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France Épargne Corporate

Acquisition finance for companies

France Épargne Corporate connects companies seeking to finance €20m or more with the private debt funds whose ticket size, instruments and sectors match their case. Private debt funds financed 70 add-on acquisitions in France in 2025 for a total of €2,658m.

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Acquisition finance in figures

€2.7bn
invested by private debt funds in acquisitions in France in 2025 (70 transactions)
8.8x
median enterprise value to EBITDA multiple of unlisted eurozone SMEs in Q2 2026
69%
of the French SMEs and mid-caps sold by a fund between 2019 and 2024 made at least one acquisition

Transactions

Acquisition transactions

  1. Acquisition of a competitor or a complementary target

    Senior or unitranche acquisition debt sized on the cash flows of the combined group.

  2. Build-up

    Committed acquisition facility for the successive deals of an acquisition programme.

  3. Cross-border acquisition

    Multicurrency financing, with security and documentation across several jurisdictions.

  4. Carve-out

    Financing for the acquisition of a subsidiary or business line sold by a group.

  5. Buyout of minority shareholders

    Holding company debt, mezzanine or PIK to buy back shares.

  6. Acquisition by a company under LBO

    Incremental tranche or refinancing of the existing debt.

    LBO financing

Market

Acquisition prices and private debt

Acquisition multiples of unlisted eurozone SMEs in the second quarter of 2026
AcquirerMedian EV / EBITDA multiple
All acquirers (Argos Index)8.8x
Investment funds10.2x
Strategic acquirers7.9x

Six-month rolling median of majority acquisitions in the mid-market.

Sources of EBITDA growth of the French SMEs and mid-caps sold by a fund between 2019 and 2024
SourceShare of EBITDA growth
Organic revenue growth47%
Acquisitions37%
Margin change16%

Sample: 232 transactions exited between 2019 and 2024.

Private debt fund investments in France by transaction type
Transaction typeTransactions 2025Amounts 2025Share of 2025 amountsAmounts 2024
Refinancing94€6,275m42%€2,641m
Buyouts123€5,138m34%€5,314m
External growth70€2,658m18%€3,131m
Organic growth28€686m5%€500m
Asset finance27€94m1%€42m
Total342€14,849m100%€11,628m

Scope: corporate debt excluding infrastructure, activity in France of French and foreign funds.

Questions

Frequently asked questions

What multiple do buyers pay for an unlisted eurozone SME?
The Argos Index, the median ratio of enterprise value to EBITDA, stands at 8.8 times in the second quarter of 2026. Investment funds paid 10.2 times EBITDA and strategic buyers 7.9 times.
How much did private debt funds commit to acquisitions in France in 2025?
Private debt funds financed 70 add-on acquisitions in France in 2025 for a total of €2,658m. These transactions accounted for 18% of the amounts invested in corporate debt.
What share of fund-backed companies makes acquisitions?
69% of the 232 French SMEs and mid-caps sold by a private equity fund between 2019 and 2024 made at least one acquisition. Acquisitions account for 37% of the growth in their EBITDA.
From what amount can a company request an introduction for acquisition finance?
France Épargne Corporate introduces companies whose financing need reaches €20m or more to private debt funds.

Contact

Request an introduction to lenders

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Sources