London, 20 August 2018: Volpi Capital (“Volpi”), a specialist European lower mid-market private equity firm, today announces the fourth deal from its first fund – Volpi Capital Fund I – with the management buyout of CycloMedia, a leading global B2B geospatial data and information business headquartered in the Netherlands.
CycloMedia provides intelligent geospatial data and information services by virtualising large cities for B2B governmental and commercial use cases, such as tax assessment, remote infrastructure monitoring, asset inspection for insurance underwriters and visual support for control rooms. Founded in the Netherlands in 1980, CycloMedia operates across Europe and the US with the majority of customers buying a repeat service.
CycloMedia is a highly innovative business that through its Research & Development team has developed proprietary technology providing advanced camera and processing techniques. Its technology is currently used in government, public safety and security markets, as well as in construction, infrastructure management and insurance.
The company, which has over 140 employees, has a track record of strong growth with high margins and had revenues of c.€30m in 2017.
The deal will see Volpi acquiring a majority stake. Working closely with CycloMedia’s management, Volpi plans to add value to the business through continued international expansion, particularly in the US. In addition, Volpi will support management with a buy and build strategy, whilst also enhancing the business’ governance and operations.
Volpi’s average ticket size across its four deals to date has been c.€60m, with the investment in CycloMedia consistent with this.
Commenting on the transaction, Crevan O’Grady from Volpi Capital, said: “CycloMedia matches perfectly with our investment thesis of backing businesses harnessing technologies to improve productivity and efficiency within B2B value chains. I am confident that we can support management in driving transformative growth for CycloMedia through further internationalisation, with a particular focus on the US.”
Frank Pauli, CEO of CycloMedia added: “We have been very impressed by Volpi’s deep industrial knowledge and their ability to truly understand our business and the market opportunity. Having developed a relationship with Volpi over the last year, we are confident that they are the right partner to help us take the business to next level.”
This is Volpi’s first deal since closing its maiden fund – Volpi Capital Fund I – at its €185m hard cap in April 2018.
Volpi was advised by Allen & Overy and PwC.
About Volpi Capital
Volpi Capital is a specialist European lower mid-market private equity firm. Volpi has a thesis-driven approach targeting ambitious businesses using enabling technologies to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, closed its first fund (Volpi Capital Fund I) in April 2018 with commitments of €185 million.
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Founded in 1980 CycloMedia is a leading international provider of data and software solutions virtualising the outside world accurately on-screen. CycloMedia’s customers derive actionable insights from the geo-data platform to power day-to-day decisions remotely and with more accuracy, delivering exceptional ROI. CycloMedia focuses its solutions on tax assessment, asset management, public safety, construction & engineering, utility & transportation and insurance & real estate. CycloMedia employs 140 people and is based in Zaltbommel, the Netherlands, with operations in the US, Germany, and Scandinavia.