Bain, NBRP-backed Engineering bolts on FDL Servizi

Alessia Argentieri
27 February 2020

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IT specialist Engineering, a company backed by Bain Capital and NB Renaissance Partners (NBRP), has acquired FDL Servizi.

FDL Servizi founder and CEO Fausto Romelli will continue to lead the company and retain a minority stake in the business.

Bain Capital invested in Engineering earlier in February 2020, alongside NBRP, which already controlled a stake in the business. The deal valued Engineering just north of €1.6bn, which equates to 10x its 2019 EBITDA.

Apax Partners, which owned a 44% stake in the company, exited the investment. Following the transaction, Bain and NBRP held a stake just shy of 50% each.

Engineering provides software and IT services, including business integration, outsourcing and consulting, performance monitoring and predictive analysis to support the digital transformation of public and private companies and organisations.

The company employs 11,000 staff across 65 offices located in Italy, Belgium, Germany, Norway, Serbia, Spain, Sweden, Latin America and the US. It generated EBITDA of €160m from revenues of €1.3bn in 2019.

Company
Established in 2006 and based in Breno, near Brescia, FDL Servizi provides software to energy and utility companies. Its flagship product is called "Sistema Servizio Energia", and is designed to allow energy companies to manage, control, program and monitor their energy systems and ensure they are compliant with regulations and ESG goals.

People
FDL Servizi - Fausto Romelli (founder and CEO).

Advisers

Equity - EY (financial due diligence).

Company - G Corporate Advisory (corporate finance).