What Chapters Group AG paid

What it deploys and what it owes — from filed accounts. No single acquisition price is disclosed.

The register tracks Chapters Group AG as one of 13 European software serial acquirers, with accounts in EUR. Not one of its acquisitions on file states a price against the revenue of a single company, so it appears in the register for what it deploys and owes rather than what it pays. In 2025 it deployed 119.7 EUR m (filed). Net debt stood at 0.91x its revenue at 2025, and interest took 8.0% of revenue.

0acquisitions on file with a disclosed price

119.7EUR m deployed in 2025 (filed)

8.0%of revenue goes out as interest (2025)

No single acquisition price on file. Chapters Group is in the register for capital deployed and debt, but its filings do not state a price against the revenue of an individual acquisition — so the prices table has no row for it.

What it deploys

A price is only half the picture; the other half is how much Chapters Group actually puts to work. In 2025 that was 119.7 EUR m, on a filed basis.

Capital deployed EUR m	as filed		Acquisitions	Average cheque EUR m	Year	Basis
119.7	119.7	EUR	—	—	2025	filed

“Filed” is the number from the buyer’s own cash flow statement. Converted to euro at the ECB annual reference rate for the buyer’s own reporting year; the figure as filed stands beside it. Full table: how much they deploy.

What it owes, and what it costs

Chapters Group carried 165 EUR m of net debt against 181 EUR m of revenue at 2025 — 0.91x its revenue, interest-bearing borrowings less cash. Interest actually paid in 2025 was 14.4 EUR m, 8.0% of revenue; unadjusted EBITDA covered it 1.72x over, and net debt stood at 6.64x EBITDA.

Instrument	Lender or venue	Amount		Rate	Matures
Corporate bond 2025/2030 bond	Freiverkehr Frankfurt	72.0	EUR m	7.00 per cent fixed	8 August 2030

Every instrument on file for Chapters Group, in its own currency, not converted; a facility marked committed is a line that may be drawn, not money owed. Covenant: none stated in the accounts. The comparison across buyers is on the debt page.

What this does not support

No price on file means no price, not a low one. Chapters Group discloses capital deployed and debt without pricing single acquisitions; the gap is the finding.
These are revenue multiples, not earnings multiples. Most acquisition notes give no usable profit figure for the company bought.

Sources

Every figure on this page is read from a filed account or the buyer’s own published report; the register keeps the source, retrieval date and parser version for each one. Method and limits.

Other acquirers

Bending Spoons S.p.A. (deployed 1’733.7 EUR m) · Constellation Software (deployed 1’429.6 EUR m) · Visma (deployed 967.2 EUR m) · all acquirers

The rest of the register

Guess what serial acquirers paid →What European software serial acquirers actually pay, from filed accounts. Guess the price, then see the source.

What was paid, per unit of revenue →Every disclosed acquisition price in the register, one row per observation, coloured by how well it is evidenced.

The acquirers, one by one →Every tracked buyer with its prices, capital deployed, debt and what its capital costs.

Every deal on file →One page per disclosed acquisition, with the filed source and where its price sits in the register.

How much they deploy →How much capital each European software serial acquirer actually puts to work, and across how many acquisitions.

What they owe, and what it costs →Net debt against revenue, the interest each buyer actually pays, and every credit facility on file with its terms.

What their own capital costs →An estimate of what each buyer pays for capital, set against the 20-30% return they demand of the companies they buy.

Method, limits and imprint →How every figure in this register is sourced, what the sample does not support, and the legal notices.

Figures as at 2026-09-08. Every number on this page comes from a filed account or a company’s own published report — how, and what it does not support.