DC Advisory advised Synergo and Kirey Group on its sale to One Equity Partners

Background

• Established in 1976 and headquartered in Milan, Italy, Kirey Group (Kirey) is an IT management partner that carries out high value technology projects by implementing sophisticated technology and integrating its own solutions (SegElevia, DG Suite, Karefund, Beam)
• Kirey has a wide portfolio of c.400 clients, mainly active in the financial sector, and operates from 16 offices across nine countries and employs c.950 people
• In 2016, Sinergia II (managed by the Italian private equity fund Synergo) acquired a majority stake in Kirey
• Sinergia II subsequently completed eight strategic add-on acquisitions to further strengthen Kirey’s service portfolio and client base

Process

• DC Advisory (DC) was engaged by Synergo and Kirey’s minority shareholders to act as sole financial advisor in relation to the potential sale of Kirey
• DC ran a competitive auction process with a selected number of potential buyers, working closely with the shareholders and management team in preparing Kirey for sale, coordinating the due diligence exercise and providing full support in the negotiation process

Outcome

• After a competitive and tailored process, One Equity Partners (OEP) - a leading mid-market private equity firm with approximately USD 10BN in assets - emerged as the preferred bidder for Kirey
• The transaction successfully closed on April 26, 2023
• This transaction further demonstrates DC’s strong expertise advising financial sponsors in the Technology & Software sector

“We are delighted to have assisted Synergo and the minority shareholders of Kirey in completing this important transaction. The acquisition marks an important milestone in Kirey’s strategic development and we wish the Kirey team continued success under OEP’s ownership. This further showcases DC’s track record working with financials sponsors in the Technology & Software sector.”