Bregal Milestone prepares Epassi exit via JP Morgan

Discussions with sponsors are ongoing, one of the sources said, and added that the auction has not kicked off yet.

A potential process could start as early as the second half of the year, a third source said. Epassi is expected to release its annual results in June, a fourth added.

EBITDA for the business is expected to be between EUR 30m and EUR 40m for 2023, one of the sources and a fifth source said.

The business has growth potential in the Nordics as well as across Europe, a sector banker said, with a PE executive adding that the platform offers added flexibility for users making the business model attractive to potential buyers.

Epassi acquired UK-based Incopore on 3 April 2023, marking its first European acquisition, with more to come according to local press.

Bregal Milestone acquired the majority of shares in Epassi in September 2019, when it invested EUR 41.5m in the business alongside the founder’s investment company called First Fellow Partners.

French food services and facilities management company Sodexo holds a 15% minority share in Epassi after selling its Nordics-based benefits and rewards arm to the Finnish platform provider in March 2021.

Founded in 2007 in Helsinki, Epassi is one of the largest providers of employee benefits in the Nordics, according to its website. Epassi serves nearly two million users, over 10,000 employers, and partners with more than 50,000 service providers in the Nordics.

Epassi, JP Morgan and Sodexo declined to comment. Bregal Milestone and First Fellow Partners did not respond to requests for comment.

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