Equinox buys Italian ICT specialist Quid

Unquote understands that the deal values the company at around €70m, which equates to 8x its 2018 EBITDA.

The acquisition was conducted via a newco, Sailing Italia, which is 55% owned by Equinox and 45% by QBS, Quid's holding company.

A debt package to support the deal was provided by Banco BPM, Mediocredito Italiano (part of the Intesa Sanpaolo Group), and Unicredit.

Unquote understands that the debt equates to 2.5x the company's 2018 EBITDA.

This is the second investment made by the GP via its Equinox III fund, which was launched in 2018 with a €300m target, Unquote understands.

Quid CEO Stefano Bertoli will continue to lead the company, while Elio Catania will be appointed president.

The company plans to use the fresh capital to further strengthen its market position and expand its product offering.

Company
Established in 1987, Quid develops software and offers ITC services to support the digital transformation of financial institutions, banks, insurance companies and corporations.

The company is headquartered in Florence with offices in Milan, Padua, Brescia, Undine and Manerbio. It employs 330 staff and generated EBITDA of €9m from revenues of €34m in 2018.

People
Equinox – Andrea Bovone, Alessandro Dinardo (partners).
Quid – Stefano Bertoli (CEO).

Advisers
Equity – Fineurop Soditic (corporate finance); Studio LMS (legal); Studio Ludovici Piccone & Partners (tax).
Company – Studio Paratore Vannini & Partners (legal); Studio Giangeri & Associati (tax); EY (financial due diligence).

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