White Bridge buys Alpha Test from Aksia

Alessia Argentieri
31 July 2020

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White Bridge has acquired a majority stake in Alpha Test from Aksia Group, which reinvested in the business.

White Bridge bought a stake of around 80%, while Aksia retained a 15% holding and the company's management team reinvested for a 5% stake.

White Bridge deployed capital from White Bridge Investments II. In addition, a debt package was provided by Banco BPM e Banca Popolare di Sondrio to finance the deal.

The GP intends to support the company's growth, its expansion and its consolidation across the education sector, in Italy and the rest of Europe.

This is the second exit made by Aksia Capital IV, following its divestment of plastic specialist Lameplast, sold to Genstar Capital-backed Tekni-Plex for €88m in July 2019.

Aksia is currently investing its fifth fund, which is expected to hold an interim close on around €180m in the coming months, Unquote understands.

Aksia bought a stake of around 70% in Alpha Test in March 2017 from private equity firm Alcedo and the company's founders. Alcedo had acquired a 45% stake in the business in 2013 via its third vehicle.

Company
Established in 1987 and headquartered in Milan, Alpha Test is a publisher of books for university admission test preparation.

The company generated EBITDA of €8m from revenues of €15m in 2019.

People
Aksìa Group – Marco Rayneri (founding partner); Martina Di Gioia (investment manager).
Alcedo – Sonia Lorenzet (partner).
Alpha Test – Renato Sironi, Alberto Sironi, Massimiliano Bianchini (founders).

Advisers
Equity- DVR Capital (corporate finance); Giovannelli e Associati (legal); Long Term Partners (legal).
Company - Giliberti Triscornia e Associati (legal).