MACH

Exit deal

Advent International and Providence Equity have divested their respective stakes in MACH to Warburg Pincus. The value is reported to be in the region of E600m, meaning a 6x return on Advent's original investment of E100m in 2002. The transaction is subject to regulatory conditions. Goldman Sachs ran an auction process. John Bernstein and James Brocklebank worked on the exit for Advent International. Alexander Evans worked on the exit for Providence. Jeremy Young led the Warburg Pincus buyout team.MACH provides advanced inter-operator solutions within the telecommunications and data industry worldwide, assisting clients to develop and secure existing revenue streams. The company focuses on clearing and billing services within roaming, Interconnect, EDI and WLAN, as well as value added services including business intelligence, revenue assurance, fraud detection, re-pricing and MMS Interworking. Headquartered in Luxembourg and Birkerød, outside Copenhagen, with regional offices in the UK, Germany, Singapore, the United Arab Emirates, India, the US and Brazil, MACH has around 400 employees.

Previous funding

Advent International funded the BIMBO of Multinational Automated Clearing House SA (MACH) from MIC Systems BV and from Kinnevik BV in late 2002 (page 17, December 2002). The E100m purchase prices was split in accordance with the equity holding, approximately 83% going to MIC and 17% to Kinnevik. The deal was supported by a debt package jointly arranged by Société Générale, WestLB and Bank of Ireland. At a later date, Advent sold down a portion of its acquired equity to Providence, but Advent was still the majority shareholder. MACH then bought DanNet from TDC in July 2004. John Bernstein, James Brocklebank, Humphrey Battcock and Ivan Isakov worked on the BIMBO for Advent.

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