August-backed Amtivo acquires Certification Europe for €6m

A Kernel spokesperson said the firm made a "significant multiple return" on its investment, according to press reports.

August Equity did not provide fresh equity for the acquisition, with Amtivo using existing facilities provided by HSBC.

August Equity Partners IV acquired the British Assessment Bureau, as it was then known, in January 2018. This is the fourth and largest bolt-on for the company that has been made during the holding period. Amtivo generates revenues of around €25m.

Certification Europe's existing management team is staying on with the combined company, while its CEO and finance director have taken stakes in the combined business.

David Lonsdale, partner at August Equity, said: "It's slightly unusual for an August portfolio company to be focused on internationalisation, but the firm has a strong market presence in the UK and we're looking to increase the addressable market abroad."

Lonsdale expects to make more bolt-ons for the company in the coming months.

He said: "We haven't got a fixed timeline for the sale of Amtivo, but the business is performing really well. It's clearly not the right environment for a sale so it will be a couple of years before we consider an exit."

Previous funding
Bank of Ireland Kernel Capital Fund invested in Certification Europe in 2014.

Company
Based in Dublin and founded in 1999, Certification Europe operates satellite offices in the UK, Japan and Italy. The company's certification and training programmes encompass standards certification, engaging and developing employees, monitoring legal requirements, data protection, improving financial performance, managing risk, and optimising resources. The company generates revenues of less than €25m.

People
Certification Europe – Michael Brophy (CEO).

Advisers
Acquirer – DLA Piper (legal); Grant Thornton (financial due diligence).

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