Mannai takes majority stake in Apax-backed GFI

Mannai acquired the additional shares in the Euronext-listed company from backers Apax, Altamir and Boussard & Gavaudan, increasing its equity stake to around 51%. The buyer offered 850 euro cents per share.

Following the transaction, Mannai will own a 51.24% stake, with Boussard & Gavaudan retaining 25.47% and Apax holding onto 18.52%.

GFI remains listed on the regulated market of Euronext Paris.

Previous funding
In January 2007, Itefin Participations, a company controlled by funds managed by Apax, invested €56m in GFI for a minority stake. Following the transaction, the private equity firm's stake in the company increased from 17% to 27.8%.

In July 2013, Apax along with private investors invested an estimated €204m in a PIPE deal.

Company
GFI is an international IT services group mostly servicing firms in France and southern Europe. It provides customers with consulting, systems integration, outsourcing and software services.

It caters mainly to large corporate, public bodies and local authorities. The group has close to 12,000 employees and generated revenues of €894m in 2015.

People
Apax Partners – Gilles Rigal (partner).

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