Progressio exits Assist Digital in sale to Ardian

Wahida Ahmed
23 January 2023

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French sponsor Ardian has agreed to acquire a majority stake in Assist Digital, an Italy-based B2B customer experience and CRM technology provider; the deal sees Progressio exit its minority stake in the business.

The company's management, led by President and founder Enrico Donati and CEO Francesca Gabrielli, will hold 40% of the company, with existing investor BNP Paribas also reinvesting in the deal, according to a press release.

Progressio invested in Assist Digital in December 2020, acquiring a 30% stake through Progressio Investimenti Fund III, which held a final close on its hard-cap of EUR 250m in July 2019. Since then, the business grew its international footprint through organic growth in its core markets.

Progressio told Mergermarket in an interview in July 2022 that it could consider an IPO for the company in the following 18 to 24 months, while it was also screening for acquisitions in Europe and the US.

Ardian, which will own around 60% of the company, plans to accelerate Assist Digital's international expansion efforts, including via further M&A. The GP will also invest in innovation, technology, and hiring, according to the press release.

In 2022, Assist Digital reported a turnover of EUR 165m, up 30% year-on-year. It expects to reach over EUR 200m by the year-end, according to the press release.

Ardian is investing through funds including Ardian Buyout Fund VII, which held a final close in April 2021 on EUR 7.5bn, according to Unquote Data.

Company
Headquartered in Italy, Assist Digital employs over 600 staff and has 20 offices across France, Italy, Germany, Spain, Netherlands and the UK. It provides digital services and CRM technology using artificial intelligence to optimise CX and business performance. Companies Assist Digital works with include Sky, Facebook, and Vodafone.

People
Ardian – Marco Molteni (managing director).
Progressio – Massimo Dan (partner).
Assist Digital – Enrico Donati (executive chairman), Francesca Gabrielli (CEO).

Advisors
Equity (Ardian) – Fineurop Soditic (M&A debt advisor), Clearwater International (M&A), Roland Berger (strategic consultant); KPMG (financial due diligence); Studio Gattai, Minoli, Partners (legal); Studio Gitti & Partners (tax); Almond (cybersecurity); PwC (ESG); Marsh (insurance due diligence).

Equity (Assist Digital) – Giovannelli&Associati (legal); Deloitte (financial due diligence); Russo De Rosa Associati (tax).

Vendor (Progressio/BNL-BNP Paribas) – Bonelli Erede (legal).