GCP sells Chaucer to Apax-backed Bip

Bip acquired a stake of 51% in Chaucer for around €60m and plans to increase its holding up to 100% in the coming years, a source familiar with the situation told Unquote. 

The deal provides a material exit for GCP and a strong return for GCP Fund III, according to the firm. As part of the deal, GCP will reinvest for a minority shareholding and continue to support Chaucer's growth strategy with the Bip group.

Following this add-on, Bip expects to create a global advisory company with a staff of 3,300 people and revenues of €350m in 2020. More than a third of the revenues are projected to come from international markets, with the UK becoming Bip's second most valuable geography after Italy.

Bip also expects to strengthen its presence in the pharmaceuticals, energy and public sectors, and further expand in numerous geographies, including Spain, Brazil, Turkey, the United Arab Emirates, and other countries across North and South America and Europe.

Bip co-CEOs Carlo Capè and Fabio Troiani, and chair Nino Lo Bianco will continue to lead the group's global strategy, while Chaucer CEO Chris Laslett and managing director Martin Wassell will lead the UK and North America operations.

GCP backed the management buyout of Chaucer in February 2014 with an investment from its £160m vehicle GCP Fund III.

Under GCP's ownership, the company doubled revenues and profit. It also expanded its digital-led services capability, widened its customer base, acquired the CIO advisory consultancy Virtrium and doubled consultant headcount to 300 people.

Apax France acquired a 60% stake in Bip from private equity firm Argos Soditic in March 2018. The GP deployed capital from Apax France IX fund, which held a final close in 2016 on its €1bn hard-cap and has now deployed around 50% of its capital.

A small unitranche debt package was provided to support the deal, which values the company at €200m. Following the acquisition, Bip's management team, led by president Nino Lo Bianco and co-CEOs Carlo Capè and Fabio Troiani, retained the remaining 40% stake and continued to lead the business.

The sale ended a four-year holding period for Argos Soditic, which acquired the company in an all-equity management buyout in May 2014, deploying capital from its Euroknights VI fund. Under Argos, the company expanded and increased its revenues from €80m to €160m.

Founded in 2003 and based in Milan, Bip specialises in management consultancy, business integration and digital transformation, and supports international companies in the research and adoption of disruptive technological innovation. The business operates mainly in the telecoms, media, utilities, pharmaceuticals, healthcare and financial services sectors.

Company
Established in 1987 and headquartered in London, Chaucer is a management consultancy providing support to clients in the delivery of strategic projects and programmes.

The company focuses on change management, benchmarking, organisational development, IT system implementation and cost reduction programmes. Clients include BP, Thames Water, Pfizer, GSK, Barclays, Aviva, Vodaphone, Cadbury and the NHS.

Chaucer has offices in the UK, Germany, the US, the Middle East, Russia, the Asia-Pacific region and Latin America.

People
Business Integration Partners – Carlo Capè, Fabio Troiani (co-CEOs, co-founders); Nino Lo Bianco (president, co-founder).
Apax France – Gilles Rigal, Damien de Bettignies (partners).
Growth Capital Partners - Garrett Curran (managing partner).
Chaucer – Chris Laslett (CEO).

Advisers
Acquirer – Allen & Overy (legal); Equita (corporate finance); Ludovici Piccone & Partners (tax); Mischon de Reya (tax); PwC (financial due diligence).
Vendor – Dickson Minto (legal); Deloitte (tax); Alantra (corporate finance).

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• Topics
• Exits
• Portfolio management
• UK / Ireland
• Southern Europe
• Support services
• United Kingdom
• Italy
• Build-up
• Buy-and-build
• Partial sale
• Allen & Overy
• PwC
• Deloitte
• Alantra