Andera Partners invests alongside the founder and long-standing shareholders of S4BT
Since 2020, S4BT – Solutions for Business Travel, a leading European provider of business travel solutions for corporate clients and travel management companies, has been backed by IDI.
With this new investment, Andera Acto joins the company’s shareholder base alongside the leadership team and IDI, which is reinvesting as part of the transaction.
Founded in 2001, Groupe CDS (now S4BT – Solutions for Business Travel) offers a comprehensive digital platform that helps its clients (corporate clients and Travel Management Companies) manage the entire hotel booking process for business travel while optimizing both direct and indirect costs.
As France’s leading independent player and the second largest in Europe, the Group delivers technology solutions tailored to the complex needs of its clients. By combining cutting-edge tools with essential services—including a booking platform, dedicated support, payment and reporting solutions, and custom developments—the Group offers an all-in-one solution designed to ensure a seamless and reliable customer experience. This integrated approach is reflected in its new name, S4BT – Solutions for Business Travel.
Thanks to its unique positioning, S4BT serves businesses of all sizes and industries, helping them gain greater control over hotel spend.
The Group’s strong growth has been fueled by both organic expansion and successful international acquisitions. Today, it has nearly 450 employees across five major European countries (France, Germany, Italy, Poland, Croatia) and operates four brands (CDS, CRC, Goelett, and SIAP), generating an annual hotel booking volume of €800 million, highlighting its solid market position.
This sponsorless deal restructures the Group’s capital around founder and CEO Ziad Minkara, who aims to leverage the support of Andera Acto and long-standing shareholder IDI—reinvesting in a minority position—to drive the group’s continued expansion. A key focus will be external growth, further strengthening the company’s international reach.
Commenting on the transaction, Ziad Minkara stated:
“From the outset, Arnaud and his team demonstrated a strong commitment to supporting us with a true entrepreneurial spirit. Their expertise played a decisive role in my choice. IDI’s renewed confidence further strengthens our determination. Together with François Machenaud, we are fully committed to elevating S4BT to the rank of global leader in Business Travel Tech solutions. Alongside our teams and financial partners, we are shaping the future of business travel while maintaining our independence.”
Arnaud Faure, Partner at Andera Acto, added:
“Ziad and his team have demonstrated their ability to drive both strong organic and external growth, establishing the group as a major European player with a comprehensive suite of business travel management solutions. We are delighted to support them in this next phase of development, particularly as they expand into English-speaking markets. The Group aims to become Europe’s leading technology integrator for the hotel and business travel sector, serving both corporations and Travel Management Companies.”
Marco de Alfaro and Jonathan Coll of IDI, concluded:
“The group’s journey since we first invested in 2020 has been impressive. Despite a challenging environment, Ziad and his team have successfully expanded their client base while consolidating their market through three strategic acquisitions—transforming CDS into a leading pan-European group. We are pleased to renew our support for Ziad and his team and look forward to contributing to the next phase of this ambitious journey, both in France and internationally.”
Transaction Advisors
Shareholders:
S4BT: Ziad Minkara
IDI: Marco de Alfaro, Jonathan Coll, Inès Lavril
Investors:
Andera Acto: Arnaud Faure, Christine Martinovic, Katia von Borowski, Alban Ravinet
Advisors:
Sellers:
M&A: Amala (Jean-Baptiste Marchand, Jad Hariri, Jad Sader)
Legal counsel: Hogan (Stéphane Huten, Alexandre Jeannerot), XLR (François Le Roquais)
Financial due-diligence: Alvarez & Marsal (Donatien Chenu, Samih Hajar, Guillaume Descamps)
Strategic due-diligence: Roland Berger (Pascal Arnaud, Louis Gendry)
Tax due-diligence: Mazars (Iosif Cozea, Raphaël Marik)
Financial Investors:
M&A: Cambon (Morgann Lesné, Laurent Neubauer, Maxime Wuthrich)
Legal counsel: King & Spalding (Laurent Bensaid, Julien Vicariot)
Financial due-diligence: Eight Advisory (Fabien Thiéblemont, Mehdi Laghmiri)
Strategic due-diligence: Indéfi (David Tolédano)
Legal, tax, and social due-diligence: King & Spalding (Laurent Bensaid, Julien Vicariot, Fernand Arsanios, Guillaume Chaboureau)
Tech & cyber due-diligence: Vaultinum (Philippe Thomas)
About Andera Partners
Founded nearly 25 years ago, Andera Partners is a leading private equity firm in France and internationally. Its teams manage €4.3 billion across investment strategies including life sciences (Andera Life Sciences), growth and buyout capital (Andera MidCap, Andera Expansion/Croissance, Andera Co-Invest), sponsorless transactions (Andera Acto), and ecological transition (Andera Infra).
Andera Partners’ mission is to engage with businesses and their leaders to support them on the path to strong and sustainable growth. The quality of the performance offered to our investors is built on a strong partnership between the entrepreneurs we support and our teams, based on shared values. Collective commitment to performance, The Power of And, is the core of Andera Partners.
Headquartered in Paris, Andera Partners also has offices in Antwerp, Madrid, Milan, and Munich, with a team of 119 professionals, including 72 investment experts.
About IDI
A leading player in private equity in France, IDI is a publicly listed investment firm, controlled and largely owned by its team, with over 50 years of experience supporting SMEs and mid-sized companies.
IDI offers entrepreneurs time, resources, and a stable, experienced investment team to accelerate growth. The commitment and longevity of IDI’s teams, along with the quality of its investments, have enabled its shareholders to achieve an annualized internal rate of return (IRR), including reinvested dividends, of 15.87% since its IPO in 1991.
IDI is listed on Euronext Paris
ISIN: FR0000051393 – Bloomberg: IDIP FP – Reuters: IDVP.PA
Press Contacts
S4BT
Rebecca Xerri, rxerri@sforbt.com, 06 31 87 75 13
Andera
Nicolas Delsert, n.delsert@anderapartners.com, 06 22 67 71 17
Mathilde Boizon, Bien Commun Advisory, m.boizon@bcadvisory.fr, 06 63 79 62 58
IDI
Tatiana Nourissat, t.nourissat@idi.fr, 01 55 27 80 00
Jérôme Goeer, j.goaer@verbatee.com, 06 61 61 79 34