LEA Partners sells Bellin to trade

LEA bought a minority stake in Bellin in January 2017, deploying equity via LEA Mittelstandspartner Fund, which held a final close in May 2018 on €200m, exceeding its target of €100m. The fund deploys equity tickets of €10-40m and has made four platform investments including Bellin, according to Unquote Data.

The deal marks the first exit from the fund, LEA said in a statement.

During the investment period, LEA assisted Bellin with the expansion of its management team and the development of its cloud platform, according to a statement. The company also experienced growth in recurring revenues.

Company
Founded in 1998, Bellin provides treasury management software to businesses, featuring cash and liquidity management and forecasting, as well as security, risk management and advanced payments services. According to its website, its client base includes Hubert Burda Media, Deichmann, Knorr Bremse and L'Occitane.

Bellin is based in Ettenheim with a further German office in Karlsruhe, and has a presence in London, Cambridge (Massachusetts), and Vancouver. It employs 200 staff.

People
Bellin – Martin Bellin (CEO).
LEA Partners – Sebastian Müller (founding partner).
Coupa Software – Rob Bernshteyn (chairman, CEO).

Advisers
Vendor – GCA Altium (corporate finance); Milbank (legal).

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