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At the beginning of 2023, following an extensive search process, Stefano Demari and Victor Peltier, founders of Cairn Transmission and among the pioneers of the search fund model in France, successfully acquired JD2M, a profitable and fast-growing SaaS platform operating at the intersection of property management, accounting and tax services. The transaction had an enterprise value of more than €50M, making it the largest SF acquisition to date in the French market. More than 30 investors, including friends and family, supported the acquisition, alongside SF investors such as Relay Investments, Vonzeo Capital, Miramar Equity Partners, Alza Capital, TTCER and Ethos Partners, as well as private equity firm Cedre. The former owners also reinvested alongside the new shareholders.
Less than 40 months later, Stefano and Victor have successfully exited the company, which has been acquired by Aareon, one of Europe’s leading SaaS providers of property management software. The transaction generated an attractive return for investors, with a MOIC of approximately 2.7x and an IRR of around 35%.
Founded in 2012 by Fabrice Petit and Cyril Velter, JeDeclareMonMeuble (JD2M) is a French digital platform specializing in accounting and tax services for furnished rental property owners. The company has built a strong position in the growing LMNP/LMP market — covering non-professional and professional furnished rentals — by combining proprietary digital tools with specialized accounting expertise. JD2M helps landlords manage their tax filings, bookkeeping and regulatory obligations, with an offering ranging from software-based solutions for independent landlords to fully outsourced accounting services. This combination of technology and specialized expertise enables JD2M to serve a broad customer base while simplifying a traditionally complex administrative process. With its strong niche positioning, scalable digital model and recurring customer relationships, JD2M has established itself as a leading player in the French furnished rental accounting market.
Under Stefano and Victor’s leadership, JD2M nearly doubled its revenue to reach €20M, significantly expanded its team and completed a strategic acquisition, while maintaining profitability and building on the company’s strong foundations. Its customer base also doubled, reaching nearly 60,000 clients in 2026. The exit multiple was higher than the entry multiple, further contributing to the strong returns generated for investors.
