March 28, 2024

DealBook: CVC Capital to Buy Cerved for $1.49 Billion

LONDON – The European private equity firm CVC Capital Partners has agreed to buy the Italian credit data and business intelligence company Cerved from two rival private equity firms, Bain Capital and Clessidra.

Under the terms of the deal, CVC Capital will pay 1.13 billion euros ($1.49 billion) for Cerved.

CVC will seek to expand Cerved’s business outside its core Italian market, where it already serves around 80 percent of the country’s leading companies, according to a statement released on Wednesday.

“Our plan is to continue pursuing the growth of the business both organically and through acquisitions,” Cerved’s chief executive, Gianandrea De Bernardis, said in a statement.

Bain Capital and Clessidra created Cerved in 2008 after they bought several units from local banks to form the company.

Cerved, which currently employs about 1,000 people, reported revenue last year of 292 million euros, a 9 percent increase from 2011, according to Cerved’s Web site.

Deutsche Bank advised CVC Capital on the deal, while HSBC advised Bain Capital and Clessidra. Credit Suisse, Deutsche Bank and HSBC provided financing for the acquisition.

Article source: http://dealbook.nytimes.com/2013/01/03/cvc-capital-to-buy-cerved-for-1-49-billion/?partner=rss&emc=rss