Aksìa buys Alpha Test from Alcedo

Amedeo Goria
14 March 2017

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Mid-cap private equity firm Aksìa Group has backed the SBO of Italian publishing company Alpha Test from Alcedo and the business's founders.

Aksìa acquired a 70% stake in the business from Treviso-based fund manager Alcedo alongside the company's founders, Renato and Alberto Sironi and Massimiliano Bianchini, and the management team.

Following the transaction, the latter group will retain the remaining 30% stake and continue to lead the business. The company aims to use the capital injection to extend its product offering across complementary sectors, including digital learning platforms, via strategic acquisitions.

Following the deal, Alcedo has fully divested the portfolio of its 2008-vintage third vehicle, Fondo Alcedo III, which held a final close on its €178m hard-cap in November 2008.

According to a statement, Italian lender Banca Popolare di Sondrio provided an undisclosed credit facility to support the transaction.

The deal marks the third investment for the 2013-vintage vehicle Aksìa Capital IV, which in January 2016 acquired and merged contact centre companies Contacta and Visiant Contact through simultaneous management buyouts (later renamed Covisian Group), and bought pharma packaging producer Lameplast in April 2016. Launched in June 2013 with a €125m target, the fund held a second close on €108m in April 2016.

Previous funding
Alcedo acquired its 45% stake in the business in 2013 via its third vehicle.

Company
Established in 1987 and headquartered in Milan, Alpha Test is a publisher of books and courses for university admission test preparation.

Its products include paper textbooks, e-books, supporting apps and e-learning platforms. The company has 600 titles and 5 million copies sold across the Italian market, according to a statement.

According to press reports, the business posted a turnover of €12m with a 50% EBITDA margin in 2015. The company employs a staff of 50.

People
Aksìa Group – Marco Rayneri (founding partner).
Alcedo – Sonia Lorenzet (partner).
Alpha Test – Renato Sironi, Alberto Sironi, Massimiliano Bianchini (founders).

Advisers
Equity – Fineurop Soditic (corporate finance); Accini Cartolano & Associati (legal); EY (financial due diligence); Studio Tributario Russo De Rosa Associati (tax); Studio De Luca and Partners (other due diligence).
Vendors – GCA Altium (M&A); Tonucci & Partners (legal).