Apax Partners to sell BIP to CVC

CVC Capital has agreed to acquire BIP from Apax Partners.

CVC Capital has agreed to acquire BIP from Apax Partners. No financial terms were disclosed. BIP is a multinational consulting firm. Equita, Rothschild, Allen & Overy, Lodovico Bianchi Di Giulio, BonelliErede, PWC and AON advised BIP on the transaction. And, BNP Paribas, Latham & Watkins, Facchini Rossi Michelutti, PWC and Bain & Company advised CVC on the deal.

PRESS RELEASE

BIP, one of Europe’s leading consulting companies, announced today that CVC Capital Partners Fund VIII (“CVC”) has reached an agreement to acquire a majority stake in BIP from Apax Partners, the French private equity firm, for an undisclosed amount. The transaction is subject to customary regulatory approvals.

Following completion of the transaction, CVC will become the new majority shareholder of BIP, while BIP Chairman Nino Lo Bianco, CEOs Carlo Capè and Fabio Troiani and other equity partners will continue as shareholders and in their management roles.
CVC Capital Partners is a leading private equity and investment advisory firm with approximately US$118 billion of assets under management. CVC Funds are invested in over 90 companies worldwide, which have combined annual sales of approximately US$100 billion and employ more than 450,000 people.

BIP, founded in Italy in 2003, is a leading multinational consulting firm employing with presence in 13 countries, employing more than 3,500 people world-wide, with a turnover of 315 million euros in 2020 (an increase of 31% compared to 2019).

“We are thrilled to welcome CVC as our new Partner”, said Nino Lo Bianco, Carlo Capè and Fabio Troiani, founders at the helm of the Group since 2003. “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.

“We also want to thank Apax Partners, for the support provided to us in the exceptional journey made in recent years”.

“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”, said Andrea Ferrante, Senior Managing Director at CVC. “We have been impressed by this remarkable group of professionals and are very much looking forward to helping them execute their ambitious international plans in the future.”

Giampiero Mazza, Managing Partner at CVC added: “We are incredibly proud to have been chosen by the partners among a large group of reputable contenders as their companion in the next phase of BIP’s development. BIP has a distinctive value proposition and a deep pool of talent that can be scaled globally. We cannot wait to embark on this exciting journey with Nino, Carlo, Fabio and all the equity partners.”

BIP was advised by Equita, Rothschild, Allen & Overy, Lodovico Bianchi Di Giulio, BonelliErede, PWC and AON.

CVC was advised by BNP Paribas, Latham & Watkins, Facchini Rossi Michelutti, PWC and Bain & Company.