RiverRock buys minority stake in Filippetti for €9m

According to a statement, the transaction consists of a capital increase and a senior debt package worth a total of €9m. As part of the deal, RiverRock will nominate a representative for the company's board.

Following the transaction, the company's management will continue to lead the business and its international expansion. More recently, the firm acquires several competitors across Europe, including Evolvea, Giava Servizi, Eximia, Teksind and Novatest.

Historically an alternative debt provider, the deal marks the first transaction in the Italian market for the GP's RiverRock Italian Hybrid Capital Fund (IHCF). Launched in 2016, IHCF provides equity-debt hybrid financing instruments to Italian SMEs. The GP provides investment tickets ranging between €5-15m for Italian companies generating revenues in the €30-250m bracket. With an initial €150m target, the vehicle held a first close on €90m in February 2016.

Company
Founded in 1974, Filippetti operates in the information and communication technology sectors, and the Internet of Things field. The company provides system integration as well as software development services. Headquartered in Ancona, the business also has a presence in Milan, Padua, Palermo, Salerno, Turin, Bologna and Rome, where it employs a staff of 100.

The business posted a €35m turnover in 2016, which marks a 30% increase compared to the previous year, according to a statement.

People
RiverRock European Capital Partners – Ugo Ficcadori, Roberto Ippolito (managing partners).
Filippetti – Micol Filippetti (CEO).

Advisers
Equity – Dentons (legal); KPMG (commercial due diligence); Nolan Norton (financial due diligence).
Company – B2 Advisors (M&A); BDL (legal).

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• Topics
• Expansion
• Technology
• Southern Europe
• Italy