Milestone Capital Partners LLP (“Milestone”), the European private equity firm, is pleased to announce that it has successfully completed the Management Buy-Out (“MBO”) of ITX, a leading European intra-group mobility service provider based in Geneva, for an undisclosed consideration.
Further to a sale process led by JPh Hottinguer Corporate Finance, Milestone acquired ITX from its founders and provided more than €18m of equity funding. Credit Suisse provided the senior debt facilities. Milestone has become the majority shareholder in ITX.
ITX’s management team, led by Christophe Malavallon, CEO since 2011, has developed a very efficient business model, addressing European multinationals’ needs for mobility services.
Two seasoned directors have joined the ITX board. Alan Tawil-Kummerman has become non-executive Chairman and Christophe de Buchet, non-executive director. They both have worked with Milestone in other investments for the last 10 years and they will support Christophe Malavallon to grow the business to the next stage.
ITX, acronym for “International Technology eXpatriation”, is a leading intra-group mobility services provider based in Geneva. It provides large multinational clients with expatriate management services. Founded in 2000 by seasoned HR and Finance executives totalling 40 years of global mobility experience, it was one of the pioneers in the large and fast growing Global Mobility Management market. ITX provides the set up and the management of Swiss based client-owned “hubs” on its clients’ behalf. ITX helps its clients to manage more than 3,700 expatriates from over 70 countries and assigned to over 90 host countries.
Christophe Malavallon, CEO of ITX said: “Management and I are very pleased with the MBO of ITX by Milestone. Customer’s satisfaction is at the center of our interests. This fits perfectly with our expansion strategy combining professionalism and quality of services. We have full confidence in Mr. Rinner and his team, M. Tawil-Kummerman and M. de Buchet to accompany, in the best conditions, ITX’s business development plan”.
Erick Rinner, Managing Partner at Milestone commented: “We are delighted to back Christophe Malavallon and his experienced management team to develop ITX. We believe that ITX’s business model addresses the increasing complexity of intra-group executive mobility that its customers face in a globalised employment market. We are very pleased to complete this transaction in Switzerland and to demonstrate our commitment to investing in all parts of French speaking Continental Europe.”
Milestone is an independent private equity firm investing in buy-and-build situations, owned and controlled by its partners, which manages over €250m and invests in the UK, French speaking Continental Europe, Channel Islands, Isle of Man and Ireland. Milestone seeks to identify and invest in experienced management teams with a strong track record. Working in close collaboration and partnership with these management teams, Milestone executives will deliver strategic business input and significant industry contacts, ensuring maximum business performance and strong long term shareholder returns. Over the last 10 years, Milestone has made three acquisitions in Switzerland, indirectly through its investments in IX Europe (Data Centers in Geneva and Zurich) and 5àSec (Baechler Teinturiers in Geneva). Milestone is also in process of completing a fourth one through its investment in Compre, having exchanged contracts on a Swiss insurance company.
ITX is Milestone’s sixth investment in its current portfolio started in 2007. Milestone has already realised two successful exits: Cadum in 2012 and Coffee Nation in 2011 that generated a return of respectively 5.8x and 3.7x. Milestone has six investment professionals based in London, Paris and Brussels.
Milestone Capital Partners LLP is a limited liability partnership registered in England (registration number OC330235) and is authorised and regulated by the Financial Services Authority (registration number 479385). It is also a member of the BVCA and AFIC. The information contained within is for informational purposes only and is not a solicitation or offer to invest within any fund offered or marketed by Milestone.
ITX’s deal team:
Milestone: Erick Rinner, Olivier Antomarchi, Claire Gomard
Crédit Suisse: Bernard Ledermann, Nicolas Roussin
Management’s legal advisers: Martin Anderson, Baker & McKenzie
Milestone’s legal advisers:
Meyerlustenberger- Lachenal (Alexander Vogel, Birgit Urbons, Andrea Sieber)
Travers Smith (David Patient, Will Howard)
Milestone’s due diligence team:
Constantin (Financial DD): Jean-Paul Séguret, Denis Cyrille
AMR (Commercial DD): Florent Jarry, Chloé Bonafous
Cobalt (Human Capital DD): Sabine Gardener, Valérie Pintiaux
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