Apax buys Bip from Argos Soditic

A small unitranche debt package was provided to support the deal, which values the company at €200m, Unquote understands.

Following the acquisition, Bip's management team, led by president Nino Lo Bianco and co-CEOs Carlo Capè and Fabio Troiani, will retain the remaining 40% stake and continue to lead the business, Unquote understands.

Apax will invest an additional €100m in the next four years, which will be used to support the company's growth organically and through new acquisitions both in Italy and abroad.

The sale ends a four-year holding period for Argos Soditic, which acquired the company in May 2014, deploying capital from its Euroknights VI fund, in an all-equity management buyout. Under Argos, the company has expanded and increased its revenues from €80m to €160m.

With the fresh capital, Bip intends to bolster its growth, double its turnover by 2022, increase the amount of sales coming from outside Italy from the current 25% to 40%, and expand its international presence in Europe, North America and South America.

Apax is deploying capital from its Apax France IX fund, which held a final close in 2016 on its €1bn hard-cap and has now deployed around 50% of its capital. The firm is planning to launch a new small-cap development fund in the coming months, Unquote understands.

Company
Founded in 2003 and based in Milan, Bip specialises in management consulting, business integration and digital transformation, and supports international companies in the research and adoption of disruptive technological innovation. The business operates mainly in the telecoms & media, energy & utilities, pharmaceutical, healthcare and financial services sectors. Bip has a presence in 11 countries worldwide, employs 1,800 staff and in 2017 generated a turnover of €160m.

People
Business Integration Partners – Carlo Capè, Fabio Troiani (co-CEOs, co-founders); Nino Lo Bianco (president, co-founder).
Apax France – Gilles Rigal, Damien de Bettignies (partners).
Argos Soditic – Mirco Dilda (partner).

Advisers
Company – Gatti Pavesi Bianchi (legal); Equita Sim (financial due diligence); Ludovici Piccone & Partners (tax).
Equity – Gianni Origoni Grippo Cappelli & Partners (legal); Fineurop Soditic (financial due diligence).

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• Topics
• Buyouts
• Southern Europe
• Technology
• Italy
• Secondary buyout
• Apax France SA
• Argos Wityu