French online real estate agency IAD has started a sale process with the first round of bids expected at the end of February, sources told Reorg. A lender education has already been organized with only funds invited and leverage levels are expected in the range of 5x to 6x, sources added.
The company’s LTM EBITDA as of June 2020 is €40 million and EBITDA as of June 2021 is expected to be €50 million, which could give the company a price tag between €600 million and €750 million, based on a multiple of 15x, sources said. JPMorgan and Lazard are running the sale process.
In 2016, IK Investment and Five Arrows acquired a majority stake in the business, according to a release
at the time. The company founders as well as Naxicap reinvested a 37% stake in IAD. Permira, through its direct lending fund Permira Credit Solutions II acted as sole lender in the financing to support the acquisition, according to a release
at the time. Other incumbent lenders include LGT and Capza, sources said.
Founded in 2008, IAD provides real estate agency services and it has over 3,200 local agents based in Lieusaint, France. The company has offices in France, Spain, Portugal and Italy.