Bregal Sagemount invests in Enhesa in third deal from new fund

The transaction sees ICG exit its minority stake in the Brussels-headquartered company, with existing investor CGE Partners retaining its majority ownership, acquired in 2020, according to a press release.

Bregal Sagemount is investing via Bregal Sagemount IV, which closed on USD 2.55bn in October 2022.

David Greenbaum told Unquote this is a proprietary deal for the firm. “I reached out to the CEO in 2021,” he said. “The software market was crowded with lots of private equity players in the space. The data services landscape was nascent and Enhesa was the largest provider which attracted us to the deal”

Bregal Sagemount will seek to grow Enhesa’s presence in North America, potentially with further acquisitions, and expand in verticals such as oil and gas and renewable energy, as well as further refining its ESG strategy and getting into synthetic natural gas, Greenbaum said.

Bregal Sagemount, which is part of Bregal Investments, has been active in deployment, with 6 platform deals in the past 10 months. The firm targets North American companies and also invests opportunistically in Europe. It deploys cheques of USD 75m-250m in companies with recurring revenue streams in areas such as B2B software, data and information services, tech-enabled business services, financial technology/specialty finance, healthcare IT/services, and digital infrastructure.

It can invest across the spectrum from control buyouts through second lien and mezzanine debt.

Fund IV’s LP base comprises family offices, endowments, public plans and insurance companies.

Fund III, which closed on USD 1.5bn in 2020, made first exit with the sale of SurePrep, a California-based operator in 1040 tax automation software and services, to Canada-based Thomson Reuters for USD 500m in cash, in November 2022.

Company
Founded in 2001, Enhesa provides data, AI-enabled analytics, and expertise on products, chemicals management compliance and sustainability, among other issues. The company employs 300 staff with 100 in-house legal experts, with intelligence published in 40 languages across 300 jurisdictions. It has global headquarters in Brussels, Belgium and US headquarters in Arlington, Virginia.

People
Bregal Sagemount – David Greenbaum (vice president), Pavan Tripathi (partner).
Enhesa – Peter Schramme (CEO).

Advisors
Equity (Bregal Sagemount) – Raymond James (corporate finance); Goodwin Procter (legal).
Equity (CGE, Enhesa) – Houlihan Lokey (corporate finance); Travers Smith (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Benelux
• Support services
• Belgium
• Intermediate Capital Group PLC
• CGE Partners
• Bregal Sagemount