MACH

Investors

Warburg Pincus has acquired MACH, from Advent International and Providence Equity. The transaction is subject to regulatory conditions and the financial terms have not been disclosed, although press reports suggest a figure in the region of E600m. The management will continues to hold a stake in the company, but a breakdown of the equity balance was not made public. Goldman Sachs ran the auction for the vendors.Advent International funded the BIMBO of Multinational Automated Clearing House SA (MACH) from MIC Systems BV and Kinnevik BV in late 2002 (page 17, December 2002). The E100m purchase price 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.

Debt structure

Mandated lead arrangers of the debt package provided are Goldman Sachs, UBS and Société Générale. The package includes a mezzanine strip, but further details have not been disclosed.

Company

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. Founded over ten years ago, the company is 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. Revenues have been registered at E100m. Warburg Pincus will support the current strategy of MACH and will work closely with management to implement MACH's growth strategy and further develop the company's services offering, in particular in value added services, meeting both the current and future needs of the company's clients. Warburg Pincus have no particular exit strategy in mind, but believe that once the company has grown under its tenure in the long term, it will be of interest to multiple parties, including trade buyers, financial buyers and the public markets.

People

Jeremy Young led the deal for Warburg Pincus. John Bernstein and James Brocklebank worked on the exit for Advent International. Alexander Evans worked on the exit for Providence. Lars Torpe Christoffersen is the CEO of MACH.

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