French-American BVA Group will buy the entire capital of Alchimia spa, the parent company of Italian market research group Doxa. Alchimia is 100% owned by the entrepreneur Marina Salamon and controls Doxa with a 90% stake. Mrs. Salomon will reinvest the majority of the money received in shares of the same BVA, which at that point will become one of the main European groups specialized in market research, with offices in Europe, Asia and the United States and over 200 million euros of revenues (see here the Doxa press release and here the BVA Group press release).
The roles of all Doxa top managers in the Milan and Rome offices are confirmed, starting with the ceo Vilma Scarpino, who is also shareholder in Doxa, with a 10% stake. Mrs. Scarpino will remain a Doxa shareholder in the future. New shares will also be offered to managers. The entire staff of Doxa, 140 people, will be maintained and expanded.
Alchemy closed 2017 with 101.7 million euros in revenues, an ebitda of 11.9 millions and a net financial debt of 21.9 millions (see here the analysis of Leanus, after registering for free). On the other hand, Doxa achieved revenues of around 24 million euros in 2018, after closing 2017 with 20.6 millions net revenues, an ebitda of 0.5 millions and a net financial debt of 2.9 millions (see here analysis of Leanus, after registering for free).
BVA Group is owned by four shareholders-entrepreneurs and 51% owned by the Naxicap since June 2017. Naxicap  took over the stake in the company from the portfolio of Montefiore Investments fund. The latter had acquired control of the group in 2013. BVA is the third largest market research company in France, with a 2018 turnover of 180 million euros, and over 800 employees. The acquisition of Doxa follows the one of the British BDRC last June (see the press release here).
Doxa was founded in 1946 by Pierpaolo Luzzatto Fegiz, who first imported into Europe the “sample survey” scored by the American statistic George Gallup. The first survey was on the theme “Monarchy or Republic?”. The answer Republic won as well as afterwards happened in the real general vote by the Italian people. So Doxa took off. The company has been managed by Ennio Salamon, Marina’s father, from 1956 to 2006, while Marina bought the company in 1991.
“The challenge lies in conquering foreign markets, and in this way Doxa will have privileged access to new projects and customers on an international scale. For example, in BVA there are already the strongest competences in Europe on the most innovative themes of consumer behavior: together, we will be able to invest further in R&D, on an international scale” said Salomon.
Portolano Cavallo and Linklaters respectively assisted Bva Group and Alchimia in the deal. The financial aspects were handled by New Deal Advisor and tax profiles by Spada Partners.
Connexia, the data driven creativity agency of the group, is not included in the transaction. It will continue to be part of Alchimia Holding, and to collaborate with Doxa on all projects that include data analysis and market research. Connexia, led by Paolo D’Ammassa, founding partner, and by Massimiliano Trisolino, chief strategist officer and partner, will continue its path of independent growth. In 2018 it achieved a turnover of 13.5 million euros (+ 23% on 2017), thanks to the union between analytics, strategy and creativity, and a very strong growth is expected also in 2019. Both Connexia and Doxa will maintain their offices in Milan.
