Funds advised by CVC Capital Partners (‘CVC') today announced the €1.13 billion acquisition of Cerved, Italy's leading provider of business credit information.
Cerved, whose history goes back to 1974, was created through the successful integration of 7 companies during 2008‐11. Cerved provides credit and business information to over 30,000 clients, including 90% of Italian banks and over 80% of Italy's top 1,000 companies. Cerved has the most comprehensive database of corporate information in Italy, including corporate and financial details, payment history, customer and supplier relationships, and proprietary information sourced through its own network of interviewers. With revenues of €292m in 2012, the Company employs 1,020 people. The senior management team is led by Gianandrea De Bernardis, Edoardo Romeo, Roberto D'Ascanio, Giovanni Sartor, Fabio Bui, Natalia Leonardi, Stefano Matalucci, Flavio Mauri, Andrea Mignanelli, Valerio Momoni.
Gianandrea De Bernardis, CEO, said: "I am excited to work with CVC in the next phase of the development of Cerved. Our plan is to continue pursuing the growth of the business both organically and through acquisitions consistently with what we have done in the past few years. This is in line with our strategy of improving quality of services and of innovating our offer to always better serve our customers in this mission critical area."
Giampiero Mazza, Head of CVC in Italy, said: "Cerved is a high quality business that has demonstrated the ability to grow through a most challenging economic environment. Under Bain Capital and Clessidra, Gianandrea and his team did a fantastic job in transitioning the Company from a bank-owned captive provider of credit information into an independent leader across the banking and corporate markets. We look forward to support the next phase of Cerved's growth into adjacent markets as well as internationally."
Luca Bassi, Managing Director at Bain Capital said: "We are delighted to have supported Gianandrea De Bernardis and his management team in the carve out of Cerved from a group of Italian banks, its integration with Lince and Honyvem and the creation of the leading Italian business information provider. We wish the Company and CVC continued success in their growth in Italy and internationally."
Maurizio Bottinelli, Partner at Clessidra said: "We are glad we supported the management and the Company in achieving the leading position it currently enjoys and a strategic role in the Italian economic environment. We wish the Company, as well as its stakeholders, will benefit from further future value creation."
The completion of the transaction is subject to customary competition clearances.
CVC was advised by Deutsche Bank (lead), Lazard, Eidos Partners, Chiomenti, Kirkland & Ellis, Bain and Company, Ernst & Young and Facchini Rossi Scarioni. Bain Capital and Clessidra were advised by HSBC (lead), Banca Intesa, Gattai Minoli & Partners, Kirkland & Ellis, PwC, McKinsey & Company, Capital Market Initiatives, Pirola Pennuto, Zei & Associati and Vitali Romagnoli Piccardi e Associati. Crédit Suisse, Deutsche Bank and HSBC have provided committed financing for the transaction.
For further information, please contact: Alessandro Iozzia, Brunswick, for CVC Capital Partners (+39 335 7187205 / +39 02 92886200)
Luca De Giovanni, Barabino & Partners, for Cerved Group (+39 335 5332383 / +39 02 72023535)
Hazel Stevenson, PR for Bain Capital (+44 7515 597 857)
Moro Valentina, Carlobruno & Associati, for Clessidra (+39 335 218478 / +39 02 89055101)
About CVC Capital Partners
CVC is one of the world's leading private equity and investment advisory firms. Founded in 1981, CVC today has a network of 21 offices and some 280 employees throughout Europe, Asia and the US.
Currently, CVC manages funds on behalf of over 300 investors from North America, Europe, Asia and the Middle East, who entrust their capital to CVC for periods of 10 years or more. Raised from pension funds, financial institutions and various other partners, CVC Funds seek to identify attractive investments and develop sustainable, long-term value in close partnership with management teams. To date, CVC has secured commitments of over US$50 billion in funds from a diverse and loyal investor base, completing over 300 investments in a wide range of industries and countries across the globe, with an aggregate transaction value of around US$167 billion.
For further information, please visit www.cvc.com.
About Bain Capital
Bain Capital is one of the world's leading private investment firms with approximately USD 66 billion in assets under management. The firm works alongside the management teams of the companies it invests in to further their growth and development. Its executives have extensive operational and consulting experience and since 1984 have invested in over 300 companies worldwide. Bain Capital has a distinctly people-intensive, value-added approach to investing, with a strong emphasis on supporting management teams to drive strategic and operating improvements. Bain Capital Europe, the firm's European private equity affiliate, has been investing with the same philosophy since 1989. Bain Capital's Italian private equity investments have included TeamSystem, Lince and Seat Pagine Gialle (1997). Bain Capital has offices in London, Munich, Boston, Chicago, New York, Hong Kong, Mumbai, Shanghai and Tokyo. For further information about Bain Capital: www.baincapital.com
Clessidra SGR S.p.A. is the largest independent Italian private equity firm. After having invested its first fund of €820 million, Clessidra is now investing its second fund (Clessidra Capital Partners II - "CCPII") with a size of €1.4 billion. CCPII raised its funds from leading Italian institutions, such as bank foundations, commercial banks and insurance companies, and from leading international institutions. Clessidra enjoys the most relevant investment team dedicated to the Italian market and all its professionals have a deep knowledge and a longstanding experience of the local environment.
Clessidra's portfolio includes companies with distinctive leading position in their respective sector. Relevant Clessidra investments are Sisal, Euticals, Balconi, Giochi Preziosi, Asset Management Holding.
For further information, please visit www.clessidrasgr.it.