BC Partners invests in Valtech at USD 1.4bn valuation

The transaction is expected to close in Q3 2021 following customary antitrust clearances. It remains unclear whether BC secured a majority or minority stake in the deal, although a spokesperson for the firm clarified that BC has become the largest shareholder in the business following the transaction.

The GP will invest via its BC European Capital XI fund. The vehicle was launched in January 2020 with a target of EUR 8.5bn. BC held a first close on EUR 4bn towards the end of summer 2020, as reported, with no further update since.

BC is a minority shareholder in Acuris, the parent company of Unquote.

Former reference shareholder Verlinvest and Valtech's new management reinvested in the company. Verlinvest's ties with the business date back to 2010 – according to Unquote Data, the investor took part in the acquisition of a majority stake in the then-France-based IT service; the deal value the company at EUR 34.83m.

Company
Founded in 1993, Valtech is a digital services and business transformation agency dual-headquartered in London and New York City. Clients include ADM, Audi, Bayer, Goodyear, Dolby, Estée Lauder, Linde, L'Oréal, LVMH, Mars, Novo Nordisk, PepsiCo, P&G, Samsung, Sanofi, SC Johnson, Toyota, Universal Studios and Volkswagen.

Valtech employs 4,000 staff, with 50 offices in 18 countries. According to a statement, Valtech is expected to deliver 30% revenue growth in 2021 and has achieved annual revenue growth of 17% (CAGR) for the last 10 years. Its financials remain undisclosed.

People
BC Partners – Raymond Svider (chair).
Verlinvest – Clément Pointillart (executive director).

Advisers
Equity – PwC (financial due diligence, tax); Kirkland & Ellis (legal); Zinnov (commercial due diligence).
Vendors – Bank of America (M&A); Linklaters (legal); Clifford Chance (legal).

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