Allego Acquisition, Valuation & Financials

Allego was acquired by Meridiam for $1.5B in August 2024, a 8.6x multiple on $170M of revenue.

Allego acquisition price

$1.5B

Acquired by Meridiam · Aug 2024

Allego revenue at acquisition

$170M

Last twelve months · Aug 2024

Allego revenue multiple at acquisition

8.6x

EV/Revenue · Aug 2024

Allego EBITDA multiple before the deal

16.0x

EV/EBITDA · last month listed · Dec 2024

Allego Overview

About Allego

Allego NV is a provider of electric vehicle charging solutions, dedicated to accelerating the transition to electric mobility with renewable energy. It developed a comprehensive portfolio of inventive charging infrastructure and proprietary software, including its Allamo and EV Cloud software platforms. It's a large, vehicle-agnostic European public network that offers easy access for all EV car, truck, and bus drivers.


Founded

2021

HQ

NetherlandsNetherlands

Website

allego.eu

Status

Acquired

Customer focus

B2C & B2B

Revenue model

Usage-based, Services

Revenue

$170M (Aug 2024)

Valuation

$1.5B (acquired Aug 2024)

Allego Acquisition

Allego was acquired by Meridiam for $1.5B on 1 August 2024.

The acquisition price implies a 8.6x revenue multiple on $170M of revenue.

Allego operates one of Europe's largest vehicle-agnostic public electric-vehicle charging networks, serving EV car, truck, and bus drivers with fast and ultra-fast charging across highway, urban, and destination locations in Western Europe. The Netherlands-based company pairs owned-and-operated charging infrastructure with proprietary software, including its Allamo and EV Cloud platforms, and a services business covering the design, installation, operation, and maintenance of charging points for third-party site hosts. Allego listed on the New York Stock Exchange in March 2022 through a merger with Spartan Acquisition Corp. III and generated approximately $170 million of revenue in fiscal 2023, up from $154 million in fiscal 2022. Meridiam, the Paris-headquartered infrastructure investor and asset manager and Allego's long-standing controlling shareholder through its vehicle Madeleine Charging B.V., announced on June 17, 2024 its intention to acquire Allego's remaining free float and take the company private. The all-cash tender offer was priced at $1.70 per share, a 131% premium to Allego's closing price on June 14, 2024, and valued the company at a total enterprise value of approximately $1.46 billion, or roughly 8.6x fiscal 2023 revenue. The offer expired on July 31, 2024 with 38,718,988 shares validly tendered and accepted for purchase, lifting Madeleine Charging B.V.'s holding to approximately 86.6% of Allego's 236,556,055 outstanding shares. Allego and Meridiam jointly announced the final results on August 1, 2024; Meridiam committed to a financing arrangement to support Allego's next phase of growth, and Allego voluntarily delisted from the New York Stock Exchange in August 2024.

Allego acquisition details
AcquirerDateTypePriceEV/Revenue
  • Meridiam
1 Aug 2024PE buyout$1.5B8.6x

Allego as a Public Company

Allego traded as OTCM: ALLGF before it was taken private. Its acquisition was announced in August 2024. December 2024 is its last month on record as a listed company, with a market cap of $137M and an enterprise value of $566M.

Last-twelve-month revenue was $194M, with EBITDA of $35M (18% margin), and the shares traded at 2.9x EV/Revenue and 16.0x EV/EBITDA.

Over the 2 years before that, its market cap fell from $839M in December 2022 to $137M.

Allego market cap while listed

Allego EV/Revenue (LTM) while listed

Allego financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
Dec 2024$137M$194M$35M18%2.9x16.0x
Dec 2023$369M-----
Dec 2022$839M-----

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Allego traded.

Allego Competitors

Allego competitors include listed companies like Fastned, Eos Energy Enterprises, Amprius and T1 Energy, and private ones like StoreDot and Nyobolt.

Public and private companies comparable to Allego
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FastnedNetherlandsNetherlandsPublicly listed$160M$17M$1.9B11.1x
Eos Energy EnterprisesUnited StatesUnited StatesPublicly listed$114M($930M)$1.4B9.9x
StoreDotIsraelHerzliyaPrivate--$1.5B-
AmpriusUnited StatesUnited StatesPublicly listed$72M($41M)$1.4B10.9x
T1 EnergyUnited StatesUnited StatesPublicly listed$755M($210M)$1.3B2.2x
NyoboltUnited KingdomCambridgePrivate$9M-$1B-

Allego Public Comps

Allego is no longer listed, but its public comps include Yinson, Eos Energy Enterprises, Aygaz, Kimbell Royalty Partners, Longshine Technology, Romande Energie, Amprius, Navigator Gas, Friedrich Vorwerk Group and Gas Malaysia.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Yinson$1.3B$692M4.3x4.6x8.2x7.2x
Eos Energy Enterprises$114M($930M)21.8x9.9x(2.7x)(9.5x)
Aygaz$1.8B$120M0.7x0.6x11.4x15.0x
Kimbell Royalty Partners$322M$258M6.7x5.8x8.4x7.0x
Longshine Technology$674M$24M2.0x1.8x55.0x32.5x
Romande Energie$960M$231M1.9x1.9x7.9x9.4x
Amprius$72M($41M)18.4x10.9x(32.1x)854.4x
Navigator Gas$587M$295M3.9x4.2x7.7x7.6x

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Common questions about Allego

When was Allego founded?Allego was founded in 2021.
Where is Allego headquartered?Allego is headquartered in Netherlands.
Is Allego publicly listed?No, Allego was acquired by Meridiam in August 2024.
Who acquired Allego?Allego was acquired by Meridiam in August 2024.
How much was Allego acquired for?Allego was acquired for $1.5B in August 2024, a 8.6x revenue multiple.
Which companies are comparable to Allego?Companies comparable to Allego include Fastned, Eos Energy Enterprises, StoreDot, Amprius, T1 Energy and Nyobolt.
What was Allego's market cap before the acquisition?Allego had a market cap of $137M in December 2024, its last month on record as a listed company, trading at 2.9x EV/Revenue.
What was Allego's revenue as a public company?Allego's last reported twelve-month revenue was $194M (December 2024), with EBITDA of $35M.

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