Argos Wityu buys Sicura from Rekeep for €54.5m

The company was valued at around 9x its 2019 EBITDA of €6m.

The transaction was made via a newco, which will be 89.5% controlled by Argos, while the management and Rekeep will hold minority interests of 4.5% and 6%, respectively, with the aim of ensuring continuity of the business strategy and maintaining the existing business partnership with the company.

Argos is currently investing from Euroknights VII, a €520m fund that held a final close in November 2017 and is now approximately 50% deployed. The fund invests in European mid-market companies with enterprise values in the €25-200m range, deploying tickets of €10-100m.

Argos intends to support Sicura by boosting its growth both organically and via strategic acquisitions.

Company
Sicura specialises in providing integrated services for security management, and health and safety in the workplace.

The company is headquartered in Vicenza with seven offices across Italy and employs 300 staff. It generated EBITDA of €6m from revenues of around €40m in 2019.

People
Argos Wityu – Jean-Pierre Di Benedetto (managing partner).
Rekeep – Giuliano Di Bernardo (CEO).
Sicura – Lamberto Cuppini (CEO).

Advisers
Equity – BCG (corporate finance); Fineurop Soditic (debt advisory); Giovannelli & Associati (tax); Fieldfisher (tax); KPMG (financial due diligence).
Vendor – Vitale & Co (corporate finance); Latham & Watkins (legal); EY (financial due diligence); Fantozzi & Associati (tax).

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• Topics
• Buyouts
• Southern Europe
• Support services
• Argos Wityu
• Italy
• Fineurop Soditic
• EY (Ernst & Young)
• Latham & Watkins
• KPMG