Mediobanca acted as financial advisor to Bain Capital the largest buyout in Italy in the last 18 months.
On 5 February 2020, Bain Capital signed an agreement to acquire a controlling stake in Engineering Ingegneria Informatica S.p.a. (“Engineering” or the “Company”) from Apax Partners and NB Renaissance. NB Renaissance will reinvest with a significant stake in the Company through a new fund.
Founded in 1980 and headquartered in Rome, Engineering is a leading specialist provider of IT services, software development and digital platforms, supporting both governments and corporates in digital transformation projects. Engineering also offers leading niche proprietary software solutions that meet specific client needs in certain verticals such as finance, healthcare and utilities. The Company has more than 60 offices in 10 countries in Europe, the USA and South America, and more than 11,000 employees.
Since its delisting in 2016, the Company outperformed original forecasts with solid top-line growth (c. 11% CAGR 2015-2019E), profitability and cash flow generation achieving revenues of c. €1.3bn and EBITDA of c. €160m (12% EBITDA margin).
The Transaction value has not been officially disclosed but this is the largest buyout in Italy in the last 18 months.
Bain Capital is one of the largest multi-asset alternative investment company with approximately USD 105 billion of assets under management.
Mediobanca involvement as financial advisor of Bain Capital was possible thanks to strong senior coverage of Bain Capital and the joint effort of FSG and TMT teams who cooperated seamlessly.