• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deal search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
      • Deals search
      • Exits search
      • Funds search
      • Sponsors search
      • Advisers search
      • LPs search
      • League tables
      • Reports
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
UNQUOTE
  • Buyouts

CVC buys BIP from Apax

  • Alessia Argentieri
  • Alessia Argentieri
  • 01 June 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

CVC has acquired a majority stake in Italian management consulting specialist Business Integration Partners (BIP) from France-based Apax Partners.

The deal values the company at around €700m, equal to approximately 10x EBITDA, according to press reports.

The GP has invested in the company via CVC Capital Partners Fund VIII, which closed on €21.3bn in July 2020, surpassing its €17.5bn target.

Following the deal, BIP president Nino Lo Bianco and co-CEOs Carlo Capè and Fabio Troiani will retain a significant minority stake and continue to lead the company.

In February 2021, Apax hired JP Morgan, Equita and Rothschild to run the sale of the business, which attracted the interest of several private equity firms, including CVC, Bain, Cinven, Charterhouse, BC Partners, Apax Partners and Intermediate Capital Group (ICG), according to press reports.

In May 2021, Unquote sister publication Mergermarket reported that CVC and ICG were the two frontrunners in the auction.

The deal ends a three-year holding period for Apax. Under its ownership, the company increased its revenue from around €160m to €315m and pursued and intensive buy-and-build strategy, completing several add-ons, including the purchase of Mea Consulting in 2019 and the acquisition of Chaucer from Growth Capital Partners (GCP) in 2020.

Previous funding
Argos Soditic acquired BIP in May 2014, deploying capital from its Euroknights VI fund, in an all-equity management buyout. Under Argos, the company expanded and increased its revenues from €80m to €160m.

Apax bought a 60% stake in BIP from Argos Soditic in March 2018, in a deal valuing the company at around €200m, while the management team retained the remaining 40% stake. The GP invested in the company via its €1bn Apax France IX fund.

Company
Founded in 2003 and based in Milan, BIP specialises in management consulting, business integration and digital transformation, and supports international companies in the research and adoption of disruptive technological innovation.

Employing 3,500 staff, the business operates mainly in the telecoms & media, energy & utilities, pharmaceutical, healthcare and financial services sectors, with a presence in 13 countries worldwide.

BIP generated turnover of €315m in 2020, up 31% on 2019.

People
CVC – Giampiero Mazza (managing partner); Andrea Ferrante (senior managing director).
BIP – Nino Lo Bianco (president); Carlo Capè, Fabio Troiani (co-CEOs).

Advisers
Acquirer – BNP Paribas (M&A); Latham & Watkins (legal); Facchini Rossi Michelutti (tax); Bain & Co (commercial due diligence).
Vendor – Equita (corporate finance); Rothschild (corporate finance); Allen & Overy (legal); BonelliErede (legal); PwC (financial due diligence); AON (insurance due diligence).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Buyouts
  • Exits
  • Southern Europe
  • Support services
  • CVC Capital Partners
  • Apax France SA
  • Italy
  • PwC
  • Latham & Watkins
  • BNP Paribas
  • Rothschild
  • Allen & Overy

More on Buyouts

Permira to take Ergomed private for GBP 703m
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • Buyouts
  • 04 September 2023
Main Capital's Assessio to be sold to Pollen Street
Main Capital's Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023
TPG takes majority control of A-Gas, doubles down on impact investing
TPG takes majority control of A-Gas, doubles down on impact investing

KKR partially exits its 2017 investment in the specialty gas and chemical distributor, retaining a minority stake

  • Buyouts
  • 18 August 2023
Quadrivio to capitalise on baby boomers as it nears wrap for its new EUR 300m fund
Quadrivio to capitalise on baby boomers as it nears wrap for its new EUR 300m fund

The Silver Economy Fund makes its second investment as it highlights trend of GPs doubling down on narrow strategies

  • Buyouts
  • 16 August 2023

Latest News

Partners Group to release IMs for Civica sale in mid-September
  • Exits
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
BHM Group builds on PE strategy, eyes European medtech and renewable energy acquisitions
  • Investments
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Czech Republic-headquartered family office is targeting DACH and CEE region deals

  • 01 September 2023
Redalpine expands leadership team amid CHF 1bn-plus fundraise
  • Venture
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO

  • 31 August 2023
Change Ventures aims to hold final close for EUR 20m third fund by mid-2024
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds

  • 31 August 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013