The international fund CVC Capital acquires the majority of Bip-Business Integration Partners, an Italian consulting multinational up to now controlled 61.5% by the Apax Partners France fund and owned by the founders and management. After a competitive process that lasted a few months and managed by Rothschild and Equita, CVC beat the other private equity companies in the competition.
Cvc is led in Italy by managing partner Giampiero Mazza and is among the most active investors in Italy: it has already made investments in groups such as Sisal, Genetic, Multiversity, Recordati and Pasubio and also in partnership with other private equity (Advent and Fsi) he is negotiating a minority entry into the “media company”, where the TV rights of Serie A football are merging.
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The valuation of the operation on for Business Integration Partners would be over 700 million euros, with a multiple of more than 10 times the Ebitda (50 million in the last financial year out of almost 300 million turnover).
This is the third round of funds for Bip, previously controlled by private equity Argos Soditic, which in 2014 financed the management buyout by 12 executives, including the founder and chairman Nino Lo Bianco, who also remained shareholders in subsequent share reorganizations. Apax France then acquired a majority stake in Business Integration Partners in 2018, for a value of around 200 million euros and with the plan to invest another 100 million euros to support growth both internally and externally.
The management, including the founder and president Nino Lo Bianco, should, according to rumors, reinvest in an important way also in this latest operation.