Hellman & Friedman buys TeamSystem from HgCapital et al.

HgCapital and the company's management will retain a minority stake in the business.

Various media outlets reported that the deal valued TeamSystem at €1.2bn, equating to an entry multiple in the 12-16x EBITDA range. HgCapital declined to comment on the company's valuation.

Hellman & Friedman is currently investing from its eighth fund, Hellman & Friedman Capital Partners VIII, which held a final close on $10.9bn in November 2014.

Previous funding
In August 2010, HgCapital bought TeamSystem in a €565m tertiary buyout deal from Bain Capital, paying 11.3x EBITDA for the company. The investor won the deal after a heavily contested auction process run by UBS, fending off competition from Cinven, Advent International, Bridgepoint, Providence Equity Partners, Apax Partners and CVC Capital Partners. HgCapital outbid Cinven in the final stages of the auction. The deal was supported by a mezzanine and senior debt structure worth around €280m.

Bain had acquired TeamSystems in 2004 for €274m from Palamon Capital.

Company
Founded in 1979, TeamSystem specialises in the development and marketing of financial management software products for tax, payroll, accounting and budgeting. Based in Pesaro, the company primarily serves small and medium-sized businesses and professionals. The company has 27 offices in Italy and employs approximately 800 people.

People
Federico Leproux is CEO of TeamSystem. Philip Sternheimer is a director at Hellman & Friedman. Jean-Baptiste Brian is a director at HgCapital.

Advisors
Equity – Mediobanca (Corporate finance).
Vendors – Rothschild (Corporate finance).

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