Capital Croissance gears up for Smart AdServer exit

Sale preparations are still at a very early stage, with sellside advisors invited to pitch for a role just last month and appointments yet to be made, the sources said.

Paris-based Smart AdServe generates EBITDA of around 20m, according to both sources and a third source familiar. US sponsors could be among the company's management preferred bidder as this would align with its growth ambitions, the first source said.

Capital Croissance backed the MBO of Smart AdServer in January 2021 in a deal that saw previous majority investor Cathay Capital retain a minority stake in the business. Capital Croissance acquired a majority holding, while management increased its stake to 15% from 8%.

The company reported 2020 revenues of EUR 140m, compared with EUR 14m in 2015, and has 260 employees, according to a press release.

In 2019, it acquired LiquidM, the Bertelsmann-owned global Demand Side Platform (DSP) based in Berlin. Last year, it bolted on DynAdmic, a French integrated video advertising marketplace.

Founded in 2001, Smart AdServer is a digital advertising management platform for publishers and media organisations. It allows organisations to control their advertising channels and formats in order to manage advertising revenues.

Smart AdServer, Capital Croissance and Cathay Capital did not respond to requests for comment.

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