Naxicap-backed BVA bolts on Doxa

Alessia Argentieri
19 February 2019

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Naxicap-backed BVA has wholly acquired Italian market research group Doxa.

The acquisition sees BVA wholly acquire the holding company Alchimia, which is owned by Doxa president Marina Salamon and controls a 90% stake in Doxa. The remaining 10% is owned by Doxa CEO Vilma Scarpino, who will retain her stake in the business.

According to press reports, the transaction has a value of around €10m.

Following the deal, Alchimia will re-invest in BVA and become a minority shareholder. Doxa's management team will stay on with the business, including president Salomon and CEO Scarpino, who will continue to lead the company.

With this acquisition, BVA expects to become one of the main European groups in the market research sector, with several offices located across Europe, Asia and the US and combined revenues of €200m.

Connexia, the data-driven market research agency that was part of the Doxa group, is not included in this transaction. It will continue to be controlled by Alchimia and will work alongside Doxa on several future projects focused on data analysis and market research. Connexia recorded a turnover of €13.5m in 2018.

Naxicap acquired a 51% stake in French market research specialist BVA in June 2017 from Montefiore Investments, while the remaining 49% was retained by four shareholders, including the company's founders Gérard Lopez and Pascal Gaudin.

Company
Founded in 1946 and headquartered in Milan, Doxa specialises in market research, big data, digital transformation and web monitoring. The company's client base includes Italian and international companies and financial institutions, such as Banca d'Italia, ENI, Samsung, Carrefour, Mondadori, Nestlé, Vodafone, Roche, GSK, Volkswagen and Henkel. Doxa employs 140 people and generated turnover of €24m in 2018.

People
Doxa - Marina Salomon (president); Vilma Scarpino (CEO).
BVA Group - Pascal Gaudin (founder, CEO).

Advisers
Acquirer - Portolano Cavallo (legal); New Deal Advisor (financial due diligence); Spada Partners (tax).
Vendor - Linklaters (legal).