Investcorp has signed a binding agreement to acquire Epipoli from PE fund Bregal Milestone and founder, and CEO, Gaetano Giannetto. The latter will remain a significant minority shareholder and will continue to lead the company.
Terms of the transaction were not disclosed.
History and objectives
Epipoli, founded by Giannetto in 2000, launched its Gift Cards in 2006, which can now be found in many supermarkets and retail outlets. In 2012, it launched the first prepaid Mastercard for sale in large Italian retailers. Today it has millions of customers, thousands of distributors and hundreds of retailer partners, with a turnover of around EUR 400 million.
The company is active in the payment business, employee reward systems and customer engagement services.
Investcorp is aiming to help Epipoli further accelerate its growth plans and support the development of its payments and services platform, focusing on the international level. In 2019, with the investment of Bregal Milestone, Epipoli has embarked on a path of position consolidation in Italy, increasing gross revenues by x4 and completing three acquisitions in Italy and Switzerland.
Law firms involved
Epipoli and Bregal Milestone were assisted by UBS as exclusive financial advisor and PedersoliGattai and Alma LED as legal advisors. Investcorp was assisted by Clearwater as financial advisor and ADVANT Nctm as legal advisor. The transaction is subject to customary regulatory and other closing conditions.
The comments
‘Investcorp is pleased to acquire Epipoli. By leveraging our strong expertise in technology and helping companies to internationalise, we will support Epipoli in further international expansion in Europe,' comments José Pfeifer, Head of European Private Equity Buyouts at Investcorp. Epipoli has truly built a leading position in the Italian alternative payments market. We have been impressed by the commitment of Epipoli's management team, the quality of its platform and product offering, and the opportunities to further develop the alternative payments platform the company created 25 years ago. We look forward to working with Gaetano and the entire team in this new phase for the company.’
‘Bregal Milestone has been instrumental in our great expansion in recent years. We look forward to starting the next chapter of our growth,’ adds Gaetano Giannetto, CEO and founder of Epipoli. Investcorp's knowledge of the payments market makes it the perfect partner for our next phase. In addition, their long history and experience in the Italian market, as well as their experience in supporting high-growth companies, made us confident in their support to continue to grow in Italy and internationally’.
‘We are proud to have worked with Gaetano and the Epipoli team during this crucial phase of their growth journey,’ concludes Philippe Lautenberg, Managing Partner of Bregal Milestone. In recent years, we have worked together to expand the business through internal and external line initiatives, consolidating Epipoli's position as a market leader. We wish Epipoli further success for the future'.
