M&A Deal Summary

Ardian and ADIA Acquire Dedalus

On July 8, 2016, private equity firm Ardian and sovereign wealth fund ADIA acquired information technology company Dedalus from Mindful Capital Partners, Hutton Collins Partners and Three Hills Capital Partners

Acquisition Highlights
  • This is Ardian’s 13th and ADIA’s 1st transaction in the Information Technology sector.
  • This is Ardian’s 23rd and ADIA’s 1st transaction in Italy.

M&A Deal Summary
Date 2016-07-08
Target Dedalus
Sector Information Technology
Buyer(s) Ardian
ADIA
Sellers(s) Mindful Capital Partners
Hutton Collins Partners
Three Hills Capital Partners
Deal Type Secondary Buyout
Advisor(s) DVR Capital
BNP Paribas Corporate and Investment Banking (Financial)
Eversheds LLP
Gianni Origoni Grippo & Partners (Legal)

Target

Dedalus

Florence, Italy
website
Dedalus is a health software provider that develops and distributes software systems for general practitioners and primary care pediatricians in the health care industry. Dedalus was formed in 1990 and is based in Florence, Italy.

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Buyer(S) 2

Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 272 of 416
Sector (Information Technology) 13 of 24
Type (Secondary Buyout) 85 of 135
Country (Italy) 23 of 33
Year (2016) 21 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-06 Envision Pharma

Horsham, United Kingdom

Envision Pharma is a global technology and scientific communication company serving the pharmaceutical, biotechnology, and medical device companies. Envision has grown steadily under consistent leadership across its three core business areas that include scientific solutions – strategic publication planning and related data dissemination services, technology Solutions – design, development, implementation, and support of innovative and strategic management software for life sciences clients including publication planning and management (DatavisionTM), clearance approval (dvClear), and activity request management (Visiontracker) and professional consulting solutions policy, process, compliance and guideline consultancy to life-science companies. Envision Pharma was founded in 2001 and is based in Horsham, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-12 Ionisos

Civrieux-d’Azergues, France

Ionisos is a provider of cold sterilisation services for medical devices, raw and finished materials for the pharmaceutical and cosmetic industries and for the food and pharma packaging sectors. Ionisos was founded in 1993 and is based in Civrieux-d’Azergues, France.

Buy -
Buyer

ADIA

website

Category Sovereign Wealth Fund
Founded 1976
PE ASSETS 875.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 2 of 12
Sector (Information Technology) 1 of 3
Type (Secondary Buyout) 2 of 3
Country (Italy) 1 of 1
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-13 Domestic & General

London, United Kingdom

Domestic & General is a specialist provider of extended warranty plans for domestic appliances and consumer electronic products. Domestic & General Group was formed in 1912 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-10 Alight Solutions

Lincolnshire, Illinois, United States

Alight Solutions is a provider of outsourced benefits administration and human capital technology. The Company helps drive better health and financial outcomes for employers, employees and plan participants by leveraging proprietary technology, deep domain expertise and global delivery capabilities.

Buy $4.8B

Seller(S) 3

SELLER

Mindful Capital Partners

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2007
PE ASSETS 1.3B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Mandarin Capital Management SA is a Chinese-European private equity firm that seeks to invest in mid-market Italian and German companies looking to expand into Asia. Mandarin Capital looks to invest €10 to €30 million in companies generating revenues of €40 to €300 million. The Firm will consider both majority and minority equity positions. Prospective transaction situations include buyouts (MBOs, MBIs, and LBOs) and growth /development capital financings. Mandarin Capital Partners was formed in 2007 and has offices in Luxembourg, Milan, Frankfurt, and Shanghai.

DEAL STATS #
Overall 8 of 12
Sector (Information Technology) 1 of 1
Type (Secondary Buyout) 2 of 5
Country (Italy) 6 of 10
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-05 Archimica

Lodi, Italy

Archimica offers small- to large-scale commercial manufacturing as well as analytical support for the global biopharmaceutical market. The company is specialized in custom synthesis and the manufacture of active pharmaceutical ingredients (“APIs”). Archimica was founded in 1946 and is based in Lodi, Italy.

Sell $358M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-22 Mipharm

Milano, Italy

Mipharm is a provider in the development of generic medicines and pharmaceutical products. Mipharm was founded in 1998 and is based in Milano, Italy.

Buy -
SELLER

Hutton Collins Partners

London, United Kingdom

Investor

website

Category Private Equity Firm
Founded 2007
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Hutton Collins is a UK-based investor in established, profitable, mid-sized Western European businesses. Hutton invests mezzanine, preferred, and minority equity capital to support buyouts, acquisition financings, expansions, restructurings, and shareholder liquidity needs. Hutton generally invests €35 to €100 million in businesses valued between €100 and €500 million. The Firm has particular interest in opportunities throughout Spain, France, and Italy. Hutton is a generalist investor and has deep expertise in business services, leisure, healthcare, and financial services. Hutton Collins is based in London.

DEAL STATS #
Overall 15 of 18
Sector (Information Technology) 2 of 2
Type (Secondary Buyout) 2 of 2
Country (Italy) 2 of 2
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-11 The Vincent Hotel Group

Amsterdam, Netherlands

The Vincent Hotel Group is an operator of internationally branded, select-service hotels in the Netherlands. It operates 11 hotels under the Holiday Inn Express, Holiday Inn, and Hampton by Hilton brands. The Vincent Hotel Group is based in Amsterdam, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-30 Wagamama

Southwark, United Kingdom

Wagamama provides pan-Asian inspired cuisine serving food based on Japanese cuisine with 108 restaurants around the world. Wagamama was formed in 1992 and is based in London. United Kingdom.

Sell £559M
SELLER

Three Hills Capital Partners

Investor Investor

website

Category Private Equity Firm
Founded 2013
PE ASSETS 1.0B EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Three Hills Capital Partners is a generalist private equity firm focused on growth-oriented company investments across Europe. Three Hills looks to commit €30 to €100 million per transaction in companies with healthy balance sheets, strong competitive positions in stable markets. Sectors of interest include retail, consumer products, leisure, niche manufacturing, and services. Three Hills Capital Partners was formed in 2013 and is based in London.

DEAL STATS #
Overall 1 of 6
Sector (Information Technology) 1 of 1
Type (Secondary Buyout) 1 of 2
Country (Italy) 1 of 2
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-18 Tomorrow London

London, United Kingdom

Tomorrow London is a sales platform for emerging brands in the fashion industry. Tomorrow represents over 50 brands globally, and manages 3 permanent showrooms in Milan, Paris, and London, where it provides a diverse range of product offerings and a high-quality shopping experience for retail buyers from some of the largest department stores around the world. Tomorrow London was established in 2008 and is based in London, England.

Buy £15M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-20 Pelostop

Barcelona, Spain

Pelostop is a provider of laser hair removal services. Pelostop provides service in the market, utilizing premium Alexandrite and Diode machines suitable for almost any skin type. Pelostop was established in 2005 and is based in Barcelona, Spain.

Buy -
Mergr

Product

Company

Legal