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FINEUROPSODITIC
FSI
AMBIENTA
ARKIOS
EQUITAclairfield
CAPMONT
H.I.G.CAPITAL
KITRAadvisory
FINEUROPSODITIC
FSI
AMBIENTA
ARKIOS
EQUITAclairfield
CAPMONT
H.I.G.CAPITAL
KITRAadvisory
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ScoreCompanyRevenueCAGR 3YEBITDAMargin
Ridgeline HoldingGROUP · €44.7M
72
NORDA FOODS S.R.L.
Madrid (ES)
€17.9M
20%
€1.1M
6.3%
75
RIDGELINE S.P.A.
Madrid (ES)
€26.7M
27%
€238K
0.9%
Arcadia Foods GroupGROUP · €123.2M
68
ARCADIA GRANI S.P.A.
Lyon (FR)
€122.6M
7.5%
€12.9M
10.5%
67
NORTH CEREAL S.R.L.
Lyon (FR)
€84.5M
18%
€13.3M
15.7%
Caelium GroupGROUP · €4.9B
56
CAELIUM HOLDING S.R.L.
Munich (DE)
€4.9B
7.8%
€548.9M
11.1%
72
NORDA FOODS S.R.L.
Madrid (ES)
€17.9M
75
RIDGELINE S.P.A.
Madrid (ES)
€26.7M
68
ARCADIA GRANI S.P.A.
Lyon (FR)
€122.6M
67
NORTH CEREAL S.R.L.
Lyon (FR)
€84.5M
Target Screening
Search the way you think.
|
AI Search
Region: Europe
Ownership: Family-owned
Sector: Electricity network maintenance
Revenue: €2M – €20M
Results
12.4M
matches
|
Europe
Family-owned
Electricity maintenance
€2M – €20M
Results
12.4M
matches
Company Analysis
Company analysis: filed financials, cap table and sector benchmarks in seconds.
A
Altius Grid Services SA
Madrid · Electricity network maintenance · Est. 1997
Score 94
Revenue
€14.2M
EBITDA
€3.1M
Empl.
87
CAGR 3Y
+18%
Revenue
€14.2M
+18%
EBITDA
€3.1M
+22%
NFP
€2.4M
-38%
NWC
€4.8M
+12%
Ownership
Trading comps
0/4
Northpeak Grid AG
€18.4M
9.2x
Arcadia Maintenance Oy
€14.1M
8.7x
Peninsula Redes SL
€11.8M
10.4x
Tirolia Power Services
€ 9.3M
7.9x
A
Altius Grid Services SA
Madrid · Electricity network · Est. 1997
94
Revenue
€14.2M
EBITDA
€3.1M
Empl.
87
CAGR 3Y
+18%
Revenue trend
€14.2M
+18%
Trading comps
Northpeak Grid AG
€18.4M
9.2x
Arcadia Maint. Oy
€14.1M
8.7x
Peninsula Redes SL
€11.8M
10.4x
M&A Deals
M&A deal intelligence: deals, trading multiples and advisor mapping in a single place.
|
Deal Intelligence
Year
Acquirer
Target
Sector
EV/EBITDA
2024
Cavellia Group
Northbridge Wire
Cable Mfg
11.8x
2024
Linxar SA
Amerline
Cable Mfg
9.4x
2023
Kestrel Partners
GlobalGrid Infra
Infrastr.
13.2x
2024
Helion Energy
Carillion Networks
Utilities
10.1x
2023
Magnex Electric
Atlas Software
Software
14.6x
2024
Regent Cable
Cobalt Instalaciones
Cable Mfg
8.9x
2023
Bluefjord Capital
Northline Grid
Utilities
12.3x
2024
Voltair AG
Meridiana Cavi S.p.A.
Cable Mfg
9.1x
2024
Cavellia Group
Northbridge Wire
Cable Mfg
11.8x
2024
Linxar SA
Amerline
Cable Mfg
9.4x
2023
Kestrel Partners
GlobalGrid Infra
Infrastr.
13.2x
2024
Helion Energy
Carillion Networks
Utilities
10.1x
2023
Magnex Electric
Atlas Software
Software
14.6x
2024
Regent Cable
Cobalt Instalaciones
Cable Mfg
8.9x
2023
Bluefjord Capital
Northline Grid
Utilities
12.3x
2024
Voltair AG
Meridiana Cavi S.p.A.
Cable Mfg
9.1x
|
Year
Acquirer
Target
EV/EB
2024
Cavellia Group
Northbridge Wire
11.8x
2024
Linxar SA
Amerline
9.4x
2024
Helion Energy
Carillion Networks
10.1x
2024
Regent Cable
Cobalt Instalaciones
8.9x
C
Cavellia → Northbridge Wire
Q2 2024 · Cable · Cross-border
Closed
EV
€4.2B
Stake
100%
EV/EBITDA
11.8x
Deal Pipeline
Your deal pipeline, integrated.
Pipeline · Private Equity Mid-Cap
218 open·€ 480M agg. EV
Screening
105
Evaluation
50
Approved
45
Contacted
14
DD
4
Avg. cycle
38 days
Win rate
22%
Active deals
218
Docs attached
1,240
Pipeline · PE Mid-Cap
218 · €480M
Screening
105
Evaluation
50
Approved
45
Contacted
14
DD
4
Helios
Win rate
22%
Avg cycle
38d
Agent
Agentic deal-grade analysis, on demand.
Sources
5 docs
PDF
AnnualReport_2024_Audited.pdf
2.4 MB
Queued
PDF
Due_Diligence_Memo.pdf
1.8 MB
Queued
XLSX
Cap_Table_Q4.xlsx
124 KB
Queued
DOCX
Supply_Contract_2024.docx
340 KB
Queued
PDF
Industry_Report_2024.pdf
4.1 MB
Queued
Agent · cross-referencing 1 sources
Reasoning
0/10
Parsing financial statements
Extracting KPIs: revenue, EBITDA, margin
Matching against peer database
Computing YoY variations
Reading DD memo for risk signals
Cross-referencing supplier contracts
Ranking strengths vs. weaknesses
Drafting executive summary
Rendering margin trend chart
Finalizing report · ready to export
Report · Generated
v1 · 2026-05-28
Comparative Analysis — Altius Grid Services vs Peers
Executive summary
—
—
—
Financial comparison
Company
Revenue
EBITDA
Margin
Altius Grid Services· TARGET
€14.2M
€3.1M
21.8%
Northpeak Grid AG
€18.4M
€3.4M
18.5%
Arcadia Maintenance
€14.1M
€2.5M
17.7%
Peninsula Redes SL
€11.8M
€2.0M
16.9%
Key findings
strength
Recurring revenue: 78% of top line tied to 5-year framework contracts (page 14, DD memo).
risk
Supplier concentration: 42% of components from single vendor (contract section §6.2).
Margin trend
Target
Peers avg
Export
PDF
Word
Excel
Share
Sources
3 docs
PDF
AnnualReport_2024.pdf
—
PDF
DD_Memo.pdf
—
XLSX
Cap_Table.xlsx
—
Report · Generated
Altius vs Peers
Summary
—
—
Comparison
Altius Grid Services
€14.2M
21.8%
Northpeak Grid AG
€18.4M
18.5%
Arcadia Maintenance
€14.1M
17.7%
Portfolio
Portfolio monitoring in real time.
Portfolio · Fund II · 12 companies
Live KPIs · synced 2m ago
Invested
€284M
Fair Value
€412M
MOIC
1.45x
IRR
22.4%
DPI
0.6x
N
Northpeak Grid
Utilities · CH · Series C · 2022
EBITDA
€4.2M
+12% YoY
Revenue
€18.4M
+22%
Empl.
87
+8
Exit
24 months
92
A
Arcadia Maintenance
Infrastr. · FI · Buyout · 2021
Revenue
€18.1M
+8% YoY
Revenue
€18.1M
+8%
Empl.
142
+12
Exit
18 months
78
T
Tirolia Power
Renew. · AT · Growth · 2023
EBITDA
€2.8M
+18% YoY
Revenue
€11.2M
+31%
Empl.
54
+14
Exit
36 months
88
P
Peninsula Redes
Utilities · ES · Buyout · 2020
ALERT
Revenue
€11.4M
-3% YoY
Revenue
€11.4M
-3%
Empl.
96
-4
Exit
Review
54
Northpeak Grid Q3 filings uploaded · Tirolia Power +3 new customers · Peninsula Redes covenant check flagged
Just now
Fund II · 12 cos
Live
Invested
€284M
FV
€412M
MOIC
1.45x
IRR
22.4%
N
Northpeak Grid
Utilities · CH
€4.2M
+12%
T
Tirolia Power
Renew. · AT
€2.8M
+18%
P
Peninsula Redes
Utilities · ES
€11.4M
-3%
Find Buyers
Company scanner: find targets, competitors and potential buyers.
Buyer finder
Target: Altius Grid Services
Top Matches
S
Solaria Grid SA
Strat 89 · Fin 87 · Hist 92
89
V
Volturna Energy
Strat 90 · Fin 87 · Hist 70
84
R
Rheinbach Grid Solutions
Strat 92 · Fin 99 · Hist 54
84
A
Axis Transmission
Strat 97 · Fin 86 · Hist 45
81
N
Nordveld Utilities AB
Strat 81 · Fin 74 · Hist 83
79
Buyer finder
Altius Grid
Top matches
S
Solaria Grid SA
Strat 89 · Fin 87
89
V
Volturna Energy
Strat 90 · Fin 87
84
R
Rheinbach Grid
Strat 97 · Fin 86
81
A
Axis Transmission
Strat 81 · Fin 74
79
Slide Generator
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Generate deck
Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Executive Summary
Altius Lift Services SAS · as of FY 2024A
Exhibit 1Company Overview
• Altius Lift Services SAS ("ALS" or the "Company") is a leading regional player in elevator services across Southern Europe.
• Founded in 1998, headquartered in Lyon, wholly-owned subsidiary of Altius Holdings SA.
• Core activities: installation, scheduled maintenance, emergency repair and modernization of electric, hydraulic and panoramic elevators.
• Proprietary Altiushome™ brand for residential accessibility (stair lifts, home elevators, vertical platforms).
• Diversified customer base: ~65% B2B (enterprises, public sector) and ~35% B2C (residential).
• ISO 9001:2015 certified; 19 FTEs across Lyon, Grenoble, Marseille and Nice regions.
• FY 2024A revenue of €4.3M (+19% YoY), EBITDA of €0.94M at 23.5% margin.
Exhibit 2Summary Financial Performance
(€ in thousands)€/k2022A2023A2024A'22–'24 CAGR
Revenue3,3483,6024,29113.2%
% growth(1.5%)7.6%19.1%
Gross Profit2,6292,8433,21010.5%
% margin75.2%77.4%80.1%
EBITDA62379194022.8%
% margin17.8%21.6%23.5%
Net Income43858469425.8%
% margin12.5%15.9%17.3%
Net Debt / (Cash)44200147n.m.
Exhibit 3Revenue Mix by Activity
FY 2024A€4.3M
FY 2024A
Maintenance€2,060k48%
Installation€1,287k30%
Modernization€644k15%
Altiushome™€300k7%
Recurring revenue~48%
Exhibit 4Ownership Structure
ALTIUS GROUP SA
Listed parent · Europe · €25B+ mkt cap
100.0%
ALTIUS HOLDINGS SA
European holding · Paris
100.0%
ALTIUS LIFT SERVICES SAS
"ALS" · Lyon · €4.3M rev · 19 FTEs
Source: Company filings, public databases, DeepTree analysisStrictly Private & Confidential|DeepTree|2 / 12
Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Historical Financial Performance
FY 2019A – 2024A · € in thousands, unless otherwise noted
Exhibit 1Revenue, EBITDA & Net Financial Position
€ in millions, margin %Revenue CAGR '19–'24A: +8.2%
€/m
2.9
0.55
(0.05)
2019A
19.0%
3.2
0.66
(0.08)
2020A
20.9%
3.4
0.62
0.02
2021A
17.4%
3.4
0.62
(0.04)
2022A
17.8%
3.6
0.79
(0.20)
2023A
21.6%
4.3
0.94
(0.15)
2024A
23.5%
Key Observations
• Revenue accelerated from €3.4M in 2021A to €4.3M in 2024A, +19% YoY in FY 2024A driven by modernization mandates and accessibility demand.
• EBITDA margin expanded 610 bps from 17.4% (FY21A) to 23.5% (FY24A) on operating leverage and mix shift toward higher-margin maintenance contracts.
• Gross margin stable at ~80%, reflecting asset-light cost structure and limited exposure to raw-material volatility.
• Net cash position maintained throughout the period (only FY21A in slight net debt), reaching €(147)k in FY24A — 0.16x EBITDA of dry powder.
• Revenue dip in FY22A (-1.5%) driven by one-off post-Covid installation backlog normalization.
Revenue EBITDA NFP (net cash) EBITDA margin
Exhibit 2Summary Income Statement & Balance Sheet
€ in thousandsIncome Statement
€/k2020A2021A2022A2023A2024A
Revenue3,1613,4003,3483,6024,291
% growth—7.6%(1.5%)7.6%19.1%
Gross Profit2,4832,6102,6292,8433,210
% margin78.5%76.8%78.5%78.9%80.1%
EBITDA661615623791940
% margin20.9%18.1%18.6%22.0%23.5%
Net Income473436438584694
Balance Sheet
€/k2020A2021A2022A2023A2024A
Working Capital628649578367259
Fixed Assets1413111514
Uses625682623612775
Equity701665667813923
Net Debt(76)16(44)(200)(147)
ND / EBITDA(0.11x)0.03x(0.07x)(0.25x)(0.16x)
ROE67.5%65.6%65.7%71.9%75.2%
Source: Company filings, management accounts, DeepTree analysisStrictly Private & Confidential|DeepTree|3 / 12
Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Valuation Summary
Football Field Analysis · Enterprise Value in € millions
Exhibit 1Implied Enterprise Value Range by Methodology
€ in millions€4.0
€5.0
€6.0
€7.0
€8.0
€9.0
€10.0
Implied multiple
Central €6.8M
Trading Comps — EV / LTM EBITDA
€6.1
€7.5
6.5x – 8.0x LTM EBITDA
Trading Comps — EV / LTM Sales
€5.9
€7.3
1.4x – 1.7x LTM Revenue
Precedent M&A — EV / EBITDA
€6.5
€8.4
6.9x – 8.9x EBITDA
Precedent M&A — EV / Sales
€6.2
€7.9
1.4x – 1.8x Revenue
DCF — WACC 9.5% / g 1.5%
€5.8
€7.6
Explicit 5y + terminal
LBO — 20% IRR, 4.5x entry
€5.2
€6.4
5-year hold, 4.0x exit
52-week implied (listed peers)
€5.5
€7.0
Peer avg multiple range
Exhibit 2Valuation Summary
€ in millionsMethodologyLowMidHighImplied EV/EBITDA
Trading Comps (EV/EBITDA)€6.1€6.8€7.56.5x – 8.0x
Trading Comps (EV/Sales)€5.9€6.6€7.36.3x – 7.8x
Precedent M&A (EV/EBITDA)€6.5€7.4€8.46.9x – 8.9x
Precedent M&A (EV/Sales)€6.2€7.0€7.96.6x – 8.4x
DCF (WACC 9.5%, g 1.5%)€5.8€6.7€7.66.2x – 8.1x
LBO (20% IRR)€5.2€5.8€6.45.5x – 6.8x
Selected range (ex-LBO)€5.9€6.8€7.96.3x – 8.4x
Exhibit 3Key Assumptions
• LTM EBITDA of €0.94M as of FY 2024A closing (unaudited management accounts).
• Net Debt of €(147)k (cash net of financial debt); pension/lease adjustments immaterial.
• Trading comps: 7 listed peers including global lift manufacturers and regional European players (mean EV/EBITDA 7.2x FY24A).
• Precedent M&A: 6 EU transactions 2020-2024 in lift services & facility management (mean 7.4x).
• DCF: 5-year explicit forecast, WACC 9.5%–11.0%, perpetuity growth 1.5%.
• LBO: 4.5x EV/EBITDA entry, 5-year hold, 4.0x exit, 60% leverage.
• Values exclude control premium (typically +15–25%).
Source: Public databases, company filings, DeepTree analysisStrictly Private & Confidential|DeepTree|5 / 12
Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Benchmark Analysis
Selected Trading Comparables & Precedent M&A Transactions
Exhibit 1Selected Listed Trading Comparables
€ in millions, CY 2024A multiplesCompanyCountryMkt CapEVEV/SalesEV/EBITDA 24AEV/EBITDA 25EEBITDA mgn
Northline Lift OyjFIN25,14024,8502.1x13.4x12.1x17.4%
Helios Lift AGCHE22,18021,7201.9x12.8x11.6x14.9%
Meridian Lift Corp.USA34,62038,9102.7x15.2x13.8x17.8%
Kensai Lift Co.JPN1,2801,0200.6x7.9x7.1x7.2%
Far East ElevatorsCHN9108701.1x6.8x6.1x15.9%
Ridgeline IndustrialITA14,32016,1801.0x9.4x8.5x10.7%
Continental Elevator Gruppe (priv.)DEUn.a.15,0001.8x11.5x10.3x15.6%
Mean1.6x11.0x9.9x14.2%
Median1.8x11.5x10.3x15.6%
High / Low2.7x / 0.6x15.2x / 6.8x13.8x / 6.1x17.8% / 7.2%
Exhibit 2Precedent M&A Transactions — EU Lift Services
€ in millionsDateTargetAcquirerTypeDeal SizeEV/SalesEV/EBITDA
Mar-24Northpeak LiftCobalt SGRSponsor851.7x8.1x
Oct-23Riviera AscensoriFondo NazionaleSponsor421.5x7.2x
Jun-23LiftRotterdamContinental ElevatorStrategic281.3x6.9x
Feb-23Alpine ServiceWestline EquitySponsor181.4x6.5x
Nov-22Savoie AscensoriMeridian PartnersSponsor221.5x7.4x
Jul-22Iberian Lift SrlNorthline IberiaStrategic121.2x6.3x
Apr-22Alsace AscensoriHelion PESponsor651.8x8.4x
Mean (all)391.5x7.3x
Median (all)281.5x7.2x
Source: Public databases, company press releases, DeepTree analysisStrictly Private & Confidential|DeepTree|8 / 12
Exports to
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Project Altius · Strictly Private
Executive Summary
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 2 / 12
Project Altius · Strictly Private
Historical Performance
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 3 / 12
Project Altius · Strictly Private
Valuation Summary
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 4 / 12
Project Altius · Strictly Private
Benchmark Analysis
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 5 / 12
Product preview
Built for Finance Professionals
ScoreCompanyRevenueCAGR 3YEBITDAMargin
Ridgeline HoldingGROUP · €44.7M
72
NORDA FOODS S.R.L.
Madrid (ES)
€17.9M
20%
€1.1M
6.3%
75
RIDGELINE S.P.A.
Madrid (ES)
€26.7M
27%
€238K
0.9%
Arcadia Foods GroupGROUP · €123.2M
68
ARCADIA GRANI S.P.A.
Lyon (FR)
€122.6M
7.5%
€12.9M
10.5%
67
NORTH CEREAL S.R.L.
Lyon (FR)
€84.5M
18%
€13.3M
15.7%
Caelium GroupGROUP · €4.9B
56
CAELIUM HOLDING S.R.L.
Munich (DE)
€4.9B
7.8%
€548.9M
11.1%
72
NORDA FOODS S.R.L.
Madrid (ES)
€17.9M
75
RIDGELINE S.P.A.
Madrid (ES)
€26.7M
68
ARCADIA GRANI S.P.A.
Lyon (FR)
€122.6M
67
NORTH CEREAL S.R.L.
Lyon (FR)
€84.5M
Target Screening
Search the way you think.
|
AI Search
Region: Europe
Ownership: Family-owned
Sector: Electricity network maintenance
Revenue: €2M – €20M
Results
12.4M
matches
|
Europe
Family-owned
Electricity maintenance
€2M – €20M
Results
12.4M
matches
Company Analysis
Company analysis: filed financials, cap table and sector benchmarks in seconds.
A
Altius Grid Services SA
Madrid · Electricity network maintenance · Est. 1997
Score 94
Revenue
€14.2M
EBITDA
€3.1M
Empl.
87
CAGR 3Y
+18%
Revenue
€14.2M
+18%
EBITDA
€3.1M
+22%
NFP
€2.4M
-38%
NWC
€4.8M
+12%
Ownership
Trading comps
0/4
Northpeak Grid AG
€18.4M
9.2x
Arcadia Maintenance Oy
€14.1M
8.7x
Peninsula Redes SL
€11.8M
10.4x
Tirolia Power Services
€ 9.3M
7.9x
A
Altius Grid Services SA
Madrid · Electricity network · Est. 1997
94
Revenue
€14.2M
EBITDA
€3.1M
Empl.
87
CAGR 3Y
+18%
Revenue trend
€14.2M
+18%
Trading comps
Northpeak Grid AG
€18.4M
9.2x
Arcadia Maint. Oy
€14.1M
8.7x
Peninsula Redes SL
€11.8M
10.4x
M&A Deals
M&A deal intelligence: deals, trading multiples and advisor mapping in a single place.
|
Deal Intelligence
Year
Acquirer
Target
Sector
EV/EBITDA
2024
Cavellia Group
Northbridge Wire
Cable Mfg
11.8x
2024
Linxar SA
Amerline
Cable Mfg
9.4x
2023
Kestrel Partners
GlobalGrid Infra
Infrastr.
13.2x
2024
Helion Energy
Carillion Networks
Utilities
10.1x
2023
Magnex Electric
Atlas Software
Software
14.6x
2024
Regent Cable
Cobalt Instalaciones
Cable Mfg
8.9x
2023
Bluefjord Capital
Northline Grid
Utilities
12.3x
2024
Voltair AG
Meridiana Cavi S.p.A.
Cable Mfg
9.1x
2024
Cavellia Group
Northbridge Wire
Cable Mfg
11.8x
2024
Linxar SA
Amerline
Cable Mfg
9.4x
2023
Kestrel Partners
GlobalGrid Infra
Infrastr.
13.2x
2024
Helion Energy
Carillion Networks
Utilities
10.1x
2023
Magnex Electric
Atlas Software
Software
14.6x
2024
Regent Cable
Cobalt Instalaciones
Cable Mfg
8.9x
2023
Bluefjord Capital
Northline Grid
Utilities
12.3x
2024
Voltair AG
Meridiana Cavi S.p.A.
Cable Mfg
9.1x
|
Year
Acquirer
Target
EV/EB
2024
Cavellia Group
Northbridge Wire
11.8x
2024
Linxar SA
Amerline
9.4x
2024
Helion Energy
Carillion Networks
10.1x
2024
Regent Cable
Cobalt Instalaciones
8.9x
C
Cavellia → Northbridge Wire
Q2 2024 · Cable · Cross-border
Closed
EV
€4.2B
Stake
100%
EV/EBITDA
11.8x
Deal Pipeline
Your deal pipeline, integrated.
Pipeline · Private Equity Mid-Cap
218 open·€ 480M agg. EV
Screening
105
Evaluation
50
Approved
45
Contacted
14
DD
4
Avg. cycle
38 days
Win rate
22%
Active deals
218
Docs attached
1,240
Pipeline · PE Mid-Cap
218 · €480M
Screening
105
Evaluation
50
Approved
45
Contacted
14
DD
4
Helios
Win rate
22%
Avg cycle
38d
Agent
Agentic deal-grade analysis, on demand.
Sources
5 docs
PDF
AnnualReport_2024_Audited.pdf
2.4 MB
Queued
PDF
Due_Diligence_Memo.pdf
1.8 MB
Queued
XLSX
Cap_Table_Q4.xlsx
124 KB
Queued
DOCX
Supply_Contract_2024.docx
340 KB
Queued
PDF
Industry_Report_2024.pdf
4.1 MB
Queued
Agent · cross-referencing 1 sources
Reasoning
0/10
Parsing financial statements
Extracting KPIs: revenue, EBITDA, margin
Matching against peer database
Computing YoY variations
Reading DD memo for risk signals
Cross-referencing supplier contracts
Ranking strengths vs. weaknesses
Drafting executive summary
Rendering margin trend chart
Finalizing report · ready to export
Report · Generated
v1 · 2026-05-28
Comparative Analysis — Altius Grid Services vs Peers
Executive summary
—
—
—
Financial comparison
Company
Revenue
EBITDA
Margin
Altius Grid Services· TARGET
€14.2M
€3.1M
21.8%
Northpeak Grid AG
€18.4M
€3.4M
18.5%
Arcadia Maintenance
€14.1M
€2.5M
17.7%
Peninsula Redes SL
€11.8M
€2.0M
16.9%
Key findings
strength
Recurring revenue: 78% of top line tied to 5-year framework contracts (page 14, DD memo).
risk
Supplier concentration: 42% of components from single vendor (contract section §6.2).
Margin trend
Target
Peers avg
Export
PDF
Word
Excel
Share
Sources
3 docs
PDF
AnnualReport_2024.pdf
—
PDF
DD_Memo.pdf
—
XLSX
Cap_Table.xlsx
—
Report · Generated
Altius vs Peers
Summary
—
—
Comparison
Altius Grid Services
€14.2M
21.8%
Northpeak Grid AG
€18.4M
18.5%
Arcadia Maintenance
€14.1M
17.7%
Portfolio
Portfolio monitoring in real time.
Portfolio · Fund II · 12 companies
Live KPIs · synced 2m ago
Invested
€284M
Fair Value
€412M
MOIC
1.45x
IRR
22.4%
DPI
0.6x
N
Northpeak Grid
Utilities · CH · Series C · 2022
EBITDA
€4.2M
+12% YoY
Revenue
€18.4M
+22%
Empl.
87
+8
Exit
24 months
92
A
Arcadia Maintenance
Infrastr. · FI · Buyout · 2021
Revenue
€18.1M
+8% YoY
Revenue
€18.1M
+8%
Empl.
142
+12
Exit
18 months
78
T
Tirolia Power
Renew. · AT · Growth · 2023
EBITDA
€2.8M
+18% YoY
Revenue
€11.2M
+31%
Empl.
54
+14
Exit
36 months
88
P
Peninsula Redes
Utilities · ES · Buyout · 2020
ALERT
Revenue
€11.4M
-3% YoY
Revenue
€11.4M
-3%
Empl.
96
-4
Exit
Review
54
Northpeak Grid Q3 filings uploaded · Tirolia Power +3 new customers · Peninsula Redes covenant check flagged
Just now
Fund II · 12 cos
Live
Invested
€284M
FV
€412M
MOIC
1.45x
IRR
22.4%
N
Northpeak Grid
Utilities · CH
€4.2M
+12%
T
Tirolia Power
Renew. · AT
€2.8M
+18%
P
Peninsula Redes
Utilities · ES
€11.4M
-3%
Find Buyers
Company scanner: find targets, competitors and potential buyers.
Buyer finder
Target: Altius Grid Services
Top Matches
S
Solaria Grid SA
Strat 89 · Fin 87 · Hist 92
89
V
Volturna Energy
Strat 90 · Fin 87 · Hist 70
84
R
Rheinbach Grid Solutions
Strat 92 · Fin 99 · Hist 54
84
A
Axis Transmission
Strat 97 · Fin 86 · Hist 45
81
N
Nordveld Utilities AB
Strat 81 · Fin 74 · Hist 83
79
Buyer finder
Altius Grid
Top matches
S
Solaria Grid SA
Strat 89 · Fin 87
89
V
Volturna Energy
Strat 90 · Fin 87
84
R
Rheinbach Grid
Strat 97 · Fin 86
81
A
Axis Transmission
Strat 81 · Fin 74
79
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Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Executive Summary
Altius Lift Services SAS · as of FY 2024A
Exhibit 1Company Overview
• Altius Lift Services SAS ("ALS" or the "Company") is a leading regional player in elevator services across Southern Europe.
• Founded in 1998, headquartered in Lyon, wholly-owned subsidiary of Altius Holdings SA.
• Core activities: installation, scheduled maintenance, emergency repair and modernization of electric, hydraulic and panoramic elevators.
• Proprietary Altiushome™ brand for residential accessibility (stair lifts, home elevators, vertical platforms).
• Diversified customer base: ~65% B2B (enterprises, public sector) and ~35% B2C (residential).
• ISO 9001:2015 certified; 19 FTEs across Lyon, Grenoble, Marseille and Nice regions.
• FY 2024A revenue of €4.3M (+19% YoY), EBITDA of €0.94M at 23.5% margin.
Exhibit 2Summary Financial Performance
(€ in thousands)€/k2022A2023A2024A'22–'24 CAGR
Revenue3,3483,6024,29113.2%
% growth(1.5%)7.6%19.1%
Gross Profit2,6292,8433,21010.5%
% margin75.2%77.4%80.1%
EBITDA62379194022.8%
% margin17.8%21.6%23.5%
Net Income43858469425.8%
% margin12.5%15.9%17.3%
Net Debt / (Cash)44200147n.m.
Exhibit 3Revenue Mix by Activity
FY 2024A€4.3M
FY 2024A
Maintenance€2,060k48%
Installation€1,287k30%
Modernization€644k15%
Altiushome™€300k7%
Recurring revenue~48%
Exhibit 4Ownership Structure
ALTIUS GROUP SA
Listed parent · Europe · €25B+ mkt cap
100.0%
ALTIUS HOLDINGS SA
European holding · Paris
100.0%
ALTIUS LIFT SERVICES SAS
"ALS" · Lyon · €4.3M rev · 19 FTEs
Source: Company filings, public databases, DeepTree analysisStrictly Private & Confidential|DeepTree|2 / 12
Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Historical Financial Performance
FY 2019A – 2024A · € in thousands, unless otherwise noted
Exhibit 1Revenue, EBITDA & Net Financial Position
€ in millions, margin %Revenue CAGR '19–'24A: +8.2%
€/m
2.9
0.55
(0.05)
2019A
19.0%
3.2
0.66
(0.08)
2020A
20.9%
3.4
0.62
0.02
2021A
17.4%
3.4
0.62
(0.04)
2022A
17.8%
3.6
0.79
(0.20)
2023A
21.6%
4.3
0.94
(0.15)
2024A
23.5%
Key Observations
• Revenue accelerated from €3.4M in 2021A to €4.3M in 2024A, +19% YoY in FY 2024A driven by modernization mandates and accessibility demand.
• EBITDA margin expanded 610 bps from 17.4% (FY21A) to 23.5% (FY24A) on operating leverage and mix shift toward higher-margin maintenance contracts.
• Gross margin stable at ~80%, reflecting asset-light cost structure and limited exposure to raw-material volatility.
• Net cash position maintained throughout the period (only FY21A in slight net debt), reaching €(147)k in FY24A — 0.16x EBITDA of dry powder.
• Revenue dip in FY22A (-1.5%) driven by one-off post-Covid installation backlog normalization.
Revenue EBITDA NFP (net cash) EBITDA margin
Exhibit 2Summary Income Statement & Balance Sheet
€ in thousandsIncome Statement
€/k2020A2021A2022A2023A2024A
Revenue3,1613,4003,3483,6024,291
% growth—7.6%(1.5%)7.6%19.1%
Gross Profit2,4832,6102,6292,8433,210
% margin78.5%76.8%78.5%78.9%80.1%
EBITDA661615623791940
% margin20.9%18.1%18.6%22.0%23.5%
Net Income473436438584694
Balance Sheet
€/k2020A2021A2022A2023A2024A
Working Capital628649578367259
Fixed Assets1413111514
Uses625682623612775
Equity701665667813923
Net Debt(76)16(44)(200)(147)
ND / EBITDA(0.11x)0.03x(0.07x)(0.25x)(0.16x)
ROE67.5%65.6%65.7%71.9%75.2%
Source: Company filings, management accounts, DeepTree analysisStrictly Private & Confidential|DeepTree|3 / 12
Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Valuation Summary
Football Field Analysis · Enterprise Value in € millions
Exhibit 1Implied Enterprise Value Range by Methodology
€ in millions€4.0
€5.0
€6.0
€7.0
€8.0
€9.0
€10.0
Implied multiple
Central €6.8M
Trading Comps — EV / LTM EBITDA
€6.1
€7.5
6.5x – 8.0x LTM EBITDA
Trading Comps — EV / LTM Sales
€5.9
€7.3
1.4x – 1.7x LTM Revenue
Precedent M&A — EV / EBITDA
€6.5
€8.4
6.9x – 8.9x EBITDA
Precedent M&A — EV / Sales
€6.2
€7.9
1.4x – 1.8x Revenue
DCF — WACC 9.5% / g 1.5%
€5.8
€7.6
Explicit 5y + terminal
LBO — 20% IRR, 4.5x entry
€5.2
€6.4
5-year hold, 4.0x exit
52-week implied (listed peers)
€5.5
€7.0
Peer avg multiple range
Exhibit 2Valuation Summary
€ in millionsMethodologyLowMidHighImplied EV/EBITDA
Trading Comps (EV/EBITDA)€6.1€6.8€7.56.5x – 8.0x
Trading Comps (EV/Sales)€5.9€6.6€7.36.3x – 7.8x
Precedent M&A (EV/EBITDA)€6.5€7.4€8.46.9x – 8.9x
Precedent M&A (EV/Sales)€6.2€7.0€7.96.6x – 8.4x
DCF (WACC 9.5%, g 1.5%)€5.8€6.7€7.66.2x – 8.1x
LBO (20% IRR)€5.2€5.8€6.45.5x – 6.8x
Selected range (ex-LBO)€5.9€6.8€7.96.3x – 8.4x
Exhibit 3Key Assumptions
• LTM EBITDA of €0.94M as of FY 2024A closing (unaudited management accounts).
• Net Debt of €(147)k (cash net of financial debt); pension/lease adjustments immaterial.
• Trading comps: 7 listed peers including global lift manufacturers and regional European players (mean EV/EBITDA 7.2x FY24A).
• Precedent M&A: 6 EU transactions 2020-2024 in lift services & facility management (mean 7.4x).
• DCF: 5-year explicit forecast, WACC 9.5%–11.0%, perpetuity growth 1.5%.
• LBO: 4.5x EV/EBITDA entry, 5-year hold, 4.0x exit, 60% leverage.
• Values exclude control premium (typically +15–25%).
Source: Public databases, company filings, DeepTree analysisStrictly Private & Confidential|DeepTree|5 / 12
Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Benchmark Analysis
Selected Trading Comparables & Precedent M&A Transactions
Exhibit 1Selected Listed Trading Comparables
€ in millions, CY 2024A multiplesCompanyCountryMkt CapEVEV/SalesEV/EBITDA 24AEV/EBITDA 25EEBITDA mgn
Northline Lift OyjFIN25,14024,8502.1x13.4x12.1x17.4%
Helios Lift AGCHE22,18021,7201.9x12.8x11.6x14.9%
Meridian Lift Corp.USA34,62038,9102.7x15.2x13.8x17.8%
Kensai Lift Co.JPN1,2801,0200.6x7.9x7.1x7.2%
Far East ElevatorsCHN9108701.1x6.8x6.1x15.9%
Ridgeline IndustrialITA14,32016,1801.0x9.4x8.5x10.7%
Continental Elevator Gruppe (priv.)DEUn.a.15,0001.8x11.5x10.3x15.6%
Mean1.6x11.0x9.9x14.2%
Median1.8x11.5x10.3x15.6%
High / Low2.7x / 0.6x15.2x / 6.8x13.8x / 6.1x17.8% / 7.2%
Exhibit 2Precedent M&A Transactions — EU Lift Services
€ in millionsDateTargetAcquirerTypeDeal SizeEV/SalesEV/EBITDA
Mar-24Northpeak LiftCobalt SGRSponsor851.7x8.1x
Oct-23Riviera AscensoriFondo NazionaleSponsor421.5x7.2x
Jun-23LiftRotterdamContinental ElevatorStrategic281.3x6.9x
Feb-23Alpine ServiceWestline EquitySponsor181.4x6.5x
Nov-22Savoie AscensoriMeridian PartnersSponsor221.5x7.4x
Jul-22Iberian Lift SrlNorthline IberiaStrategic121.2x6.3x
Apr-22Alsace AscensoriHelion PESponsor651.8x8.4x
Mean (all)391.5x7.3x
Median (all)281.5x7.2x
Source: Public databases, company press releases, DeepTree analysisStrictly Private & Confidential|DeepTree|8 / 12
Exports to
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Project Altius · Strictly Private
Executive Summary
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 2 / 12
Project Altius · Strictly Private
Historical Performance
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 3 / 12
Project Altius · Strictly Private
Valuation Summary
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 4 / 12
Project Altius · Strictly Private
Benchmark Analysis
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 5 / 12
Product preview
Built for Finance Professionals
ScoreCompanyRevenueCAGR 3YEBITDAMargin
Ridgeline HoldingGROUP · €44.7M
72
NORDA FOODS S.R.L.
Madrid (ES)
€17.9M
20%
€1.1M
6.3%
75
RIDGELINE S.P.A.
Madrid (ES)
€26.7M
27%
€238K
0.9%
Arcadia Foods GroupGROUP · €123.2M
68
ARCADIA GRANI S.P.A.
Lyon (FR)
€122.6M
7.5%
€12.9M
10.5%
67
NORTH CEREAL S.R.L.
Lyon (FR)
€84.5M
18%
€13.3M
15.7%
Caelium GroupGROUP · €4.9B
56
CAELIUM HOLDING S.R.L.
Munich (DE)
€4.9B
7.8%
€548.9M
11.1%
72
NORDA FOODS S.R.L.
Madrid (ES)
€17.9M
75
RIDGELINE S.P.A.
Madrid (ES)
€26.7M
68
ARCADIA GRANI S.P.A.
Lyon (FR)
€122.6M
67
NORTH CEREAL S.R.L.
Lyon (FR)
€84.5M
Target Screening
Search the way you think.
|
AI Search
Region: Europe
Ownership: Family-owned
Sector: Electricity network maintenance
Revenue: €2M – €20M
Results
12.4M
matches
|
Europe
Family-owned
Electricity maintenance
€2M – €20M
Results
12.4M
matches
Company Analysis
Company analysis: filed financials, cap table and sector benchmarks in seconds.
A
Altius Grid Services SA
Madrid · Electricity network maintenance · Est. 1997
Score 94
Revenue
€14.2M
EBITDA
€3.1M
Empl.
87
CAGR 3Y
+18%
Revenue
€14.2M
+18%
EBITDA
€3.1M
+22%
NFP
€2.4M
-38%
NWC
€4.8M
+12%
Ownership
Trading comps
0/4
Northpeak Grid AG
€18.4M
9.2x
Arcadia Maintenance Oy
€14.1M
8.7x
Peninsula Redes SL
€11.8M
10.4x
Tirolia Power Services
€ 9.3M
7.9x
A
Altius Grid Services SA
Madrid · Electricity network · Est. 1997
94
Revenue
€14.2M
EBITDA
€3.1M
Empl.
87
CAGR 3Y
+18%
Revenue trend
€14.2M
+18%
Trading comps
Northpeak Grid AG
€18.4M
9.2x
Arcadia Maint. Oy
€14.1M
8.7x
Peninsula Redes SL
€11.8M
10.4x
M&A Deals
M&A deal intelligence: deals, trading multiples and advisor mapping in a single place.
|
Deal Intelligence
Year
Acquirer
Target
Sector
EV/EBITDA
2024
Cavellia Group
Northbridge Wire
Cable Mfg
11.8x
2024
Linxar SA
Amerline
Cable Mfg
9.4x
2023
Kestrel Partners
GlobalGrid Infra
Infrastr.
13.2x
2024
Helion Energy
Carillion Networks
Utilities
10.1x
2023
Magnex Electric
Atlas Software
Software
14.6x
2024
Regent Cable
Cobalt Instalaciones
Cable Mfg
8.9x
2023
Bluefjord Capital
Northline Grid
Utilities
12.3x
2024
Voltair AG
Meridiana Cavi S.p.A.
Cable Mfg
9.1x
2024
Cavellia Group
Northbridge Wire
Cable Mfg
11.8x
2024
Linxar SA
Amerline
Cable Mfg
9.4x
2023
Kestrel Partners
GlobalGrid Infra
Infrastr.
13.2x
2024
Helion Energy
Carillion Networks
Utilities
10.1x
2023
Magnex Electric
Atlas Software
Software
14.6x
2024
Regent Cable
Cobalt Instalaciones
Cable Mfg
8.9x
2023
Bluefjord Capital
Northline Grid
Utilities
12.3x
2024
Voltair AG
Meridiana Cavi S.p.A.
Cable Mfg
9.1x
|
Year
Acquirer
Target
EV/EB
2024
Cavellia Group
Northbridge Wire
11.8x
2024
Linxar SA
Amerline
9.4x
2024
Helion Energy
Carillion Networks
10.1x
2024
Regent Cable
Cobalt Instalaciones
8.9x
C
Cavellia → Northbridge Wire
Q2 2024 · Cable · Cross-border
Closed
EV
€4.2B
Stake
100%
EV/EBITDA
11.8x
Deal Pipeline
Your deal pipeline, integrated.
Pipeline · Private Equity Mid-Cap
218 open·€ 480M agg. EV
Screening
105
Evaluation
50
Approved
45
Contacted
14
DD
4
Avg. cycle
38 days
Win rate
22%
Active deals
218
Docs attached
1,240
Pipeline · PE Mid-Cap
218 · €480M
Screening
105
Evaluation
50
Approved
45
Contacted
14
DD
4
Helios
Win rate
22%
Avg cycle
38d
Agent
Agentic deal-grade analysis, on demand.
Sources
5 docs
PDF
AnnualReport_2024_Audited.pdf
2.4 MB
Queued
PDF
Due_Diligence_Memo.pdf
1.8 MB
Queued
XLSX
Cap_Table_Q4.xlsx
124 KB
Queued
DOCX
Supply_Contract_2024.docx
340 KB
Queued
PDF
Industry_Report_2024.pdf
4.1 MB
Queued
Agent · cross-referencing 1 sources
Reasoning
0/10
Parsing financial statements
Extracting KPIs: revenue, EBITDA, margin
Matching against peer database
Computing YoY variations
Reading DD memo for risk signals
Cross-referencing supplier contracts
Ranking strengths vs. weaknesses
Drafting executive summary
Rendering margin trend chart
Finalizing report · ready to export
Report · Generated
v1 · 2026-05-28
Comparative Analysis — Altius Grid Services vs Peers
Executive summary
—
—
—
Financial comparison
Company
Revenue
EBITDA
Margin
Altius Grid Services· TARGET
€14.2M
€3.1M
21.8%
Northpeak Grid AG
€18.4M
€3.4M
18.5%
Arcadia Maintenance
€14.1M
€2.5M
17.7%
Peninsula Redes SL
€11.8M
€2.0M
16.9%
Key findings
strength
Recurring revenue: 78% of top line tied to 5-year framework contracts (page 14, DD memo).
risk
Supplier concentration: 42% of components from single vendor (contract section §6.2).
Margin trend
Target
Peers avg
Export
PDF
Word
Excel
Share
Sources
3 docs
PDF
AnnualReport_2024.pdf
—
PDF
DD_Memo.pdf
—
XLSX
Cap_Table.xlsx
—
Report · Generated
Altius vs Peers
Summary
—
—
Comparison
Altius Grid Services
€14.2M
21.8%
Northpeak Grid AG
€18.4M
18.5%
Arcadia Maintenance
€14.1M
17.7%
Portfolio
Portfolio monitoring in real time.
Portfolio · Fund II · 12 companies
Live KPIs · synced 2m ago
Invested
€284M
Fair Value
€412M
MOIC
1.45x
IRR
22.4%
DPI
0.6x
N
Northpeak Grid
Utilities · CH · Series C · 2022
EBITDA
€4.2M
+12% YoY
Revenue
€18.4M
+22%
Empl.
87
+8
Exit
24 months
92
A
Arcadia Maintenance
Infrastr. · FI · Buyout · 2021
Revenue
€18.1M
+8% YoY
Revenue
€18.1M
+8%
Empl.
142
+12
Exit
18 months
78
T
Tirolia Power
Renew. · AT · Growth · 2023
EBITDA
€2.8M
+18% YoY
Revenue
€11.2M
+31%
Empl.
54
+14
Exit
36 months
88
P
Peninsula Redes
Utilities · ES · Buyout · 2020
ALERT
Revenue
€11.4M
-3% YoY
Revenue
€11.4M
-3%
Empl.
96
-4
Exit
Review
54
Northpeak Grid Q3 filings uploaded · Tirolia Power +3 new customers · Peninsula Redes covenant check flagged
Just now
Fund II · 12 cos
Live
Invested
€284M
FV
€412M
MOIC
1.45x
IRR
22.4%
N
Northpeak Grid
Utilities · CH
€4.2M
+12%
T
Tirolia Power
Renew. · AT
€2.8M
+18%
P
Peninsula Redes
Utilities · ES
€11.4M
-3%
Find Buyers
Company scanner: find targets, competitors and potential buyers.
Buyer finder
Target: Altius Grid Services
Top Matches
S
Solaria Grid SA
Strat 89 · Fin 87 · Hist 92
89
V
Volturna Energy
Strat 90 · Fin 87 · Hist 70
84
R
Rheinbach Grid Solutions
Strat 92 · Fin 99 · Hist 54
84
A
Axis Transmission
Strat 97 · Fin 86 · Hist 45
81
N
Nordveld Utilities AB
Strat 81 · Fin 74 · Hist 83
79
Buyer finder
Altius Grid
Top matches
S
Solaria Grid SA
Strat 89 · Fin 87
89
V
Volturna Energy
Strat 90 · Fin 87
84
R
Rheinbach Grid
Strat 97 · Fin 86
81
A
Axis Transmission
Strat 81 · Fin 74
79
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Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Executive Summary
Altius Lift Services SAS · as of FY 2024A
Exhibit 1Company Overview
• Altius Lift Services SAS ("ALS" or the "Company") is a leading regional player in elevator services across Southern Europe.
• Founded in 1998, headquartered in Lyon, wholly-owned subsidiary of Altius Holdings SA.
• Core activities: installation, scheduled maintenance, emergency repair and modernization of electric, hydraulic and panoramic elevators.
• Proprietary Altiushome™ brand for residential accessibility (stair lifts, home elevators, vertical platforms).
• Diversified customer base: ~65% B2B (enterprises, public sector) and ~35% B2C (residential).
• ISO 9001:2015 certified; 19 FTEs across Lyon, Grenoble, Marseille and Nice regions.
• FY 2024A revenue of €4.3M (+19% YoY), EBITDA of €0.94M at 23.5% margin.
Exhibit 2Summary Financial Performance
(€ in thousands)€/k2022A2023A2024A'22–'24 CAGR
Revenue3,3483,6024,29113.2%
% growth(1.5%)7.6%19.1%
Gross Profit2,6292,8433,21010.5%
% margin75.2%77.4%80.1%
EBITDA62379194022.8%
% margin17.8%21.6%23.5%
Net Income43858469425.8%
% margin12.5%15.9%17.3%
Net Debt / (Cash)44200147n.m.
Exhibit 3Revenue Mix by Activity
FY 2024A€4.3M
FY 2024A
Maintenance€2,060k48%
Installation€1,287k30%
Modernization€644k15%
Altiushome™€300k7%
Recurring revenue~48%
Exhibit 4Ownership Structure
ALTIUS GROUP SA
Listed parent · Europe · €25B+ mkt cap
100.0%
ALTIUS HOLDINGS SA
European holding · Paris
100.0%
ALTIUS LIFT SERVICES SAS
"ALS" · Lyon · €4.3M rev · 19 FTEs
Source: Company filings, public databases, DeepTree analysisStrictly Private & Confidential|DeepTree|2 / 12
Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Historical Financial Performance
FY 2019A – 2024A · € in thousands, unless otherwise noted
Exhibit 1Revenue, EBITDA & Net Financial Position
€ in millions, margin %Revenue CAGR '19–'24A: +8.2%
€/m
2.9
0.55
(0.05)
2019A
19.0%
3.2
0.66
(0.08)
2020A
20.9%
3.4
0.62
0.02
2021A
17.4%
3.4
0.62
(0.04)
2022A
17.8%
3.6
0.79
(0.20)
2023A
21.6%
4.3
0.94
(0.15)
2024A
23.5%
Key Observations
• Revenue accelerated from €3.4M in 2021A to €4.3M in 2024A, +19% YoY in FY 2024A driven by modernization mandates and accessibility demand.
• EBITDA margin expanded 610 bps from 17.4% (FY21A) to 23.5% (FY24A) on operating leverage and mix shift toward higher-margin maintenance contracts.
• Gross margin stable at ~80%, reflecting asset-light cost structure and limited exposure to raw-material volatility.
• Net cash position maintained throughout the period (only FY21A in slight net debt), reaching €(147)k in FY24A — 0.16x EBITDA of dry powder.
• Revenue dip in FY22A (-1.5%) driven by one-off post-Covid installation backlog normalization.
Revenue EBITDA NFP (net cash) EBITDA margin
Exhibit 2Summary Income Statement & Balance Sheet
€ in thousandsIncome Statement
€/k2020A2021A2022A2023A2024A
Revenue3,1613,4003,3483,6024,291
% growth—7.6%(1.5%)7.6%19.1%
Gross Profit2,4832,6102,6292,8433,210
% margin78.5%76.8%78.5%78.9%80.1%
EBITDA661615623791940
% margin20.9%18.1%18.6%22.0%23.5%
Net Income473436438584694
Balance Sheet
€/k2020A2021A2022A2023A2024A
Working Capital628649578367259
Fixed Assets1413111514
Uses625682623612775
Equity701665667813923
Net Debt(76)16(44)(200)(147)
ND / EBITDA(0.11x)0.03x(0.07x)(0.25x)(0.16x)
ROE67.5%65.6%65.7%71.9%75.2%
Source: Company filings, management accounts, DeepTree analysisStrictly Private & Confidential|DeepTree|3 / 12
Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Valuation Summary
Football Field Analysis · Enterprise Value in € millions
Exhibit 1Implied Enterprise Value Range by Methodology
€ in millions€4.0
€5.0
€6.0
€7.0
€8.0
€9.0
€10.0
Implied multiple
Central €6.8M
Trading Comps — EV / LTM EBITDA
€6.1
€7.5
6.5x – 8.0x LTM EBITDA
Trading Comps — EV / LTM Sales
€5.9
€7.3
1.4x – 1.7x LTM Revenue
Precedent M&A — EV / EBITDA
€6.5
€8.4
6.9x – 8.9x EBITDA
Precedent M&A — EV / Sales
€6.2
€7.9
1.4x – 1.8x Revenue
DCF — WACC 9.5% / g 1.5%
€5.8
€7.6
Explicit 5y + terminal
LBO — 20% IRR, 4.5x entry
€5.2
€6.4
5-year hold, 4.0x exit
52-week implied (listed peers)
€5.5
€7.0
Peer avg multiple range
Exhibit 2Valuation Summary
€ in millionsMethodologyLowMidHighImplied EV/EBITDA
Trading Comps (EV/EBITDA)€6.1€6.8€7.56.5x – 8.0x
Trading Comps (EV/Sales)€5.9€6.6€7.36.3x – 7.8x
Precedent M&A (EV/EBITDA)€6.5€7.4€8.46.9x – 8.9x
Precedent M&A (EV/Sales)€6.2€7.0€7.96.6x – 8.4x
DCF (WACC 9.5%, g 1.5%)€5.8€6.7€7.66.2x – 8.1x
LBO (20% IRR)€5.2€5.8€6.45.5x – 6.8x
Selected range (ex-LBO)€5.9€6.8€7.96.3x – 8.4x
Exhibit 3Key Assumptions
• LTM EBITDA of €0.94M as of FY 2024A closing (unaudited management accounts).
• Net Debt of €(147)k (cash net of financial debt); pension/lease adjustments immaterial.
• Trading comps: 7 listed peers including global lift manufacturers and regional European players (mean EV/EBITDA 7.2x FY24A).
• Precedent M&A: 6 EU transactions 2020-2024 in lift services & facility management (mean 7.4x).
• DCF: 5-year explicit forecast, WACC 9.5%–11.0%, perpetuity growth 1.5%.
• LBO: 4.5x EV/EBITDA entry, 5-year hold, 4.0x exit, 60% leverage.
• Values exclude control premium (typically +15–25%).
Source: Public databases, company filings, DeepTree analysisStrictly Private & Confidential|DeepTree|5 / 12
Strictly Private & Confidential — Preliminary / Subject to changeProject Altius
Benchmark Analysis
Selected Trading Comparables & Precedent M&A Transactions
Exhibit 1Selected Listed Trading Comparables
€ in millions, CY 2024A multiplesCompanyCountryMkt CapEVEV/SalesEV/EBITDA 24AEV/EBITDA 25EEBITDA mgn
Northline Lift OyjFIN25,14024,8502.1x13.4x12.1x17.4%
Helios Lift AGCHE22,18021,7201.9x12.8x11.6x14.9%
Meridian Lift Corp.USA34,62038,9102.7x15.2x13.8x17.8%
Kensai Lift Co.JPN1,2801,0200.6x7.9x7.1x7.2%
Far East ElevatorsCHN9108701.1x6.8x6.1x15.9%
Ridgeline IndustrialITA14,32016,1801.0x9.4x8.5x10.7%
Continental Elevator Gruppe (priv.)DEUn.a.15,0001.8x11.5x10.3x15.6%
Mean1.6x11.0x9.9x14.2%
Median1.8x11.5x10.3x15.6%
High / Low2.7x / 0.6x15.2x / 6.8x13.8x / 6.1x17.8% / 7.2%
Exhibit 2Precedent M&A Transactions — EU Lift Services
€ in millionsDateTargetAcquirerTypeDeal SizeEV/SalesEV/EBITDA
Mar-24Northpeak LiftCobalt SGRSponsor851.7x8.1x
Oct-23Riviera AscensoriFondo NazionaleSponsor421.5x7.2x
Jun-23LiftRotterdamContinental ElevatorStrategic281.3x6.9x
Feb-23Alpine ServiceWestline EquitySponsor181.4x6.5x
Nov-22Savoie AscensoriMeridian PartnersSponsor221.5x7.4x
Jul-22Iberian Lift SrlNorthline IberiaStrategic121.2x6.3x
Apr-22Alsace AscensoriHelion PESponsor651.8x8.4x
Mean (all)391.5x7.3x
Median (all)281.5x7.2x
Source: Public databases, company press releases, DeepTree analysisStrictly Private & Confidential|DeepTree|8 / 12
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Project Altius · Strictly Private
Executive Summary
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 2 / 12
Project Altius · Strictly Private
Historical Performance
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 3 / 12
Project Altius · Strictly Private
Valuation Summary
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 4 / 12
Project Altius · Strictly Private
Benchmark Analysis
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Source: Company filings, DeepTreeDeepTree · 5 / 12
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