Funds advised by Apax Partners and NB Renaissance Partners (“NBRP”) announced the sale of their stake in the Italian IT company Engineering Group to a Bain Capital Private Equity consortium and different funds advised by NBRP.
Headquartered in Rome, Engineering is a global supplier of IT services focused on digital transformation with more than 11,000 staff at 65 locations worldwide. The organization designs, produces and operates creative IT technologies for areas of industry where digitisation has the biggest effect.
In 2016, the Apax Funds purchased Engineering alongside NBRP, founder Michele Cinaglia and senior executives in a take private transaction that saw the Milan Stock Exchange firm delist. Apax and NBRP have also partnered together with the management team to produce solid organic growth and to execute an accretive M&A strategy.
In that four year period, the number of Engineering employees roserose from c.3,000 to c.11,000 asgroup executed 19 acquisitions both in Italy and abroad, serving as a platform for consolidation in a fragmented market.
The transaction remains subject to regulatory approvals and financial details were not disclosed.
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