On December 21, Altor Fund II (“Altor”) and Triton Fund II (Triton) announced that they have agreed to divest the majority of its current holding in OptiGroup to a holdco controlled by FSN Capital VI (FSN). Altor, Triton and RoosGruppen will retain a minority holding in the company.
Headquartered in Mölndal, Sweden, OptiGroup has developed into a leading European business-to-business distributor of business essentials. OptiGroup provides solutions and products within facility, safety, foodservice, industrial packaging, paper and business supplies. OptiGroup’s companies support more than 90,000 customers in 16 countries across Europe.
“We are proud of what OptiGroup has become after 14 years of hard work with transformative acquisitions, divestments and operational efficiency. Today OptiGroup is a leading diversified distributor of business essentials and we believe the company will continue to grow within its core segments. We have greatly enjoyed working with a very dedicated and entrepreneurial management team as well as with Triton and RoosGruppen to support the company on this transformative journey. We are happy to pass the baton to FSN who we believe are very well positioned to take the company to the next level and are excited to retain a minority ownership” says Bengt Maunsbach, Partner at Altor.
”OptiGroup as it looks today is the product of many years of hard work to reposition the company to become a Nordic B2B distribution champion within business essentials. We believe it is now ready to take the next step, under FSN’s ownership, to continue and accelerate this journey towards becoming a pan-European champion supported by strong underlying market growth and a clear add-on agenda. We have enjoyed working together with the management team and now look forward to continue supporting the company as minority shareholders together with our existing partners Altor and RoosGruppen” says Sebastian Lapinski, Investment Advisory Professional at Triton.
OptiGroup’s current management team will continue to lead the company on this next leg of the journey.
“We are very proud of the transformation achieved during the partnership with Altor, Triton and RoosGruppen. The industry has gone through very turbulent times and our ability to always think and act long-term has put us in the great position we are in today. The commitment from our owners have been essential and we are excited about the plans going forward with FSN and very happy that Altor, Triton and Roos-gruppen will continue to be shareholders” says Søren Gaardboe, CEO of OptiGroup.
The parties have agreed not to disclose financial details of the transaction, which remains subject to customary regulatory approvals.
Jefferies and Carnegie acted as financial advisers on the transaction.
For more information, please contact:
Tor Krusell, Head of Communications at Altor, tor.krusell@altor.com, +46 705 43 87 47
About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Oceans Apart, Rossignol, Norican Group, PIAB and Gunnebo. For more information visit www.altor.com.
BOSTON–(BUSINESS WIRE)–Audax Private Equity (“Audax”) today announced that it has successfully completed the sale of Acuant, Inc. (“Acuant”) to GB Group Plc (“GBG”).
Acuant is a leading identity verification and KYC/AML compliance provider. Founded in 1999 and headquartered in Los Angeles, California, Acuant’s product offerings include identity verification, digital identity / eDNA proofing, and anti-fraud regulatory compliance tools. Acuant has more than 200 employees worldwide, serving a base of over 1,000 customers.
Since coming under Audax ownership in September of 2018, Acuant has achieved several key milestones of transformative growth:
Led significant team buildout efforts in critical engineering and go-to-market roles to accelerate revenue growth and product innovation
Diversified from a physical ID verification point solution to a primarily cloud-based digital identity proofing and fraud prevention platform
Completed the acquisitions of IdentityMind and Hello Soda to expand their product suite, breaking into new verticals and strengthening footholds within existing ones
Received FedRAMP Authorization for their cloud-delivered identity verification solution for government agencies
Tim Mack, Managing Director at Audax, remarked, “We are proud of the growth that Acuant has achieved in such a short period of time. The team has built a comprehensive identity verification and compliance platform, that has helped establish them as a leader in the global identity market.”
Iveshu Bhatia, Managing Director at Audax, added, “Our partnership with Acuant over the past few years has been highly collaborative. We are proud of everything the team has accomplished and wish them all the best as they continue their journey with GBG.”
Yossi Zekri, Chief Executive Officer of Acuant, commented, “Audax has played a crucial role in helping Acuant execute on its growth plan over the past few years. Through their support, we were able to establish a strong set of business fundamentals, bring on a world-class management and engineering team, and execute two highly strategic acquisitions. We are excited for the next phase of our journey with GBG as we look to become a true leader in global digital identity verification.”
Raymond James Financial served as financial advisor and Kirkland & Ellis served as legal advisor to Acuant.
IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has acquired DA Languages Ltd. (“DAL” or “the Company”) from Foresight Group (“Foresight”). Financial terms of the transaction are not disclosed.
Founded in 1998 and headquartered in Manchester, DAL is one of the fastest growing language services providers in the UK, providing critical services to organisations communicating with non-English speakers. With a network of over 8000 mother tongue interpreters and translators, DAL’s offering spans face-to-face, video and telephone interpretation along with written translation services. Over 450 languages and dialects are provided, including sign language, enabling better outcomes for all stakeholders. Promoting inclusivity and equality is at the heart of DAL’s operations, ensuring that language barriers are removed in critical situations, particularly in healthcare and legal settings.
IK is acquiring the Company from Foresight, a leading listed infrastructure and private equity investment manager, which invested into DAL from its Regional Investment Fund in May 2018. During Foresight’s ownership, DAL has strengthened its management team, substantially grown its employee base and developed a highly diverse client base of NHS trusts, charities, city councils, and corporates, building a strong reputation for quality provision. The business has also invested significantly in technology and IT infrastructure to support its clients, including the acquisition of Miton Systems, an interpreting technology specialist, enabling DAL to offer its own proprietary video and telephone remote interpreting products.
The incumbent management team, led by Managing Director Matthew Taylor, as well as the founder, Actar Arya, will be reinvesting in the business. IK will work alongside the team to continue scaling DAL both organically and through add-on acquisitions, with a particular focus on investing further in DAL’s differentiated technology offering to broaden the client base across the public and private sectors and expand its range of services.
Tom Salmon, Partner at IK Partners and Advisor to the Small Cap III Fund, commented: “DAL is an excellent business operating in a market underpinned by attractive, long-term growth prospects. We have been very impressed with the achievements of Matthew and the rest of the team in broadening the business’ framework coverage and client base and further developing DAL’s proprietary technology offering. With our strong track record in supporting European technology-enabled services businesses to scale rapidly, we are delighted to be partnering with the management team on the next phase of the business’ journey.”
Matthew Taylor, Managing Director of DA Languages, commented: “We would like to thank the team at Foresight for their support over the past three and a half years; during which time we have grown our offering considerably to meet the critical needs of a broader range of customers. We are excited to partner with IK and benefit from their expertise and experience to further enhance our quality service and technology proposition.”
Claire Alvarez, Partner at Foresight, commented: “It has been such a positive experience working with Matt, Actar and the wider team at DAL, helping them expand their services to support vulnerable people. We are delighted that we have been able to support the Company’s rapid growth, creating so many new jobs whilst making such a worthwhile impact. We wish the team every success for the future.”
For further questions, please contact: IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com
Foresight Group Influential
Chris Barry
Phone: +44 (0)7733 103 693
barry@thisisinfluential.com
About IK Partners
IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 155 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com
D.A Languages Ltd. is a Manchester based language services provider delivering face-to-face, video and telephone interpreting, and written translation services to corporate clients, charities, NHS trusts and city councils. Founded in 1998, D.A. Languages has established an extensive database of 8,000 Mother Tongue Interpreters and Translators offering over 450 languages, making it one of the major language services providers in the UK. For more information, visit www.dalanguages.co.uk
Foresight Group was founded in 1984 and is a leading listed infrastructure and private equity investment manager. With a long-established focus on ESG and sustainability-led strategies, it aims to provide attractive returns to its institutional and private investors from hard-to-access private markets. Foresight manages over 300 infrastructure assets with a focus on solar and onshore wind assets, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and core infrastructure projects and sustainable forestry assets. Its private equity team manages eight regionally focused investment funds across the UK, supporting over 120 SMEs. Its Foresight Capital Management team manages four funds investing in listed real assets with environmental and social benefits, exceeding £1.3 billion Assets Under Management (AUM). Foresight operates from 12 offices across six countries in Europe and Australia with AUM of £8.1 billion as of 30 September 2021. Foresight Group Holdings Limited listed on the Main Market of the London Stock Exchange in February 2021. For more information, visit https://www.fsg-investors.com/
IK Partners (“IK”) is pleased to announce that the IK Small Cap II Fund has signed an agreement to sell its entire stake in BST Group Nordic AB (“BST” or “the Company”) to Norvestor. Financial terms of the transaction are not disclosed.
Founded in 2012 and headquartered in Stockholm, Sweden, BST is a market leading full-service provider of active fire protection services. The Company, which is the largest pure-play active fire protection services provider in Sweden with an emerging presence across the Nordics, employs approximately 430 people across the region.
IK partnered with BST in May 2019 and since then has helped facilitate the Company’s strategic development through its investments in the operations and leadership functions as well as accelerating the Company’s organic growth in existing business areas. During the partnership, BST has also expanded into new service niches such as fire engineering, The organic growth-focused efforts were paired with an ambitious buy-and-build strategy, which entailed six bolt-on acquisitions in addition to greenfield establishments in Denmark and Norway.
Kristian Carlsson Kemppinen, Managing Partner at IK Partners and Advisor to the IK Small Cap II Fund, said: “BST has grown substantially over the course of our partnership from a local sprinkler specialist in Sweden into a national active fire protection leader with a growing Nordic presence. Through a focus on operational excellence and strong organic growth coupled with selective acquisitive growth, we’ve achieved almost a tripling of EBITA and entry into new attractive business areas and markets. We wish the team at BST every success in the future.”
Peter Bühler, CEO and Co-Founder of BST, commented: “IK has been a terrific partner over the last two and a half years, combining direct knowledge of our sector and offering value accretive hands-on support. Their support enabled our growth ambitions to materialise, allowing us to accelerate the growth of our core business as well as expanding our service offering organically and through complementary acquisitions.”
Completion of the transaction is subject to legal and regulatory approvals.
IK Partners
Maitland/AMO
James McFarlane
+44 (0) 7584 142665
jmcfarlane@maitland.co.uk / ik-maitland@maitland.co.uk
IK Partners
IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 155 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com
BST Group AB is a Nordic full-service provider of active fire protection services with a market leading position in Sweden. The company’s mission is to protect people, societies and its vital functions by offering fire engineering and consultancy services, installation of fire protection systems and aftermarket & refurbishment services. In a decentralized way, BST aims to provide profitable growth through organic expansion while developing and acquiring successful companies in its niche managed by local passionate entrepreneurs. The company was founded 2012 by four industry veterans and has today approximately 430 full-time employees. For more information, visit: https://bstab.com/
Bolster Investment Partners acquires a majority stake in Public Search. For over 13 years, Public Search has been the leading intermediary between finance professionals and organizations in the public domain. By obtaining a majority stake, Bolster will support Public Search in realizing its strong growth ambitions. The acquisition marks the first investment from the recently launched Bolster Investments II fund.
“A small organization but large within its niche.” When it comes to the mediation of highly sought-after finance professionals, Public Search is the market leader in the healthcare and education segment. Additionally, with the support of Bolster Investment Partners, Public Search will further expand its position in the local government segment. The company does this by offering interim services for freelancers, secondment services for their project consultants and recruitment services. Its mission is to be the standard of financial experts in the public sector. Public Search serves approximately 250 unique clients, including leading clients as the Municipality of Utrecht, Erasmus University Rotterdam and Amsterdam UMC.
Public Search was founded in 2008 by Wilco Kosters and Cengiz Çetintas. The company has been growing by approximately 20% per year and expects over €23 million revenue in 2021. The organization currently consists of 80 project consultants and 130 freelancers. Additionally, the organization has a carefully selected network of more than 1,000 freelancers, with whom they work on a regular base. To stimulate and boost the development of their employees, Public Search offers tailored (inhouse) training and development programs via the Public Search Academy, including the opportunity to participate in certain postgraduate programs as Register Controller or Certified Public Controller.
With Bolster as a partner, the successful strategy of Public Search will be continued and complemented with various growth and professionalization initiatives. Over the past few years Wilco and Cengiz have been transferring their responsibilities to the wider organization, making the sale to Bolster a logical next step. Alongside Bolster, a significant part of the employees invest in the company, highlighting the dedication and commitment of the team.
Mark van Rijn, partner Bolster Investment Partners: “We are very happy that Public Search has chosen Bolster as its long-term partner. Public Search is a real peoples business that highly values its employees. By focusing on quality and specific profiles, a dominant market position has been built in the limited-cyclical market segments that the company has selected. We look forward to further developing and growing the organization together.”
Wilco Kosters, DGA Public Search: “We are proud of what we have built together over all those years and where Public Search currently stands. The transfer of our knowledge and responsibilities has been conducted with the greatest care. In addition to the personal connection, we have a lot of confidence in the team of Bolster and their long-term investment focus. We leave a healthy and talented organization behind us and are confident that, together with all the employees, the success story will be continued.”
For more information, please contact: Bolster Investment Partners
Mark van Rijn: +31 6 2060 1305
About Public Search Public Search, located in Hilversum, is the leading intermediary between finance professionals and organizations within the healthcare, education and local government sector since 2008. Public Search offers interim, secondment and recruitment services. Its mission is to become the standard of business controllers in the public sector.
About Bolster investment Partners Bolster Investment Partners is a long-term investor specialized in minority interests. Bolster invests in exceptional Dutch companies with a keen focus and a proven business model. Bolster helps entrepreneurs realize their company’s full potential. By acting as equal partners to make the difference.
The Bolster Investment Partners team spun off in 2017 from Van Lanschot Kempen NV, where it was running Van Lanschot Participaties since 1982. Bolster’s three partners have been working together for more than ten years. The Bolster team has further developed into a committed and attuned team of twelve professionals. Bolster has a proven track record; since 1982, we have successfully collaborated with more than 100 companies.
4 October 2021 – Projective Group, the international consulting firm, has today announced its acquisition of the Dutch management consultancy Mastermind. With this acquisition, Projective Group increases its annual revenue to approximately € 60 Million and has over 450 experts across 6 European countries.
The partnership, which sees the Dutch firm become a full subsidiary of the larger group, is the latest in a series of acquisitions by Projective Group as part of its plans for expansion across Europe. Prior to Mastermind, Projective Group acquired DTSQUARED, a London-based data consultancy, in early August of 2021.
Mastermind’s team of 30 consultants will help position Projective Group in the specialised Dutch pensions market. They bring complimentary experience and an excellent track record in organisational acceleration, strategy, advice, and digital transformation in pensions, insurance and banking in The Netherlands.
4 October 2021 – Projective Group, the international consulting firm, has today announced its acquisition of the Dutch management consultancy Mastermind. With this acquisition, Projective Group increases its annual revenue to approximately € 60 Million and has over 450 experts across 6 European countries.
The partnership, which sees the Dutch firm become a full subsidiary of the larger group, is the latest in a series of acquisitions by Projective Group as part of its plans for expansion across Europe. Prior to Mastermind, Projective Group acquired DTSQUARED, a London-based data consultancy, in early August of 2021.
Mastermind’s team of 30 consultants will help position Projective Group in the specialised Dutch pensions market. They bring complimentary experience and an excellent track record in organisational acceleration, strategy, advice, and digital transformation in pensions, insurance and banking in The Netherlands.
MELBOURNE, Australia–(BUSINESS WIRE)– Quadrant Private Equity, Five V Capital, Rodney Kagan andothershareholders of Probe CX (“Probe” or the “Company”) today announced they have entered into an agreement under which KKR will acquire a majority stake in Probe alongside existing management. The investment will be used to further fuel Probe’s robust growth and strengthen its digital capabilities to enhance its service offering to customers.
Probe is a leading provider of customer experience (“CX”) and business process outsourcing (“BPO”) solutions based in Australia. Probe was founded by Co-chairman Rodney Kagan in 1979 and is now the largest provider of outsourced CX and BPO services in Australia and New Zealand, with more than 600 clients and over 15,000 staff located in its 33 offices across the globe.
Andrew Hume, CEO of Probe, said: “Customer experience is truly at the heart of our business. Through our intelligent, tailored solutions, Probe enables companies to consistently deliver positive and enriching experiences to their customers. With this mission in mind, we are really excited to welcome KKR as a shareholder and value-added strategic partner, as their experience in transforming CX and BPO companies globally will be invaluable in our next phase of growth.”
Gareth Woodbridge, Managing Director at KKR, said: “We are excited to work closely with Andrew and his team to expand Probe CX’s leading market position. We look forward to leveraging KKR’s industry and operational expertise to help accelerate Probe CX’s growth plans and to scale its digital services capabilities and footprint for the benefit of its customers.”
Rodney Kagan, Founder of Probe, said: “It is with much pride and joy that after 43 years I can see Probe continue as the leader in the customer experience and outsourcing industry. Probe’s success has always been to surround itself with the most brilliant, committed, and professional team. I am so passionate for Probe’s future and feel very excited to see KKR help take the Company to the next level on its global journey.”
Jonathon Pearce, Managing Partner of Quadrant Private Equity, said: “Probe is a fantastic business led by an exceptional team which has been at the forefront of digital innovation. Over the past 18 months Probe has continued to ensure customers and consumers received the highest quality support despite the external challenges. Now, with KKR’s global reach and capabilities, we believe the business will continue to grow and enhance its service offerings for customers in the years ahead.”
KKR is making this investment from its Asian Fund IV. The firm’s investment in Probe CX builds on its long history of investing in Australia. KKR also has experience in successfully growing businesses in the CX industry globally, including its prior investment in Webhelp – a leading provider of CX and BPO solutions throughout Europe.
The transaction is expected to be completed by the end of calendar year 2021, subject to regulatory approvals and other customary closing conditions. Additional details of the transaction were not disclosed.
Probe CX was advised by Morgan Stanley Australia Limited, PwC, and Gilbert + Tobin. KKR was advised by Credit Suisse, King & Wood Mallesons, and EY.
About Probe CX
Probe CX is a globally recognised and award-winning customer experience organisation that designs and deploys solutions to bolster and optimise our client operations. Founded more than 40 years ago and with 15,000-plus staff across five countries, the company delivers exceptional customer experiences through its deep knowledge and capabilities in Contact Centre and Customer Management, Digital Consulting, Intelligent Automation and Analytics. Probe CX also provides Shared Services such as Finance and Accounting services and Help Desk/Support Desks and specialist Knowledge Services such as SEO/SEM marketing, software and web development, health care and loan processing.
About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About Quadrant Private Equity
Quadrant Private Equity was first established in 1996 (firstly as Quadrant Capital) and is a leading Sydney-based mid-market private equity firm investing in companies in Australia and New Zealand. Quadrant Private Equity has raised $7 billion and 12 funds since inception. Its latest funds, QPE No. 7 and Quadrant Growth Fund 2, have $1,240 million and $530 million in equity commitments respectively for private equity investment Quadrant has extensive investment experience, having led 83 investments in the past 11 funds (with 60 exits) across a range of sectors including retail, healthcare, media, consumer foods, financial services, eCommerce and other sectors.
About Five V Capital
Five V Capital, a certified B Corporation, is a private equity fund manager based in Sydney with over $900 million of funds under management. Five V’s unique investment approach is underpinned by a philosophy of alignment and is reflected in the Five V Capital team being the largest investors across its funds. This alignment between team, investors, partners and management teams is a key component of Five V’s success. Five V Capital’s current portfolio contains several leading businesses including Penten, APP Corporation, Zenith Investment Partners, Totara Learning, Monson Agencies, Probe CX, Education Perfect and Plenti. For more information about Five V Capital, please visit Five V’s website at https://www.fivevcapital.com and on LinkedIn at https://www.linkedin.com/company/fivevcapital.
The combined business will provide an integrated suite of cloud payroll and accounting software tools for accounting bureaus and small to mid-sized businesses in the UK and Ireland.
Dublin, Republic of Ireland, and London, United Kingdom. 28th September 2021. BrightPay, a leading provider of payroll and HR software solutions, and Relate Software (“Relate”), a champion in post-accounting, practice management and bookkeeping software, today announce that they have agreed to join forces to create a software champion serving payroll and accounting bureaus and SMEs across the Republic of Ireland and the United Kingdom.
Paul Byrne, co-founder and CEO of BrightPay, and Ray Rogers, co-founder and CEO of Relate, will remain as significant investors in the combined business and will become co-CEOs. Ross Webster and Richie McMahon, also co-founders of BrightPay and Relate respectively, will also remain as investors and will continue to focus on developing the combined business’ best-in-class product suite.
Hg, a leading software and services investor with over two decades’ experience in growing tax & accounting technology businesses across Europe and North America, will become majority investor in the combined business.
The two complementary businesses will bring together their operational strengths and sector-leading products whilst, with the support of Hg, investing further in new cloud innovations to deliver increased automation, efficiency and value for their customers. The combined group will have over 190 employees and has plans to further grow headcount to continue providing best-in-class services and support for its payroll, accounting and SME customers across both the UK and Ireland.
“We are delighted to be joining with Ray and his team at Relate. They have a proven track record in a sector we know well and, together, we will aim to be a leading solution for many businesses and accountancy firms. We are also delighted that Hg continues to support us. Their deep sector knowledge has proven invaluable to us and will be instrumental in fuelling the further growth of BrightPay/Relate.”
Paul Byrne, founder and CEO of BrightPay
“Combining products from both businesses will provide a compelling offering for our customers, with the scope and backing for further innovation and development. I’m looking forward to working with Paul and am also excited to welcome Hg, a leading software investor with a track record of supporting growth in Irish software businesses.”
Ray Rogers, founder and CEO of Relate
“Both BrightPay and Relate are very highly regarded businesses and champions in their field. The two companies bring together core operational strengths whilst also unlocking a high-quality, complementary suite of products to a newly combined customer base. We’re proud to bring together this highly accomplished team. This is a sector and region we know deeply and we are excited for what we’ll all be able to achieve together.”
Jonathan Boyes, Hector Guinness and Thomas Martin at Hg
The terms of the transaction are not disclosed.
Media Contacts:
Hg
Tom Eckersley
Tom.Eckersley@hgcapital.com
+44 208 148 5401
About BrightPay
BrightPay is a modern payroll and HR software for accounting and payroll bureaus and SMEs. It takes care of every aspect of running your payroll, from entering employee and payment details to creating payslips and sending RTI submissions. BrightPay has been designed from the ground up to be really simple, yet with no compromise on payroll features. It’s priced fairly with no hidden costs and free support. Our products are in use by over 330,000 employers in the UK and Ireland. As a customer-focused company, we strive to look after each and every one of them. BrightPay is also known as Thesaurus Software, a company with over twenty years of industry experience in the UK and Ireland. For more information visit: https://www.brightpay.ie/
About Relate Software
Relate Software was formed in 2002 from the former management team of Apex Software. We have been building software for the accountancy profession for over 25 years. Relate is dedicated to building innovative and focused products specifically for the accountancy profession. Its offering includes Surf products, a modern, cloud native product suite of bookkeeping, post-accounting, and practice management software to accountancy bureaus and SMEs in the Republic of Ireland. Relate’s product suite also includes compliance, company secretary, personal and corporation tax, and enterprise payroll software. For more information visit: https://www.relate-software.com/
About Hg
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.
The combined business will provide an integrated suite of cloud payroll and accounting software tools for accounting bureaus and small to mid-sized businesses in the UK and Ireland.
Dublin, Republic of Ireland, and London, United Kingdom. 28th September 2021. BrightPay, a leading provider of payroll and HR software solutions, and Relate Software (“Relate”), a champion in post-accounting, practice management and bookkeeping software, today announce that they have agreed to join forces to create a software champion serving payroll and accounting bureaus and SMEs across the Republic of Ireland and the United Kingdom.
Paul Byrne, co-founder and CEO of BrightPay, and Ray Rogers, co-founder and CEO of Relate, will remain as significant investors in the combined business and will become co-CEOs. Ross Webster and Richie McMahon, also co-founders of BrightPay and Relate respectively, will also remain as investors and will continue to focus on developing the combined business’ best-in-class product suite.
Hg, a leading software and services investor with over two decades’ experience in growing tax & accounting technology businesses across Europe and North America, will become majority investor in the combined business.
The two complementary businesses will bring together their operational strengths and sector-leading products whilst, with the support of Hg, investing further in new cloud innovations to deliver increased automation, efficiency and value for their customers. The combined group will have over 190 employees and has plans to further grow headcount to continue providing best-in-class services and support for its payroll, accounting and SME customers across both the UK and Ireland.
“We are delighted to be joining with Ray and his team at Relate. They have a proven track record in a sector we know well and, together, we will aim to be a leading solution for many businesses and accountancy firms. We are also delighted that Hg continues to support us. Their deep sector knowledge has proven invaluable to us and will be instrumental in fuelling the further growth of BrightPay/Relate.”
Paul Byrne, founder and CEO of BrightPay
“Combining products from both businesses will provide a compelling offering for our customers, with the scope and backing for further innovation and development. I’m looking forward to working with Paul and am also excited to welcome Hg, a leading software investor with a track record of supporting growth in Irish software businesses.”
Ray Rogers, founder and CEO of Relate
“Both BrightPay and Relate are very highly regarded businesses and champions in their field. The two companies bring together core operational strengths whilst also unlocking a high-quality, complementary suite of products to a newly combined customer base. We’re proud to bring together this highly accomplished team. This is a sector and region we know deeply and we are excited for what we’ll all be able to achieve together.”
Jonathan Boyes, Hector Guinness and Thomas Martin at Hg
The terms of the transaction are not disclosed.
Media Contacts:
Hg
Tom Eckersley
Tom.Eckersley@hgcapital.com
+44 208 148 5401
About BrightPay
BrightPay is a modern payroll and HR software for accounting and payroll bureaus and SMEs. It takes care of every aspect of running your payroll, from entering employee and payment details to creating payslips and sending RTI submissions. BrightPay has been designed from the ground up to be really simple, yet with no compromise on payroll features. It’s priced fairly with no hidden costs and free support. Our products are in use by over 330,000 employers in the UK and Ireland. As a customer-focused company, we strive to look after each and every one of them. BrightPay is also known as Thesaurus Software, a company with over twenty years of industry experience in the UK and Ireland. For more information visit: https://www.brightpay.ie/
About Relate Software
Relate Software was formed in 2002 from the former management team of Apex Software. We have been building software for the accountancy profession for over 25 years. Relate is dedicated to building innovative and focused products specifically for the accountancy profession. Its offering includes Surf products, a modern, cloud native product suite of bookkeeping, post-accounting, and practice management software to accountancy bureaus and SMEs in the Republic of Ireland. Relate’s product suite also includes compliance, company secretary, personal and corporation tax, and enterprise payroll software. For more information visit: https://www.relate-software.com/
About Hg
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.
Venice, 27 July 2021 – Fifth transaction for the private equity fund “Gradiente II”, managed by Gradiente SGR, which yesterday completed the investment in FiloBlu S.p.A., a business accelerator specialised in the management of online retail activities and digital services mainly for the fashion and consumer goods sectors. Founded in 2009, FiloBlu has been able to establish itself over the years as a reliable partner for those companies which consider the development and strengthening of the e-commerce distribution channel as a must-have and have integrated them within their corporate ecosystem.
With a turnover of more than €56 million in 2020, the company has more than 200 employees, 4 subsidiaries abroad and sales all over the world. The experience accumulated by the company over the years has enabled it to consolidate its know-how in order to be a reliable partner to support companies in the process of digital transformation and accelerated growth, which will be increasingly required in a system where e-commerce as a distribution channel will be essential to gain or maintain a competitive advantage in the market.
Gradiente has acquired a 67% stake in the company; the remaining 33% is held by Christian Nucibella, who founded and led the company throughout its successful history.
The investment of the private equity fund will give additional boost to FiloBlu in its path as a leader in the digital market of e-commerce and services in the digital transformation field.
“The partnership with Ardian has allowed us to better structure the company and enhance its reputation in the reference market. This second round of investment will allow FiloBlu to continue its growth with the same positive trend achieved over the years, seizing new opportunities unexplored to date, continuing to be a reference for innovative solutions, providing astrategic approach to the market in omnichannel key and development of brand equity for its customers” says Christian Nucibella, Founder of FiloBlu.
“In less than three years, FiloBlu has tripled its turnover thanks to its excellent ability to execute and transform its offer, without losing its entrepreneurial DNA of strong growth and profitability. Christian Nucibella’s proximity and agility have made the difference. A fine picture of our support for digital entrepreneurs,” commented Laurent Foata and Bertrand Schapiro of Ardian Growth.
“FiloBlu is an example of an Italian company active in a market characterised by favourable dynamics and very important growth trends that are affecting the daily activities of retail companies. We are delighted to support the company in this new development project aimed at establishing its leadership, also by seizing important opportunities for value creation through add-ons designed to expand the product offering and consolidate the company’s competitive position in its reference market”, Pietro Busnardo and Lorena Lorenzon of Gradiente SGR commented.
Gradiente was assisted by NCTM Studio Legale for contractual and tax advice, by KPMG for accounting advice and by Klecha & Co for business due diligence. The sellers were assisted by the law firm Giovannelli e Associati.
ABOUT FILOBLU
Founded by Christian Nucibella and based in Milan, Venice and Naples – FiloBlu is an on & offline strategy consultancy with a strong international vocation, offering tailor-made and complete solutions to companies operating in a variety of sectors (including: fashion, lifestyle, food). Strengthened by a team of over 200 specialised talents and studied as a successful case history by the Financial Times and Deloitte, FiloBlu has a sustainable, global and capillary vision at the service of the client, thanks also to solid agreements with international players. It has received numerous awards: FT 1000 Europe’s Faster Growing Companies in 2017, 2018, 2019, 2020, 2021; 350 Digital Stars 2020 by La Repubblica Affari&Finanza; “Leader of Growth” by Il Sole 24 Ore and Statista in 2019, 2020 and 2021; EMEA Technology Fast 500 (since 2015) and Best Managed Companies by Deloitte from 2018 onwards.
ABOUT ARDIAN
Ardian is a world-leading private investment house with assets of US$112bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 750 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
