PM&Partners, Fidia and Athena exit AIVE

The investors decided on Cap Gemini as the buyer due to interesting potential industrial synergies in the companies' system integration and banking products.

Previous funding
In 2002, a syndicate of investors including PM&Partners, Athena and Fidia backed the management buyout of AIVE with €21m from founders Adriano Maschio and Luigi Stivanello. Together the investors held a 76.7% stake in the company. The largest shareholder was PM&Partners with a 38.3% stake, while Athena and Fidia each had a 19.2% holding in the company. The remaining equity was held by management.

Company
Marcon-based AIVE offers products and services in the fields of integration and consulting, banking and insurance, and business solutions. Founded in 1984, the firm had a turnover of €56m in 2010 with an EBITDA margin of 13% representing an amount of €7m. AIVE employs around 550 people and operates on nine additional locations throughout Italy.

People
Francesco Panfilo from PM&Partners managed the exit.

Advisers
Equity – Mediobanca (Corporate finance); Studio Alpeggiani (Legal).

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• Topics
• Southern Europe
• Exits
• Technology
• Italy
• Athena Private Equity