📋 Tender Overview
Funds advised by Apax Partners the Apax Funds and NB Renaissance Partners NBRP announced that they have agreed to sell their stake in Engineering Group a leading IT services provider to a consortium of Bain Capital Private Equity and different funds advised by NBRP. Headquartered in Rome Engineering is a leading IT services provider focused on digital transformation with more than 11000 professionals in 65 locations across the world. The company designs develops and manages innovative IT solutions for business areas where digitalisation is having the biggest impact.In 2016 the Apax Funds alongside NBRP the founder Michele Cinaglia and key senior managers acquired Engineering in a take private transaction which saw the business delist from the Milan Stock Exchange. Since then Apax and NBRP have worked closely with the management team to deliver strong organic growth and execute an accretive MA strategy. During the Apax Funds and NBRPs four-year tenure both revenue and EBITDA grew by 11 CAGR reaching 1.3bn and 160m respectively and the number of employees increased by c.3000 reaching c.11000. Over this period the company completed 19 acquisitions both in Italy and abroad acting as a consolidation platform in a fragmented market with a track record of successful integration and expansion of its portfolio of proprietary solutions.Gabriele Cipparrone a Partner at Apax Partners said Engineering has a leading position in the Italian IT Services market. Four years ago we saw the opportunity to leverage our significant expertise in IT Services to help Engineering accelerate growth. The company has delivered on its potential through a focus on organic and acquisitive growth. We would like to thank the CEO Paolo Pandozy and his team for the strong partnership and all they have achieved. We wish them all the best in the future. Paolo Pandozy CEO of Engineering Group said We would like to thank Apax Partners and NBRP for their insights and support over the years. Together we have accelerated Engineerings growth through investments in RD and in innovation as well as strategic acquisitions which strengthened our leadership position in the Italian IT Services market.Michele Cinaglia Founder of Engineering said I am proud of what Engineering has achieved during the Apax Funds and NBRPs ownership. I would like to thank them for their guidance and expertise over the last four years. We look forward to our continued success with NBRP and welcome Bain Capital Private Equity. The transaction remains subject to regulatory approvals. The Apax Funds and NBRPs selling funds were advised by Rothschild Co financial adviser Simpson Thacher Bartlett and BonelliErede legal advisers and PwC tax adviser.
