Business Name: Sign-in to view listing at https://fih.com/listing/5486012

Business Website: Sign-in to view listing at https://fih.com/listing/5486012

Business Start Date: 2014

Business Location: France

Business Valuation: $20,400,000 USD

Employee Number (Inc. Owners): 50+

Business Model: Business-to-business (B2B)

Industry: Social and Solidarity Economy, Adapted Enterprise

Percentage Being Sold: 100%

Sales (TTM): €14,460,000 ($15,700,000)

Net Profit (TTM SDE): €3,100,000 ($3,340,000)

Business Multiple (TTM EBITDA): 6.1x

Paying Clients (TTM): 2900+

Tag Line: 11 Y/O France Market Leader in Social and Solidarity Economy and Adapted Enterprise, priced at 6.1x profit.

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Executive Summary

These businesses are state-approved Adapted Enterprises (EAs) in France, established in 2014. The companies hold 3 government licenses and operate 7 secondary establishments across Aix-en-Provence, Montrouge, and Rochefort. They specialize in employing workers with disabilities (71% of [REDACTED]’s workforce and 67% at [REDACTED]) while providing tax compliance solutions to corporate clients under France's 1987 disability employment law (Law of July 10, 1987). [REDACTED] (founded in 2014 in Aix-en-Provence) and [REDACTED] (acquired in 2020 for €200,000) operate under:

• Law of July 10, 1987: Requires companies with 20+ employees to hire 6% disabled workers or pay an AGEFIPH tax (400–1,500x the hourly minimum wage per missing worker, capped at €17,800 per employee for chronic non-compliance).

• 3 state approvals:

  • Aix-en-Provence (2014)

  • Montrouge (2015)

  • Rochefort (2017)

  • All licenses include automatic renewals until 2030.

• 7 secondary establishments: FSED, Henergy, CMH, AMSO, Hepic, Arthea, and Humea, each benefiting from the same approvals as their parent companies.

Key Metrics:

Revenue: €14,460,000 ($15,700,000)

EBITDA: €3,100,000 ($3,340,000)

EBITDA Margin: 21.54%

Employees: 34 at [REDACTED] (71% disabled), 15 at [REDACTED] (67% disabled)

Customers: 2,900+ (2023) with €3,645 average revenue/client

Unused client prepayments: €1,934,000 (2023)

Investment Highlights

Protected Market Position:

• Prefectural agreements grant regional monopolies—no new EA approvals issued since 2020 reforms.

• Multi-Year Contracts (CPOM) with the French government ensure stability until 2030.

• Tax advantage for clients: Companies purchasing from EAs save up to 75% on AGEFIPH/URSSAF taxes.

Financial Model:

• 6–8x markup on office supplies and solidarity products.

• 80% prepaid revenue via client accounts (3-year usage window).

• Wage subsidies: €405,000/year (€11,500 per disabled worker), covering 31% of personnel costs.

Acquisition Potential:

[REDACTED] case study:

• Acquired in 2020 for €200,000.

• Grew to €5,000,000 revenue in 4 years (25x ROI).

• EBITDA increased from €118,000 to €820,000.

Business Overview

Core Offerings:

1. Office supplies (primary revenue driver).

2. Disability awareness kits ("solidarity products").

3. Marketing services (9 showcase websites, catalog creation).

4. Workforce placement (temporary staffing of disabled workers).

Customer Account System:

• Clients prepay an average of €3,645 to optimize tax savings.

• Tax Valuation Certificates (Attestation fiscale de Valorisation) issued for compliance.

• 48% of annual revenue occurs in Q4 (year-end tax planning rush).

Market Position

Industry Facts:

• €1.65B market growing at 10% annually

• 800 EAs in France, but 0 new licenses issued post-2020 reforms

• Government subsidies:

  • €421M/year in wage support (€17,677/worker)

  • FATEA fund: €10M/year for EA modernization

Competitive Advantages:

• Exclusive approvals: 3 EAs + 7 secondary establishments.

• Commercial network: 20+ agencies + call centers.

• Protected by law: Non-compliant companies face penalties up to 1,500x minimum wage per missing worker.

Financial Performance

Historical Financials (€):

Year Revenue EBITDA Margin

2021 5,215,000 388,000 7.5%

2022 11,562,000 1,329,000 11.5%

2023 11,788,000 2,204,000 18.7%

2024  13,664,615 3,410,000 24.9%

Key Costs:

• Commissions: 50% of revenue (€6,498,000)

• Purchases: €1,548,000 

• Personnel: €1,293,000 (gross of subsidies)

Growth Strategy

Acquisition Plan:

• Target 1 new EA annually at €200K–€500K

• Historical ROI: 25x in 4 years

• 5-year projection: €49,530,000 revenue potential

Service Expansion:

• Grow consulting (€800K target) and staffing (€1.2M target)

• Increase consulting services (current 20% of revenue)

• Grow workforce placement offerings

• Reduce commissions from 50% → 40% (€420K savings)

• Consolidate logistics (€180K savings)

Operational Improvements:

• Reduce commission costs (currently 50% of revenue)

• Optimize delivery logistics

Assets Included with the Sale

• Licenses: 3 EA approvals, 7 secondary establishment registrations.

• Intellectual Property: 9 trademarks, client database (2,900+ companies), tax certification process.

• Human Resources: 49 employees (71% disabled workers), management team contracts.

Transaction Details

• Asking Price: $20,400,000 (6.5x 2024 EBITDA).

• Includes all business assets and licenses.

• Optional $6,000,000 real estate package:

  • 900 sq ft rented office.

  • Two 950 sq ft offices.

  • 5,000 sq ft office/warehouse.

  • 2,200 sq ft home in Aix-en-Provence (garden, pool, gym).

About the Agent 

FIH.com is a Manhattan-based M&A advisory firm specializing in the sale of remotely-run successful digital companies (around the world) from $1M-100M in revenue, including apps, marketplaces, freemium + enterprise SaaS, ecommerce, affiliate/advertising groups, and more! We are proud to work with the very best entrepreneurs and investors, so if that’s you and you are in the market to acquire or sell a relevant business, then we encourage you to reach out for a complimentary consultation.