthcare industry, positioning it as a strong candidate for a future private equity buyout with significant further growth potential.
Family Legacies
Family-owned assets founded over 100 years ago that are still growing but might be nearing an acquisition. Here are the screening criteria:
Over 100 years of family ownership in Europe
3-year revenue CAGR >10% (last reported)
EBITDA margin higher than subsector median (last reported)
No prior deal history
CEO age >60 years
EBITDA >€10M (last reported)
Company in Spotlight
Location
Germany
Industry
Pharmaceuticals
Owner(s)
Family - Owned
Merz Pharma is a family-owned group focused on medical aesthetics, therapeutic dermatology and neurology. The group’s business model centers on developing, manufacturing and distributing (i) medical devices and injectables for aesthetic dermatology and (ii) prescription pharmaceuticals for therapeutic dermatology and neurology. Merz Aesthetics primarily serves healthcare professionals, while Merz Therapeutics and Merz Consumer Care supply to pharmacies.
Founded in 1908 by Friedrich Merz and still family-owned into its 4th generation, the group operates in 28 countries with 4 manufacturing facilities (2 in Germany, 1 in Switzerland and 1 in the US) and 3 research sites in Germany and the US.
Between 2020 and 2023, the group achieved a topline CAGR of 19% and an EBITDA CAGR of 30%. In 2019, Merz restructured to shift its focus from pharmaceutical development to medical aesthetics, aiming for lower risk and enhanced growth. This strategic move has fueled rapid expansion, with the aesthetics segment now contributing c.68% of revenue and growing c.25% YoY in 2023.
Merz Pharma is a family-owned group focused on medical aesthetics, therapeutic dermatology and neurology. The group’s business model centers on developing, manufacturing and distributing (i) medical devices and injectables for aesthetic dermatology and (ii) prescription pharmaceuticals for therapeutic dermatology and neurology. Merz Aesthetics primarily serves healthcare professionals, while Merz Therapeutics and Merz Consumer Care supply to pharmacies.
Founded in 1908 by Friedrich Merz and still family-owned into its 4th generation, the group operates in 28 countries with 4 manufacturing facilities (2 in Germany, 1 in Switzerland and 1 in the US) and 3 research sites in Germany and the US.
Between 2020 and 2023, the group achieved a topline CAGR of 19% and an EBITDA CAGR of 30%. In 2019, Merz restructured to shift its focus from pharmaceutical development to medical aesthetics, aiming for lower risk and enhanced growth. This strategic move has fueled rapid expansion, with the aesthetics segment now contributing c.68% of revenue and growing c.25% YoY in 2023.
Merz Pharma is a family-owned group focused on medical aesthetics, therapeutic dermatology and neurology. The group’s business model centers on developing, manufacturing and distributing (i) medical devices and injectables for aesthetic dermatology and (ii) prescription pharmaceuticals for therapeutic dermatology and neurology. Merz Aesthetics primarily serves healthcare professionals, while Merz Therapeutics and Merz Consumer Care supply to pharmacies.
Founded in 1908 by Friedrich Merz and still family-owned into its 4th generation, the group operates in 28 countries with 4 manufacturing facilities (2 in Germany, 1 in Switzerland and 1 in the US) and 3 research sites in Germany and the US.
Between 2020 and 2023, the group achieved a topline CAGR of 19% and an EBITDA CAGR of 30%. In 2019, Merz restructured to shift its focus from pharmaceutical development to medical aesthetics, aiming for lower risk and enhanced growth. This strategic move has fueled rapid expansion, with the aesthetics segment now contributing c.68% of revenue and growing c.25% YoY in 2023.
Family Outperformers
Family-owned assets in Europe in the top quartile of growth and margins in their respective subsectors. Here are the screening criteria:
Family-owned assets in Europe
3-year revenue CAGR in the top quartile of their subsector (last reported)
EBITDA margin in the top quartile of their subsector (last reported)
EBITDA >€10m (last reported)
Revenue (last reported) at least 50% higher than in 2019
EBITDA (last reported) at least 50% higher than in 2019
Company in Spotlight
Location
Italy
Industry
Consumer Goods
Owner(s)
Family - Owned
EuroItalia is an Italian manufacturer of fragrances and beauty products. The company's business model revolves around developing, manufacturing and distributing men's and women's fragrances and beauty products through licensed and proprietary brands. As of September 2024, Euroitalia comprised 6 licensed brands (e.g. Brunello Cucinelli, Versace), as well as 4 proprietary brands, namely Atkinsons 1799, I Coloniali, Naj Oleari Beauty and Reporter. The company caters to perfumeries, pharmacies and beauty product retailers.
EuroItalia was founded in 1978 by Giovanni Sgariboldi, who is still managing the company. Since then, EuroItalia became the #66 largest player in the global luxury goods market and the #13 largest in Italy in terms of 2022 revenue according to Deloitte.
In 2019-2023, the company has grown its revenue at a 19% CAGR and increased its EBITDA margins from 16% in 2019 to 24% in 2023. These impressive metrics were enabled by (i) a strong global footprint (95% international sales in 2023) across >140 countries limiting exposure to local economic shocks as well as (ii) 2 acquisitions completed in 2020. Recently, EuroItalia acquired the Moschino luxury fashion brand from Aeffe Group for €98m, indicating further buy-and-build-fuelled growth in coming years.
EuroItalia is an Italian manufacturer of fragrances and beauty products. The company's business model revolves around developing, manufacturing and distributing men's and women's fragrances and beauty products through licensed and proprietary brands. As of September 2024, Euroitalia comprised 6 licensed brands (e.g. Brunello Cucinelli, Versace), as well as 4 proprietary brands, namely Atkinsons 1799, I Coloniali, Naj Oleari Beauty and Reporter. The company caters to perfumeries, pharmacies and beauty product retailers.
EuroItalia was founded in 1978 by Giovanni Sgariboldi, who is still managing the company. Since then, EuroItalia became the #66 largest player in the global luxury goods market and the #13 largest in Italy in terms of 2022 revenue according to Deloitte.
In 2019-2023, the company has grown its revenue at a 19% CAGR and increased its EBITDA margins from 16% in 2019 to 24% in 2023. These impressive metrics were enabled by (i) a strong global footprint (95% international sales in 2023) across >140 countries limiting exposure to local economic shocks as well as (ii) 2 acquisitions completed in 2020. Recently, EuroItalia acquired the Moschino luxury fashion brand from Aeffe Group for €98m, indicating further buy-and-build-fuelled growth in coming years.
EuroItalia is an Italian manufacturer of fragrances and beauty products. The company's business model revolves around developing, manufacturing and distributing men's and women's fragrances and beauty products through licensed and proprietary brands. As of September 2024, Euroitalia comprised 6 licensed brands (e.g. Brunello Cucinelli, Versace), as well as 4 proprietary brands, namely Atkinsons 1799, I Coloniali, Naj Oleari Beauty and Reporter. The company caters to perfumeries, pharmacies and beauty product retailers.
EuroItalia was founded in 1978 by Giovanni Sgariboldi, who is still managing the company. Since then, EuroItalia became the #66 largest player in the global luxury goods market and the #13 largest in Italy in terms of 2022 revenue according to Deloitte.
In 2019-2023, the company has grown its revenue at a 19% CAGR and increased its EBITDA margins from 16% in 2019 to 24% in 2023. These impressive metrics were enabled by (i) a strong global footprint (95% international sales in 2023) across >140 countries limiting exposure to local economic shocks as well as (ii) 2 acquisitions completed in 2020. Recently, EuroItalia acquired the Moschino luxury fashion brand from Aeffe Group for €98m, indicating further buy-and-build-fuelled growth in coming years.
FTE Momentum Leaders
Assets investing in and expanding their FTE base rapidly reflecting past and future growth. Here are the screening criteria:
Family or PE-owned assets in Europe
3-year FTE CAGR >25% (last reported)
FTE count >500 (last reported)
No acquisitions in the last 5 years
EBITDA positive
Company in Spotlight
Location
Sweden
Industry
Energy
Owner(s)
Sesol is a Swedish supplier of solar panels. The company's business model revolves around the sourcing, supply, installation and after-sales services of photovoltaic ("PV") systems and batteries. As of November 2023, Sesol had installed >500k panels since its founding and operated from 14 locations in Sweden.
The company was founded in 2019 and already in May 2022, SEB acquired a minority stake in the business. Not long after, Nordic Capital decided to take over Sesol in December 2023. The company started to grow rapidly after its inception: while it had only 33 FTEs in 2020, c.1,000 workers were employed in the business by the end of 2023 (+215% CAGR). The top line took off and it grew at 211% CAGR in 2020-2023 and had a positive EBITDA throughout these years.
Sesol is a Swedish supplier of solar panels. The company's business model revolves around the sourcing, supply, installation and after-sales services of photovoltaic ("PV") systems and batteries. As of November 2023, Sesol had installed >500k panels since its founding and operated from 14 locations in Sweden.
The company was founded in 2019 and already in May 2022, SEB acquired a minority stake in the business. Not long after, Nordic Capital decided to take over Sesol in December 2023. The company started to grow rapidly after its inception: while it had only 33 FTEs in 2020, c.1,000 workers were employed in the business by the end of 2023 (+215% CAGR). The top line took off and it grew at 211% CAGR in 2020-2023 and had a positive EBITDA throughout these years.
Sesol is a Swedish supplier of solar panels. The company's business model revolves around the sourcing, supply, installation and after-sales services of photovoltaic ("PV") systems and batteries. As of November 2023, Sesol had installed >500k panels since its founding and operated from 14 locations in Sweden.
The company was founded in 2019 and already in May 2022, SEB acquired a minority stake in the business. Not long after, Nordic Capital decided to take over Sesol in December 2023. The company started to grow rapidly after its inception: while it had only 33 FTEs in 2020, c.1,000 workers were employed in the business by the end of 2023 (+215% CAGR). The top line took off and it grew at 211% CAGR in 2020-2023 and had a positive EBITDA throughout these years.
Company in Spotlight
Location
United Kingdom
Industry
Banking
Owner(s)
Founder-Owned
Dojo, founded as PaymentSense in 2008 by George Karibian and Jan Farrarons, is a provider of payment infrastructure and services. The group's business model focuses on subscription-based payment services and card machine sales. In FY24, Dojo served >150k customer locations, primarily SMEs and restaurants, processing >2.2bn transactions worth >£43bn (€51bn) in sales.
Over the past 3 years, Dojo has achieved impressive organic top-line growth (+57% CAGR 2021-2024) with solid EBITDA margins (>20%), driven by increasing digital payment adoption. The group's strong business model facilitates customer acquisition and presents growth opportunities through geographic expansion and new product launches, making it an attractive candidate for private equity investment.
Dojo, founded as PaymentSense in 2008 by George Karibian and Jan Farrarons, is a provider of payment infrastructure and services. The group's business model focuses on subscription-based payment services and card machine sales. In FY24, Dojo served >150k customer locations, primarily SMEs and restaurants, processing >2.2bn transactions worth >£43bn (€51bn) in sales.
Over the past 3 years, Dojo has achieved impressive organic top-line growth (+57% CAGR 2021-2024) with solid EBITDA margins (>20%), driven by increasing digital payment adoption. The group's strong business model facilitates customer acquisition and presents growth opportunities through geographic expansion and new product launches, making it an attractive candidate for private equity investment.
Dojo, founded as PaymentSense in 2008 by George Karibian and Jan Farrarons, is a provider of payment infrastructure and services. The group's business model focuses on subscription-based payment services and card machine sales. In FY24, Dojo served >150k customer locations, primarily SMEs and restaurants, processing >2.2bn transactions worth >£43bn (€51bn) in sales.
Over the past 3 years, Dojo has achieved impressive organic top-line growth (+57% CAGR 2021-2024) with solid EBITDA margins (>20%), driven by increasing digital payment adoption. The group's strong business model facilitates customer acquisition and presents growth opportunities through geographic expansion and new product launches, making it an attractive candidate for private equity investment.
Organic Kings
Assets with best-in-class organic growth in their subsector. Here are the screening criteria:
Family or PE-owned assets in Europe
3-year revenue CAGR in the top decile of its subsector (last reported)
EBITDA >€10m (last reported)
No acquisition history in the last 5 years
Revenue (last reported) at least 50% higher than in 2019
Company in Spotlight
Location
United Kingdom
Industry
Technical Services
Industry
Founder-Owned
Rebound Group is a British private distributor of electrical components. The group procures semiconductor components and devices from >2k suppliers and c.200 direct manufacturers, and subsequently distributes them to its clients globally through its hybrid distribution model. As of November 2023, Rebound operated through 41 offices spread across 27 countries with procurement hubs in Asia, Europe and Middle East and inspection and logistics facilities in Asia, Europe and UK.
Between 2017-2019, Rebound was subject to global trade unrest and fluctuating product pricing, resulting in a volatile top-line. However, from 2020 on, the revenue started to grow rapidly on the back of increased demand for semiconductors: the business expanded from c.€130m in 2020 to c.€875m. Additionally, as the company scaled, EBITDA margins increased dramatically from ~2% to ~12% during this period.
Rebound Group is a British private distributor of electrical components. The group procures semiconductor components and devices from >2k suppliers and c.200 direct manufacturers, and subsequently distributes them to its clients globally through its hybrid distribution model. As of November 2023, Rebound operated through 41 offices spread across 27 countries with procurement hubs in Asia, Europe and Middle East and inspection and logistics facilities in Asia, Europe and UK.
Between 2017-2019, Rebound was subject to global trade unrest and fluctuating product pricing, resulting in a volatile top-line. However, from 2020 on, the revenue started to grow rapidly on the back of increased demand for semiconductors: the business expanded from c.€130m in 2020 to c.€875m. Additionally, as the company scaled, EBITDA margins increased dramatically from ~2% to ~12% during this period.
Rebound Group is a British private distributor of electrical components. The group procures semiconductor components and devices from >2k suppliers and c.200 direct manufacturers, and subsequently distributes them to its clients globally through its hybrid distribution model. As of November 2023, Rebound operated through 41 offices spread across 27 countries with procurement hubs in Asia, Europe and Middle East and inspection and logistics facilities in Asia, Europe and UK.
Between 2017-2019, Rebound was subject to global trade unrest and fluctuating product pricing, resulting in a volatile top-line. However, from 2020 on, the revenue started to grow rapidly on the back of increased demand for semiconductors: the business expanded from c.€130m in 2020 to c.€875m. Additionally, as the company scaled, EBITDA margins increased dramatically from ~2% to ~12% during this period.
PE Outperformers
PE-owned assets with growth and margin in the top quartile of their subsector. Here are the screening criteria:
PE-owned assets in Europe
3-year revenue CAGR in the top quartile of subsector (last reported)
EBITDA margin in the top quartile of the subsector (last reported)
At least 3 years since the last deal
Company in Spotlight
Location
Germany
Industry
Manufacturing
Owner(s)
All4Labels is a German producer of labels and packaging. The company's business model primarily revolves around the design, development and production of a vast range of label types and packaging.
In August 2019, Triton acquired the company from GENUI Partners, which, at the time, generated c.€400m in revenue and employed c.3,000 people at 29 production sites. Since then, All4Labels has more than doubled to an estimated >€1.0bn in revenues on the back of an extensive buy-and-build strategy of >15 add-ons across the world.
As of June 2024, the company serves >13k clients and operates 57 production facilities on 4 continents. Worth mentioning, it was rumored in October 2023 that Triton explored the sale of the business at c.€2bn.
All4Labels is a German producer of labels and packaging. The company's business model primarily revolves around the design, development and production of a vast range of label types and packaging.
In August 2019, Triton acquired the company from GENUI Partners, which, at the time, generated c.€400m in revenue and employed c.3,000 people at 29 production sites. Since then, All4Labels has more than doubled to an estimated >€1.0bn in revenues on the back of an extensive buy-and-build strategy of >15 add-ons across the world.
As of June 2024, the company serves >13k clients and operates 57 production facilities on 4 continents. Worth mentioning, it was rumored in October 2023 that Triton explored the sale of the business at c.€2bn.
All4Labels is a German producer of labels and packaging. The company's business model primarily revolves around the design, development and production of a vast range of label types and packaging.
In August 2019, Triton acquired the company from GENUI Partners, which, at the time, generated c.€400m in revenue and employed c.3,000 people at 29 production sites. Since then, All4Labels has more than doubled to an estimated >€1.0bn in revenues on the back of an extensive buy-and-build strategy of >15 add-ons across the world.
As of June 2024, the company serves >13k clients and operates 57 production facilities on 4 continents. Worth mentioning, it was rumored in October 2023 that Triton explored the sale of the business at c.€2bn.
Company in Spotlight
Location
Italy
Industry
Consumer Goods
Owner(s)
Golden Goose is a luxury sneakers and fashion brand. The company’s business model revolves around designing and manufacturing premium sneakers, along with apparel, bags and accessories for men, women and kids (to a lesser extent). As of June 2024, the company operated a network of >190 mono-brand stores across c.85 countries. In 2021, it ranked #3 in the global luxury sneakers market with a c.7% market share.
Founded in 2000, Golden Goose has grown significantly, supported by PE investments. Its first investment came from Style Capital and Riello in 2013 (valued at €45m, 7x EBITDA multiple), followed by Apheon in 2015 (€130m), Carlyle in 2017 (€400m) and Permira in 2020 (c.€1.3bn, 14.0x).
Since Permira’s acquisition, Golden Goose has shown rapid topline growth (+55% CAGR 2020-2023) driven by omnichannel success and has maintained robust EBITDA margins of c.33%, driven by premium pricing. The company planned to go public in 2024 with a valuation of €1.7-1.9bn (market cap), but it postponed its IPO due to unfavorable market conditions.
Golden Goose is a luxury sneakers and fashion brand. The company’s business model revolves around designing and manufacturing premium sneakers, along with apparel, bags and accessories for men, women and kids (to a lesser extent). As of June 2024, the company operated a network of >190 mono-brand stores across c.85 countries. In 2021, it ranked #3 in the global luxury sneakers market with a c.7% market share.
Founded in 2000, Golden Goose has grown significantly, supported by PE investments. Its first investment came from Style Capital and Riello in 2013 (valued at €45m, 7x EBITDA multiple), followed by Apheon in 2015 (€130m), Carlyle in 2017 (€400m) and Permira in 2020 (c.€1.3bn, 14.0x).
Since Permira’s acquisition, Golden Goose has shown rapid topline growth (+55% CAGR 2020-2023) driven by omnichannel success and has maintained robust EBITDA margins of c.33%, driven by premium pricing. The company planned to go public in 2024 with a valuation of €1.7-1.9bn (market cap), but it postponed its IPO due to unfavorable market conditions.
Golden Goose is a luxury sneakers and fashion brand. The company’s business model revolves around designing and manufacturing premium sneakers, along with apparel, bags and accessories for men, women and kids (to a lesser extent). As of June 2024, the company operated a network of >190 mono-brand stores across c.85 countries. In 2021, it ranked #3 in the global luxury sneakers market with a c.7% market share.
Founded in 2000, Golden Goose has grown significantly, supported by PE investments. Its first investment came from Style Capital and Riello in 2013 (valued at €45m, 7x EBITDA multiple), followed by Apheon in 2015 (€130m), Carlyle in 2017 (€400m) and Permira in 2020 (c.€1.3bn, 14.0x).
Since Permira’s acquisition, Golden Goose has shown rapid topline growth (+55% CAGR 2020-2023) driven by omnichannel success and has maintained robust EBITDA margins of c.33%, driven by premium pricing. The company planned to go public in 2024 with a valuation of €1.7-1.9bn (market cap), but it postponed its IPO due to unfavorable market conditions.
Resilient Growth
Companies with predictable and stable growth rates between 5% and 15% per year. Here are the screening criteria:
Family or PE-owned assets in Europe
Revenue growth between 5% and 15% in each of the last 3 years
3-year revenue CAGR higher than the European median (last reported)
EBITDA >€5m (last reported)
Company in Spotlight
Location
Netherlands
Industry
Professional Services
Owner(s)
TMF Group is a Dutch provider of trust & corporate services. The group's business model mainly revolves around providing compliance and administrative services for fund managers, financial institutions and private clients operating, investing or expanding to multiple jurisdictions. TMF has a global presence, with a network of >125 offices in c.87 countries and works with >60% of the Forbes Global 500 and the FTSE 100 and c.50% of the top 300 private equity firms.
The group was founded in 1988 and since then had 3 different PE majority owners: Silverfleet Capital (invested in 2004), DH Private Equity Partners (2008) and CVC (acquired TMF for c.€2bn in 2017). In 2022, CVC shifted partial ownership of TMF from CVC’s Europe/Americas Fund to its Strategic Opportunities fund. Concurrently, it sold a significant minority stake to the Abu Dhabi Investment Authority in a deal valuing the business at a rumored c.€3bn.
Since CVC’s takeover, the business has consecutively grown its topline with an 8% CAGR in 2018-2023. The momentum has increased with the years as TMF noted lower single-digit YoY numbers in 2018-2020 and switched to c.10% growth figures in 2021-2023. Furthermore, EBITDA margins have also increased by 2pp in 2018-23.
TMF Group is a Dutch provider of trust & corporate services. The group's business model mainly revolves around providing compliance and administrative services for fund managers, financial institutions and private clients operating, investing or expanding to multiple jurisdictions. TMF has a global presence, with a network of >125 offices in c.87 countries and works with >60% of the Forbes Global 500 and the FTSE 100 and c.50% of the top 300 private equity firms.
The group was founded in 1988 and since then had 3 different PE majority owners: Silverfleet Capital (invested in 2004), DH Private Equity Partners (2008) and CVC (acquired TMF for c.€2bn in 2017). In 2022, CVC shifted partial ownership of TMF from CVC’s Europe/Americas Fund to its Strategic Opportunities fund. Concurrently, it sold a significant minority stake to the Abu Dhabi Investment Authority in a deal valuing the business at a rumored c.€3bn.
Since CVC’s takeover, the business has consecutively grown its topline with an 8% CAGR in 2018-2023. The momentum has increased with the years as TMF noted lower single-digit YoY numbers in 2018-2020 and switched to c.10% growth figures in 2021-2023. Furthermore, EBITDA margins have also increased by 2pp in 2018-23.
TMF Group is a Dutch provider of trust & corporate services. The group's business model mainly revolves around providing compliance and administrative services for fund managers, financial institutions and private clients operating, investing or expanding to multiple jurisdictions. TMF has a global presence, with a network of >125 offices in c.87 countries and works with >60% of the Forbes Global 500 and the FTSE 100 and c.50% of the top 300 private equity firms.
The group was founded in 1988 and since then had 3 different PE majority owners: Silverfleet Capital (invested in 2004), DH Private Equity Partners (2008) and CVC (acquired TMF for c.€2bn in 2017). In 2022, CVC shifted partial ownership of TMF from CVC’s Europe/Americas Fund to its Strategic Opportunities fund. Concurrently, it sold a significant minority stake to the Abu Dhabi Investment Authority in a deal valuing the business at a rumored c.€3bn.
Since CVC’s takeover, the business has consecutively grown its topline with an 8% CAGR in 2018-2023. The momentum has increased with the years as TMF noted lower single-digit YoY numbers in 2018-2020 and switched to c.10% growth figures in 2021-2023. Furthermore, EBITDA margins have also increased by 2pp in 2018-23.
Take Private Candidates
Underappreciated publicly listed companies with robust growth and margins. Here are the screening criteria:
Publicly listed assets in Europe
EV/EBITDA ratio lower than the subsector median
3-year revenue CAGR in the top quartile of subsector (last reported)
EBITDA margin higher than the subsector median (last reported)
EBITDA >€20m (last reported)
Revenue <€10bn (last reported)
Net debt/EBITDA ratio between 0-3x
Company in Spotlight
Location
Poland
Industry
Software
Owner(s)
Listed
Grupa Pracuj is a Polish-listed developer of online recruitment platforms. The group's business model revolves around the development of online recruitment platforms as well as HR SaaS systems. Specifically, the group's offering consists of (i) job boards (pracuj.pl, robota.ua, the:protocol) (ii) recruitment management software (eRecruiter) and (iii) software for internal HR management (worksmile, absence.io).
The group was founded in 2000 and in 2017 TCV acquired a minority stake at €350m EV. In December 2021, Pracuj was listed on the Warsaw Stock Exchange at €1.2bn EV. Since then, the group’s shares have fallen more than 25% and now trades at ~€900m EV and 11.7x EV/EBITDA. Despite its falling valuation, we believe it is underappreciated given its strong fundamentals, having achieved a topline CAGR of 34% and EBITDA CAGR of 30% from 2020 to 2023.
Grupa Pracuj is a Polish-listed developer of online recruitment platforms. The group's business model revolves around the development of online recruitment platforms as well as HR SaaS systems. Specifically, the group's offering consists of (i) job boards (pracuj.pl, robota.ua, the:protocol) (ii) recruitment management software (eRecruiter) and (iii) software for internal HR management (worksmile, absence.io).
The group was founded in 2000 and in 2017 TCV acquired a minority stake at €350m EV. In December 2021, Pracuj was listed on the Warsaw Stock Exchange at €1.2bn EV. Since then, the group’s shares have fallen more than 25% and now trades at ~€900m EV and 11.7x EV/EBITDA. Despite its falling valuation, we believe it is underappreciated given its strong fundamentals, having achieved a topline CAGR of 34% and EBITDA CAGR of 30% from 2020 to 2023.
Grupa Pracuj is a Polish-listed developer of online recruitment platforms. The group's business model revolves around the development of online recruitment platforms as well as HR SaaS systems. Specifically, the group's offering consists of (i) job boards (pracuj.pl, robota.ua, the:protocol) (ii) recruitment management software (eRecruiter) and (iii) software for internal HR management (worksmile, absence.io).
The group was founded in 2000 and in 2017 TCV acquired a minority stake at €350m EV. In December 2021, Pracuj was listed on the Warsaw Stock Exchange at €1.2bn EV. Since then, the group’s shares have fallen more than 25% and now trades at ~€900m EV and 11.7x EV/EBITDA. Despite its falling valuation, we believe it is underappreciated given its strong fundamentals, having achieved a topline CAGR of 34% and EBITDA CAGR of 30% from 2020 to 2023.
VC-backed Buyout Opportunities
Growing and profitable VC-backed assets ripe for PE acquisition. Here are the screening criteria:
VC-backed assets in Europe
Founded over 10 years ago
Last 3 years reported revenue CAGR between 10-50%
EBITDA positive
At least 2 VC investors
Company in Spotlight
Location
United Kingdom
Industry
Banking
Owner(s)
VC-Backed
Iwoca is a provider of SME finance with an automated lending process. The company integrates data points from high street banks, online business platforms and other sources to assess potential credit facilities for small and medium-sized enterprises. Iwoca's loan products include Flexi-loans, small business loans, unsecured business loans and short-term business loans. As of September 2024, the company provided >£3bn in credit facilities to >90k SMEs across the UK and Germany.
Iwoca was founded in 2012 and between 2014 and 2020, it has raised c.€200m from multiple investors including Redline Capital Management, Prime Ventures and Commerzbank. The largest funding was received in August 2020 from an undisclosed investor (c.€120m).
The company has been EBITDA-positive since 2017 and it has grown its bottom line at 59% CAGR 2019-2023. During the same period, it has managed to grow its revenue at 20% CAGR, reaching c.€170m in 2023. Worth mentioning, the growth accelerated in that year (+76% YoY) was driven by growing demand and an increase in funding lines with new and existing lenders.
Iwoca is a provider of SME finance with an automated lending process. The company integrates data points from high street banks, online business platforms and other sources to assess potential credit facilities for small and medium-sized enterprises. Iwoca's loan products include Flexi-loans, small business loans, unsecured business loans and short-term business loans. As of September 2024, the company provided >£3bn in credit facilities to >90k SMEs across the UK and Germany.
Iwoca was founded in 2012 and between 2014 and 2020, it has raised c.€200m from multiple investors including Redline Capital Management, Prime Ventures and Commerzbank. The largest funding was received in August 2020 from an undisclosed investor (c.€120m).
The company has been EBITDA-positive since 2017 and it has grown its bottom line at 59% CAGR 2019-2023. During the same period, it has managed to grow its revenue at 20% CAGR, reaching c.€170m in 2023. Worth mentioning, the growth accelerated in that year (+76% YoY) was driven by growing demand and an increase in funding lines with new and existing lenders.
Iwoca is a provider of SME finance with an automated lending process. The company integrates data points from high street banks, online business platforms and other sources to assess potential credit facilities for small and medium-sized enterprises. Iwoca's loan products include Flexi-loans, small business loans, unsecured business loans and short-term business loans. As of September 2024, the company provided >£3bn in credit facilities to >90k SMEs across the UK and Germany.
Iwoca was founded in 2012 and between 2014 and 2020, it has raised c.€200m from multiple investors including Redline Capital Management, Prime Ventures and Commerzbank. The largest funding was received in August 2020 from an undisclosed investor (c.€120m).
The company has been EBITDA-positive since 2017 and it has grown its bottom line at 59% CAGR 2019-2023. During the same period, it has managed to grow its revenue at 20% CAGR, reaching c.€170m in 2023. Worth mentioning, the growth accelerated in that year (+76% YoY) was driven by growing demand and an increase in funding lines with new and existing lenders.
Methodology
All data in the report comes from Gain.pro and was current as of Oct 14th 2024.
Unless stated otherwise, the financial metrics in the report are last reported. Where possible, we have used 2023 metrics. In cases where 2023 numbers are still being reported, we have relied on 2022 metrics.
For the screens, we only included assets that had a hand-curated profile on Gain.pro (12-14+ hours of primary research).
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