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Rothschild Arranges Meetings Ahead of Sale of SmartSD in September; Company Marketed Off €22M EBITDA

Rothschild has arranged meetings for the sale of Dutch distributor of electronic security products SmartSD ahead of launching a formal sale in September, sources told Reorg. Smile Invest is the owner of the company, which is being marketed at a 2023 EBITDA of about €22 million, sources said. SmartSD’s EBITDA in 2022 was €17 million, the sources added. The company has grown at double-digit rates and the valuation target is about €250 million based on an enterprise valuation multiple of 12x, sources said. The sale is expected to raise interest from private equity firms while debt financiers are monitoring the auction, the sources added. Transactions in the surveillance equipment space in the Netherlands include the sale of BouWatch to Haniel in 2021. The German investor paid a 17x to 19x multiple of the company’s roughly €17 million estimated EBITDA, as reported. Smile Invest acquired SmartSD in 2018, according to a statement. The company’s management reinvested alongside the private equity firm. Since then, SmartSD has expanded in France with the acquisition of France Securite Distribution in 2022. SmartSD was founded in 2008. The company employs more than 50 security experts and represents about 40 brands, according to its website. Rothschild declined[...]