Compass completes portfolio acquisition from Bridgepoint

The deal sees Compass acquire Bridgepoint's remaining 20% stakes in Rodenstock, a Germany-based glasses and lenses manufacturer, and Infinitas, a Netherlands-based teaching resources provider. In addition, Compass is wholly acquiring Bridgepoint portfolio company Protocol, a UK-based recruitment agency.

Compass raised €100m from funds managed by Glendower Capital to finance this acquisition, which also provides follow-on capital to support the development of the portfolio.

Portfolio specialist Compass typically pays multiples reflecting market prices. However, this comes with the added benefit of early or exclusive access to underlying businesses, enabling the GP to conduct a more in-depth due diligence process, Compass partner Alister Wormsley told Unquote. 

As part of a portfolio acquisition completed in 2016, Compass acquired majority stakes in Rodenstock and Protocol from Bridgepoint, along with three other companies – two of which it has exited to date. The latest deal marks another step in Compass's strategy of acquiring legacy portfolio assets, with total assets under management now around the €500m mark.

Previous funding
Bridgepoint acquired Protocol Associates in a secondary buyout from Close Brothers Private Equity for £40m in 2000. During the holding period, Bridgepoint funded several add-on acquisitions such as training companies Tektra, Hanser and Step Direct in September 2000 for £25m, Spring Education and Spring Skills for £76m in December 2000, and the education and training division of Initial Personnel Services in February 2001, worth £10m. 

Bridgepoint acquired Rodenstock from Permira for an estimated value of €500m in January 2007.

Infinitas Learning was formed after Bridgepoint signed an agreement to acquire the educational division of Wolters Kluwer, then known as Wolters Kluwer Education, for €774m. The transaction was sourced through a Lehman Brothers-run auction process in 2007.

Compass acquired a portfolio of stakes in four companies – CTL Logistics, Infinitas Learning, Limoni and Rodenstock – from Bridgepoint in December 2015. The aggregate enterprise value was in excess of €2bn with equity commitment in excess of €360m.

Company
Based in Munich and established in 1877, Rodenstock manufactures ophthalmic lenses and frames.  It has a sales and distribution network covering 80 countries. The company also has an eyewear division selling its own and third-party-branded optical frames.

Founded in 2007 and based in Utrecht, Infinitas is an education content and services business in Europe. The company's education resources are used in primary schools, secondary schools and higher education colleges, homes and industrial institutions globally. It has operations in the Netherlands, Belgium and Sweden.

Nottingham-based Protocol was established in 2001 and is a recruitment agency focusing on skills, education and training. Its clients include colleges, universities, schools, local authorities and independent training providers across the UK.

People
Compass Partners – Alister Wormsley (partner).
Glendower Capital – Chi Cheung (partner).

Advisers
Equity – Dickson Minto (legal); Macfarlanes (legal). 

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