Bregal buys Safety21, marking first deal in Italy

The GP has invested alongside founder and CEO Gianluca Longo. Bregal intends to support the company in its international expansion plans, as well as consolidating its position in the Italian market.

Safety21 acquired Italy-based Kapsch TrafficCom in September 2021.

Italian investment holding Hat acquired a minority stake of 30.4% in the company in July 2016 via Hat Sicaf Fund. The company was valued at EUR 16m-18m at the time, according to press reports. The firm is reinvesting as part of the buyout, deploying equity via Hat Technology & Innovation.

Bregal held a final close for Bregal Unternehmerkapital III in March 2021 on EUR 1.875bn. The fund invests in sectors including technology, healthcare and business services, investing EUR 50m-250m in equity per deal.

Bregal operates in Italy via its office in Milan, headed by Valentina Pippolo, and invests in both northern Italy and the DACH region.

Banco BPM has provided financing to back the deal.

Company
Founded in 2011, Software21 develops traffic monitoring software for public organisations designed to improve and monitor road safety and CO2 reduction. The software also assists local authorities with the implementation of smart mobility systems.

The company posted EUR 13m in revenues and EUR 3m in EBITDA in 2016. The company posts revenues of EUR 40m and has a 30% EBITDA margin, according to a report from Italian publication Il Sole 24 Ore.

People
Bregal Unternehmerkapital – Valentina Pippolo (partner, head of Italy).
Hat – Ignazio Castiglioni (CEO, co-founder); Nino Attanasio (president).
Safety21 – Gianluca Longo (founder, CEO).

Advisers
Equity – Cassiopea Partners (M&A); Deloitte (financial due diligence); Essentia Advisory (debt advisory); Latham & Watkins (legal); Bonelli Erede (legal).
Vendor – GP Bullhound (M&A); Orrick (legal).
Debt – Legance Avocati Associate (legal).

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• Buyouts
• Southern Europe
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• Bregal Investments