IAD sale awarded to Insight Partners, with financing to follow

A minority sale of IAD Group has been awarded to American investor Insight Partners, while previous owners IK Investment Partners, FAPI and Naxicap are re-investing in the company, sources said.

The deal is valued at €1.2 billion, sources said. It has become more usual for PE funds to reinvest in favored companies, a source commented. Insight will have the biggest share in the asset, but none will have the majority, sources explained.

The company has been bought in all-equity, and a financing will follow that will go down the unitranche route, sources said, with incumbent lenders such as Capza and Permira Debt Managers in play.

As reported, the company was marketed off EBITDA of approximately €45 million to €50 million.

The company has a business model that is very attractive in the U.S., sources say, and the deal was valued by looking at other companies such as listed digital estate broker eXp World Holdings, which has a big market share in the U.S., one source said.

IAD has more than 250 employees in four European countries and reported turnover of €278 million in 2020. It operates solely online.