Kennet Partners and Fidelity Growth buy Rivo Software

The VC duo are reported to have paid £20m for the firm, equivalent to around 10x EBITDA.

Fidelity invested from its £100m vehicle announced in 2010, which is solely focused on European consumer and enterprise technology and cleantech. The investor typically injects €1-10m per transaction.

Company
Founded eight years ago and based in Warwick, Rivo Software provides cloud-based management software for environment, health and safety, quality and loss prevention. The company's products are used in 82 countries and 32 languages by more than 140,000 users. Clients include BP, Siemens and Thames Water.

People
Steve Husk, former CEO of Kennet's divested portfolio company FRSGlobal, joined the firm as executive chairman as part of the transaction. Hillel Zidel is a director at Kennet. Davor Hebel is a partner at Fidelity Growth.

Advisers
Company – Clearwater Corporate Finance, Carl Houghton, Seb Saywood, Emma Rodgers (Corporate finance).

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• Topics
• UK / Ireland
• Technology
• Buyouts
• United Kingdom
• Fidelity Growth Partners Europe (FGPE)
• Kennet Partners