Main Capital-backed Assessio sale enters second round with strategics among shortlisted bidders

At least two US strategics have advanced to the second round of bidding, one of the sources specified. Final bids were due last week, after indicative bids were collected on 14 June, this source and another added.   

Indicative bids were in the region of SEK 1.2bn-SEK 1.7bn (EUR 104.2m-EUR 147.6m), one of the sources said.

Private equity and strategic bidders were invited to bid, but some have dropped out of the process since June amid concerns about integration of recent acquisitions, and questions around Assessio’s multiplatform capabilities, two of the sources said.  

Main Capital, which acquired an undisclosed majority stake in Assessio in 2019 for EUR 20m, is being advised by William Blair on the process that kicked off in April as reported.  

The company expected to turn over approximately SEK 300m (EUR 26.5m) in FY23, with an EBITDA margin north of 30%, as reported.

Sources at the time also said that Assessio had been successful in changing its monetisation model into a subscription-based service, and that as a result the company was likely to draw interest from both private equity and strategic buyers.

Assessio, established in 1954, has developed a digital platform named Ascend, which offers tests including for personality, screening, aptitude, risk behaviour, values and culture.   

Main Capital, Assessio and William Blair did not respond to requests for comment.

by Gustav Hoejmark-Jensen and Charlie Taylor-Kroll  

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