Stirling Square invests €32m in portfolio company Axitea

The all-equity deal will finance an operational restructuring of the business, and allow the company to invest in a more integrated product specifically focused on micro-businesses and SMEs.

Axitea will also appoint a new management team to oversee the implementation of its renewed strategy.

Stirling Square is currently fundraising for its third fund. In March 2015, it was announced that Astorius Capital's second fund-of-funds had made a commitment to Stirling Square Capital Partners III. The fund's predecessor held its final close on £375m in March 2010.

Previous funding
In May 2008, Stirling Square wholly acquired Axitea, at the time known as Sicurglobal, from BS Private Equity in a secondary buyout thought to be worth around €187.5m. The vendor reaped a multiple of approximately 2.5x.

Company
Founded in 2004 via the merger of several businesses, Milan-headquartered Axitea provides security systems and monitoring services. The company has installed security systems for around 35,000 customers, of which 1,500 are businesses currently using Axitea's monitoring services.

People
Stirling Square co-founder Stefano Bonfiglio has a seat on the board at Axitea. As part of the transaction, Axitea has appointed Marco Bavazzano as CEO.

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• Topics
• Expansion
• Southern Europe
• Support services
• Italy
• Stirling Square Capital Partners