We buy and build companies in the loyalty and rewards sector
Linex Capital invests globally in the loyalty and rewards sector across the value chain, unlocking synergies, enhancing engagement and positioning the portfolio companies as the clear market leader.
Our Investment Strategy
Linex Capital is a sector-focused private equity firm that acquires majority or controlling interests in companies within the loyalty and rewards sector. Its principal investment objective is to achieve long-term capital appreciation through a consolidated portfolio of direct private investments. The sector focus and shared vision are the foundation for our success.
Our Buy & Build approach focuses on investing in and transforming companies through accelerated organic growth, strategic roll-ups and add-on acquisitions. We back market-leading companies and aim for large multiples on invested capital over our investment period.
Investment Criteria
Investments
- •Equity, preferred equity, debt, mezzanine debt or any advantageous blend
- •Ownership from 51% to 100%
Preferred Sectors
- •Loyalty & rewards providers
- •Rewards marketplace
- •Marketing & AI solutions
- •Perks Programs
- •Rewards & gift cards distributors
- •Card linked offers solution
- •Experiential Rewards
- •Fintech & payment related to Loyalty
- •Consumer analytics
- •Loyalty & rewards technology
Company profile
- •Annual Net Revenue of $5 million minimum
- •EBITDA & cash flow positive
- •Predictable revenue with stable and recurring cash flows
- •Modern technology
- •Vertical focused
Use of Capital
- •Buyout
- •Shareholder liquidity
- •Complementary acquisitions
Our Approach
Our approach is to identify well-managed, founder-led companies in the loyalty and rewards fragmented sector, with products that complete the end-to-end value chain. After partnering with companies through acquisition or recapitalization, Linex Capital will aggressively pursue growth through roll-up, consolidation and synergies as well as new market penetration and additional complementary add-on acquisitions.
Our Buy & Build sector focused approach will enable us to create an end-to-end global solution, professionally managed as a one-stop-shop solution, unlocking synergies, enhancing engagement and positioning as the clear market leader.
Active partner
Active partner committed to working with management to maximize value, unlock synergies and support growth acceleration, cross-sell & up-sell, and strategic partnerships.
Operational expertise
As subject matter experts, we support all aspects of M&A capability building, due diligence, product & features enrichment, technology stack, roadmap, feature federation and integration, and post M&A integrations and best management practices.
Network
As professionals from the industry, we provide access to unmatched industry knowledge and an unparalleled network to facilitate introductions and to provide resources and tools for management in all departments and benchmark against the industry standards.
Board & Representations
Your Strategic Partner in Investment
Our partnership model and capital structures are designed to accelerate companies' growth rather than inhibit them. LINEX Capital aligns with management teams on a truly collaborative approach and deliverables because when it comes to building great companies, alignment is essential.
We believe that alignment leads to effective capitalization of our businesses, rather than the inverse. Our capital structures are set up to support our aligned plan and we demonstrate our commitment by minimizing the use of debt which can inhibit the flexibility needed to succeed.
Consumers Reached
Revenue Growth 2026
Net Client Retention
The Team
Laurent Xatart
Managing Partner
Philippe Stephan
Managing Partner