Chaucer parent BIP welcomes new private equity owner
Chaucer’s parent consulting group BIP has been acquired by CVC Capital Partners, as it looks to boost its international growth trajectory. The Italian headquartered firm purchased Chaucer in 2020.
Founded in 2003, BIP is a consulting network which provides strategic consultancy services to companies around the world. It specialises in supporting companies in the research and adoption of technological solutions to support their international growth.
In recent years, it has been committing to a sustained expansion drive, and company now employs over 3,500 people world-wide. As well as servicing its original market of Italy, it now works in England, Spain, Turkey, Brazil, Belgium, Switzerland, Austria, United States, United Arab Emirates, Chile and Colombia. Most recently, BIP’s efforts to strengthen and diversify saw it purchase Italy-based Vidiemme and 300-strong UK firm Chaucer in 2020, in a move which was expected to push revenues to push BIP’s revenue to £313 million at the end of the year.
Now, as the firm looks to build on this early growth, it has emerged that CVC Capital Partners has purchased a majority share in BIP. Financial details of the transaction have not been disclosed, however according to Reuters, BIP has been valued at around €720 million (£619.9 million). This would see Apax Partners exit its stake in the firm with a notable profit, having bought 62% of its shares in 2018 for a reported €200 million.
Andrea Ferrante, who is a Senior Managing Director at CVC, noted, “The growth trajectory enjoyed by BIP in the past few years is testament to the quality of the services it delivers and the relationship of partnership it has been able to create with its loyal customers. We look forward to helping them execute their ambitious international plans.”
While CVC will become the majority shareholder of BIP, the move sees co-CEOs Carlo Capè and Fabio Troiani retain a minority stake, along with the firms other equity partners – including Chairman Nino Lo Bianco. According to Troiani and Capè, the injection of funds will fuel the company’s goal “to become one of the world’s leading advisory firms.”
The pair added, “We are thrilled to welcome CVC. This partnership opens a new phase for our group, allowing us to work on further ambitious international growth objectives and to strengthen our excellence in the digital transformation sector.”
As is always the case with major M&A activity, the deal was advised by a cohort of professional services firms. Buyer CVC was advised by BNP Paribas, Latham & Watkins, Facchini Rossi Michelutti, PwC and Bain & Company. At the same time, sellers Apax Partners and BIP were supported by Equita, Rothschild, Allen & Overy, Lodovico Bianchi Di Giulio, BonelliErede, PwC, Aon and OC&C Strategy Consultants.
