Argos Soditic buys FIS and Antex

The deal value remains undisclosed but the transaction gives the combined firms an enterprise value of €35-45m, the GP told unquote".

The acquisition was financed with an all-equity investment from Fund VI, which closed on €400m in 2011. The GP explained that the vehicle will look to invest as much as possible in Italy with full equity investments, due to the shortage of bank credit in the country.

The founders of the firm have retained a minority stake as part of the deal. Argos Soditic told unquote" it had been following the company for four years and chose to invest now as pricing conditions and vendor expectations were aligned.

Following the transaction, the company will focus on consolidation of the domestic market and wider European market.

Company
Both founded in the 1960s and based in Milan, Antex and FIS offer outsourcing services within human resources and finance & accounting respectively. The combined companies began working together in 2006 and count Vodafone, Gucci and Heineken among their client base. The firms employ 550 members of staff and closed 2012 with revenues of approximately €50m.

The GP was attracted to the combined companies as both offer services that are resilient to the economic downturn and are able to add value to firms at a time when the rationalisation of costs is becoming increasingly important.

People
Jean-Pierre di Benedetto worked on the transaction for Argos Soditic in Milan.

Advisers
Equity – KPMG (Financial due diligence); Orrick (Legal); TFP & Associati (Tax); Willis (Insurance); LEK Consulting (Commercial due diligence).
Vendor – BNP Paribas (Corporate finance); Crowe Horwath - Studio Associato Servizi Professionali Integrati (Legal, tax).  

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• Topics
• Southern Europe
• Buyouts
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• Italy
• Argos Wityu
• KPMG
• BNP Paribas