M&A Deal Summary

Apax, Permira and Clessidra Private Equity SGR Acquire Sisal

On October 18, 2006, private equity firms Apax, Permira and Clessidra Private Equity SGR acquired gaming company Sisal from 21 Invest for 900M EUR

Acquisition Highlights
  • This is Apax’s 1st, Permira’s 2nd and Clessidra Private Equity SGR’s 1st transaction in the Gaming sector.
  • This is Apax’s 22nd, Permira’s 32nd and Clessidra Private Equity SGR’s largest (disclosed) transaction.
  • This is Apax’s 2nd, Permira’s 8th and Clessidra Private Equity SGR’s 5th transaction in Italy.
Investment Fate
  • Sisal was sold to a consortium of financial buyers in 2016 for 1.0B EUR.
  • Sisal was sold to a publicly-traded strategic buyer in 2021 for 1.9B EUR.

M&A Deal Summary

Date 2006-10-18
Target Sisal
Sector Gaming
Buyer(s) Apax
Permira
Clessidra Private Equity SGR
Sellers(s) 21 Invest
Deal Type Secondary Buyout
Deal Value 900M EUR

Target

Sisal

Milan, Italy
website
Sisal is an operator in the Italian gaming market as a government licensee. Through its capillary network of 47,000 points of sale, the company in excess of 500 payment services to the Italian public which are still primarily reliant on traditional cash payments. Sisal is based in Milan, Italy.

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Buyer(S) 3

Buyer

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 60.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from €1 to €5 billion. Apax Partners was formed in 1981 and is based in London.


DEAL STATS #
Overall 101 of 245
Sector (Gaming) 1 of 1
Type (Secondary Buyout) 11 of 61
Country (Italy) 2 of 9
Year (2006) 11 of 15
Size (of disclosed) 22 of 53
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-22 Grupo Itevelesa

Madrid, Spain

Grupo Itevelesa is an independent company of technical inspection of vehicles. operates 72 fixed locations and 20 mobile units across 11 autonomous communities; it also provides industrial safety, metrology, and environmental inspection services. Grupo Itevelesa was founded in 1982 and is based in Madrid, Spain.

Sell €500M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-01 Odigo

Boulogne Billancourt, France

Odigo is an omnichannel cloud platform that supports companies in the management of their customer interactions. Odigo offers cutting-edge technologies that improve both customer satisfaction and employee experience. Odigo was founded in 1986 and is based in Boulogne Billancourt, France.

Buy -
Buyer

Permira

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1985
PE ASSETS 75.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


DEAL STATS #
Overall 55 of 156
Sector (Gaming) 2 of 2
Type (Secondary Buyout) 2 of 41
Country (Italy) 8 of 14
Year (2006) 5 of 9
Size (of disclosed) 32 of 60
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-01 Hogg Robinson

Farnborough, United Kingdom

Hogg Robinson Ltd. is a global B2B services company specializing in travel, payments and expense management. The company helps companies, governments, and financial institutions manage and control their expenditure. The company combines high-quality service delivered by experienced staff with the very latest digital solutions based on our own technology. Hogg Robinson was formed in 1845 and is based in Farnborough, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-01 Iglo Foods Holdings

Feltham, United Kingdom

Iglo Foods Holdings Ltd. is a food company.

Buy €1.7B
Buyer

Clessidra Private Equity SGR

Milan, Italy

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 2.5B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Clessidra Private Equity is a private equity firm dedicated to investments in medium to large-sized Italian companies. The Firm looks to commit €40 to €100 million in companies valued up to €500 million. Prospective transaction situations include restructurings, take privates, family-owned buyouts, and consolidations.Clessidra Private Equity was formed in 2003 and is based in Milan, Italy.


DEAL STATS #
Overall 5 of 25
Sector (Gaming) 1 of 1
Type (Secondary Buyout) 1 of 4
Country (Italy) 5 of 24
Year (2006) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-26 Fratelli Elia

Moncalieri, Italy

F.lli Elia S.p.A., founded in 1946, is the leading operator in the automotive logistics segment in Italy, specialising in the distribution of vehicles to the car dealers network throughout the country. In September 2007, the Company further increased its market quota by the acquisition of Ambrosetti Autologistic s.r.l. The Company provides transportation and value-added services to some leading car manufacturers on the domestic territory. The services provided include storage of vehicles arriving from foreign manufacturers (through shipping, railroad and road) in its six logistics centres well-positioned on the domestic territory, PDI (pre-delivery inspection) and PDS (pre-delivery services) for part of the vehicles stored in the logistics centres and distribution to the vehicles retailers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-04 Metalcam

Breno (BS), Italy

Founded in 1907, Metalcam is a leading Italian steel forging components manufacturer. Metalcam produces all types of steel forgings between 500 kg. and 40 tons for industrial applications, in particular for the mechanical, oil and energy sectors. Metalcam is one of the few companies in the sector to have an integrated production cycle which is composed by the steel mill and the forging business.

Buy -

Seller(S) 1

SELLER

21 Invest

Treviso, Italy

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 1.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

21 Invest is a private equity firm that targets investments in growth-oriented, middle-market Italian, French, and Polish companies operating in a variety of industries. The Firm invests in French businesses through 21 Centrale Partners, Italian companies through 21 Partners SGR, and Polish companies through 21 Concordia. The Firm targets transactions requiring at least €10 million of capital typically in the form of development capital for growth companies, buyout capital for managers, or replacement capital for companies facing succession issues or needing shareholder liquidity. 21 Invest was founded in 1992 and is based in Treviso, Italy.


DEAL STATS #
Overall 4 of 42
Sector (Gaming) 1 of 1
Type (Secondary Buyout) 2 of 25
Country (Italy) 3 of 18
Year (2006) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-13 Gardaland Srl

Castelnuovo del Garda Verona, Italy

Gardaland is the biggest theme park in Italy and one of the largest in Europe, with approximately 3 million visitors per year.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 IVRI Group

Milan, Italy

Leader in the provision of security services in Italy to 40,000 clients located in highly industrialized an populated areas.

Buy -