Volpi exits Version 1 to Partners Group

Volpi put the company up for sale near the end of the third quarter, attracting interest from Apax and OTTP, as reported by Unquote's sister publication Mergermarket. 

Cinven and Bain Capital also took part in earlier rounds, as reported.

Mergermarket first reported yesterday that Partners Group had signed the deal.

Partners Group closed its last private equity buyout fund in July 2019 at USD 15bn in September 2021. 

Last month, it also acquired ERP provider Forterro for EUR 1bn, which had an EBITDA of EUR 50m. 

Volpi acquired Version 1 via its first fund in 2017, investing EUR 90m of equity at a valuation of EUR 200m, according to media reports.

Upon entry, Version 1 had EUR 100m in revenue, Volpi Capital said in a statement at the time. 

The company was marketed off an EBITDA of around EUR 44m in an auction process managed by Jefferies, as reported. It has more than EUR 195m in revenue according to its website. 

The new sponsor said that Version 1 had integrated 13 acquisitions over the past ten years and it will grow the company by developing the service offering and technical depth, building its international presence, and pursuing accretive M&A.

The group has more than 450 clients in the public and private sectors to work on complex digital transformation programmes.

Its services include application modernisation, cloud migration services, and cloud-native software engineering, which involves the development of applications in the cloud.

Another recent deal in the IT services space includes Apax's SBO of Dutch provider Odin Groep. Apax is targeting a doubling of revenue via bolt-ons in the Netherlands, Belgium and Germany, as reported by Mergermarket.

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• Topics
• Buyouts
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• UK / Ireland
• Partners Group
• Volpi Capital
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