Advent, Bain and Clessidra acquire ICBPI for €2.15bn

The selling shareholders have reinvested for an 8% stake in the business, which is seeking to expand both organically and via bolt-on acquisitions.

The private equity consortium entered exclusivity for ICBPI in May, having overcome competition from US firm Hellman & Friedman and two private equity consortiums – the first consisting of CVC Capital Partners and Permira, while the second comprised BC Partners and Cinven.

Advent and Bain have made numerous investments within the sector. The two firms previously joined forces in March 2014 to wholly acquire Danish payment services provider Nets alongside ATP Private Equity Partners in a DKK 17bn deal. They are also joint investors in London-based Worldpay, which is reportedly preparing for a £6bn IPO on the London Stock Exchange.

Credito Valtellinese, which was the largest shareholder in ICBPI, said it stood to make a profit of €217-247m on its investment, depending on the final deal structure.

Company
Founded in 1939 and headquartered in Milan, ICBPI provides banking services including e-commerce and pensions, and offers credit cards under the CartaSi brand. The company generated a turnover of €670m in 2014 with EBITDA of €195m. It has a heacount of 1,900.

People
Luca Bassi is managing director at Bain Capital Europe. Jeffrey Paduch is managing director at Advent International. Maurizio Bottinelli is head of the investment team at Clessidra.

Advisers
Equity – Rothschild (Corporate finance); HSBC (Corporate finance); Vitale & Associati (Corporate finance); Bonelli Erede Pappalardo (Legal); Studio Carbonetti (Legal); Carlo Pavesi (Legal); Weil, Gotshal & Manges (Legal); Studio Pirola and Studio Vitali (Tax); Romagnoli (Tax); Piccardi (Tax); Franco Bernabè (Commercial due diligence); Boston Consulting Group (Commercial due diligence); First Annapolis (Commercial due diligence); PwC (Commercial due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Southern Europe
• Financials
• Italy
• Advent International
• Bain Capital
• Clessidra Capital Partners
• Unq2015July