Ardian buys RGI from 21 Investimenti

Paolo Benini, RGI's founder, will retain a 20% stake in the company with the remaining 8% stake retained by the management.

The company expects to expand internationally under Ardian's stewardship, with a predicted revenue increase of 10% in 2014.

Previous funding
In 2009, 21 Investimenti and Sirius Holding, the holding company of Paolo Benini, acquired the firm in a take-private transaction, completed via the joint holding company Afrodite. 21 Investimenti drew capital from its second vehicle, 21 Investimenti II, which closed on €280m in 2008.

The buyers paid 201 euro cents per share, with reports valuing the firm at €46.6m including debt – around 4.2x the firm's EBITDA in 2008. The transaction was managed by Mediobanca. The firm listed on the Italian bourse in 2004.

Company
Founded in 1987 and based in Ivrea, Turin, RGI provides software products and technology services for the insurance industry, from insurance policy management to software and advisory services. In 2013, RGI reported revenues of €50m, 90% of which was generated in Italy. The company has a headcount of 630, which is expected to rise due to international expansion.

People
Dominique Gaillard is managing partner at Ardian. Paolo Benini is founder of RGI, with Vito Rocca as CEO.

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• Topics
• Southern Europe
• Technology
• Exits
• Buyouts
• Italy
• Ardian (formerly Axa PE)
• 21 Investimenti