HgCapital acquires 82% of Mobyt for €26.1m

The transaction values Mobyt shares at 250 cents apiece, giving it a market cap of €31.9m.

The company’s founders Giorgio Nani and Sandro Edelvais, who owned a combined 58.7% stake in Mobyt, will reinvest for a 40% stake in the business.

Following the deal, HgCapital will acquire the remaining shares in Mobyt at the same price of 250 cents apiece.

Co-CEO Nani and CFO Omero Narducci will continue in their current roles, while Edelvais, who is the company’s president and co-CEO, will step down from the board. HgCapital will appoint three new board members, whose identities are yet to be confirmed.

The transaction, carried out via newco Moat Topco, is expected to complete in October 2016.

Company
Headquartered in Ferrara and founded in 2002, Mobyt is a marketing platform that enables companies to send SMS messages to consumers in around 200 countries. The business operates from six offices across Italy, France and the US.

Mobyt generated a turnover of €15m in 2015 with EBITDA of €1.33m, up from €10.5m and €175,000 respectively the year before.

Advisers
Equity – Linklaters (legal); Fineurop Soditic (corporate finance).
Vendors – NCTM (legal).

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