Paneuropean private equity operator Ardian bought control of Rgi Group, an Italian softwarehouse company focused on the insurance sector, MF-Milano Finanza writes today. Rgi Group had been delisted from the Italian Stock Exchange by Italian private equity mid-market operators 21 Investimenti and Quadrivio sgr.
Ardian, led by its managing partner Dominique Gaillard, will buy a 72 pct stake in Rgi shareholders’ capital while founder Paolo Bernini will be diluted to 20 pct from a previous 40pct and the management, led by ceo Vito Rocca, will own an 8 pct stake.
The deal was conducted on an enterprise value basis of 80 million euros for the group and was financed by a 30 million euros financial facility’including revolving lines by Unicredit.
The deal will be signed at the end of next June, when net financial debt for the group is going to be down to zero from 4.5 millions at the end of 2013. Last year Rgi group reached revenues of more than 50 millions (from 47.5 millions in 2012) and a 15 millions ebitda (from 12.5 millions).
The auction for the sale was managed by Mediobanca and many international private equity operators had been interested, Palamon Capital was said to be one of them. Ardian, thanks to its insurance sector origin and contacts (it used to be Axa’s private equity branch) will certainly help Rgi group in its international development around Europe.
