BrazilItaly's BIP embarks on next growth phase with new investor
Italian consulting firm BIP has seen its ownership change hands from one private equity firm to another.
In 2018 French investor Apax Partners acquired a 62% stake in BIP for a reported value of €200 million from counterpart Argos Soditic (the exact deal value was never disclosed). Fast forward three years and BIP has booked strong growth, with the French now exiting their stake to CVC Capital Partners. Financial details of the transaction have not been disclosed, however according to Reuters, BIP has been valued at around €720 million.
BIP was established in Italy in 2003 and currently employs more than 3,500 consultants and staff worldwide, generating a turnover of around €350 million. Under the wings of Apax Partners, the digital consulting and technology services firm grew by more than 40%, in part due to organic growth but also on the back of the acquisitions of 300-strong UK-based Chaucer and Italy-based Vidiemme.
“It is our goal to become one of the world’s leading advisory firms,” said Carlo Capè, one of the two CEOs of BIP alongside Fabio Troiani at the time of the deal. The duo added, “We are thrilled to welcome CVC. This partnership opens a new phase for our group, allowing us to work on further ambitious international growth objectives and to strengthen our excellence in the digital transformation sector.”
Following completion of the transaction, CVC will become a majority shareholder of BIP, while Capè and Troiani and the other equity partners (including Chairman Nino Lo Bianco) will maintain a minority stake.
Commenting on the firm’s investment, Andrea Ferrante (a Senior Managing Director at CVC) said, “The growth trajectory enjoyed by BIP in the past few years is testament to the quality of the services it delivers and the relationship of partnership it has been able to create with its loyal customers. We look forward to helping them execute their ambitious international plans.”
The deal was advised by a cohort of M&A teams. Buyer CVC was advised by BNP Paribas, Latham & Watkins, Facchini Rossi Michelutti, PwC and Bain & Company. Meanwhile, at the other side of the table, sellers Apax Partners and BIP were supported by Equita, Rothschild, Allen & Overy, Lodovico Bianchi Di Giulio, BonelliErede, PwC, Aon and OC&C Strategy Consultants.
BIP has operations in twelve countries: Italy, England, Spain, Turkey, Brazil, Belgium, Switzerland, Austria, United States, United Arab Emirates, Chile and Colombia.
