Carlyle sells P&I to HgCapital in SBO

HgCapital bought 91.85% of P&I from Carlyle via the Kallisto Neunzigste Vermögensverwaltungs-GmbH holding.

In 2009, the GP bought a 29.34% stake in P&I, investing capital via its Carlyle European Technology Partners II vehicle, which held its final close in 2008 on €530m.

Prior to that, Carlyle owned a 66.4% stake in P&I from 2004 to 2007, which it originally acquired from Egbert and Ingeborg Becker. In 2007, the firm sold its stake to 35 institutional investors from Europe and North America in a book-building process managed by Berenberg Bank.

Company
P&I provides human resources software and services to SMEs. The firm's main product is the LOGA payroll accounting software, which is used in 11 countries.

P&I operates six offices across Germany, where it is headquartered in Wiesbaden, and an additional seven offices across Europe. Overall, P&I has a direct client base of around 3,900 customers.

In the last fiscal year, the company, which has been listed on the prime standard segment of the Frankfurt stock exchange since 1999, reported revenues of €82.1m and an EBITDA of €26.6m.

People
Michael Wand is a managing director at Carlyle. Vasilios Triadis is P&I's CEO.

Advisers
Equity – Clifford Chance (Legal).

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• Topics
• DACH
• Exits
• Buyouts
• Support services
• Secondary buyout
• HgCapital
• Carlyle Group