Bending Spoons' Aggressive Buyout Financing and Strategic Value Creation: Aligning with European LBO Trends in Tech

In 2025, Bending Spoons has emerged as a standout player in the European private equity and leveraged buyout (LBO) landscape, leveraging a bold financing strategy to fuel its expansion in the tech sector. With a $2.8 billion debt package secured from a syndicate of global banks-including Goldman Sachs, J.P. Morgan, and BNP Parabas-and a $710 million equity raise led by T. Rowe Price and Baillie Gifford, the company has positioned itself to capitalize on the resurgence of European LBO activity according to the latest report. This analysis explores how Bending Spoons' financing structure and value-creation tactics align with broader trends in European private equity, particularly in the high-growth tech sector.

A Debt-Heavy but Strategic Financing Structure

Bending Spoons' 2025 financing reflects a classic LBO playbook: aggressive debt leverage paired with strong equity backing. The $2.8 billion debt package, combined with $710 million in equity (at a $11 billion pre-money valuation), results in a debt-to-equity ratio of approximately 4:1. This structure is notably conservative compared to the average 10x EBITDA leverage ratios observed in European LBOs in 2025. However, Bending Spoons' adjusted debt-to-EBITDA ratio of 4.3x-projected for 2025-suggests a disciplined approach to risk, given its focus on acquiring and optimizing digital technology companies.

The equity raise itself is equally telling. The inclusion of $270 million in primary capital and $440 million in secondary capital underscores investor confidence in the company's long-term value proposition. This aligns with broader European private equity trends, where secondary buyouts have commanded higher multiples (13x EBITDA) compared to corporate divestitures (7x EBITDA), reflecting a shift toward strategic consolidation. Bending Spoons' ability to secure secondary capital at a premium indicates its perceived potential to deliver outsized returns through operational improvements and AI-driven innovation.

Strategic Value Creation: AI, Acquisitions, and Operational Excellence

Bending Spoons' value-creation strategy mirrors the operational focus of European private equity firms in 2025. CEO Luca Ferrari has emphasized deploying the raised capital to enhance AI capabilities, expand proprietary technologies, and pursue additional acquisitions-such as the pending Vimeo deal. This approach aligns with the sector's emphasis on technological innovation and operational transformation as key drivers of returns.

The company's historical acquisition multiples (3–5x EBITDA) and current valuation of 13x EBITDA highlight a deliberate strategy of acquiring undervalued tech assets and scaling them through synergies. With projected 2025 EBITDA of €755 million, Bending Spoons is leveraging its platform to generate recurring revenue streams, a hallmark of high-growth SaaS and digital media businesses according to market analysis. This mirrors European tech sector trends, where B2B SaaS and semiconductor sub-industries traded at 12.4x–12.8x EBITDA in 2025 according to valuation reports. By maintaining a valuation multiple above the sector average, Bending Spoons is positioning itself as a consolidator in a fragmented market.

Navigating Regulatory and Macroeconomic Headwinds

Despite its aggressive growth strategy, Bending Spoons must contend with Europe's complex regulatory environment. Founders in the region have cited market fragmentation, labor regulations, and capital market barriers as key challenges. However, the company's focus on tech-where recurring revenue models and scalability mitigate some regulatory risks-provides a buffer. Additionally, the EU's proposed harmonized framework under the IFPR and the upcoming AIFMD II (set for April 2026) aim to reduce cross-border barriers, potentially easing future financing and expansion efforts.

Bending Spoons' debt structure also benefits from the broader LBO environment in 2025, where declining institutional loan spreads and anticipated Fed rate cuts have made leverage more accessible. The company's $3 billion debt facility for future acquisitions aligns with the trend of larger LBOs, exemplified by the record $56 billion EA take-private deal in 2025. This suggests that Bending Spoons is capitalizing on a favorable window for high-leverage, high-growth tech plays.

Conclusion: A Model for European Tech LBOs

Bending Spoons' 2025 financing and value-creation strategy exemplify the evolving dynamics of European LBOs in the tech sector. By combining conservative leverage with a focus on AI-driven operational improvements and strategic acquisitions, the company is navigating macroeconomic and regulatory challenges while aligning with sector-specific trends. Its 13x EBITDA valuation, though below the 20x+ multiples seen in some tech LBOs, reflects a pragmatic balance between growth and risk management according to market analysis.

As European private equity firms increasingly prioritize operational excellence and technological innovation, Bending Spoons' model offers a compelling blueprint for scaling tech platforms in a competitive and regulated environment. However, its success will depend on its ability to execute on its acquisition pipeline, integrate new assets efficiently, and adapt to the regulatory shifts on the horizon.