20-01-2022
The Board of Directors of Mannai Corporation Q.P.S.C. at a meeting held on 18 January 2022, entering into exclusive negotiations with a group of investors led by Bain Capital Private Equity, including NB Renaissance, to dispose of its entire stake in Initum SA.
The proposed disposal includes all stakes in "Initum SA." Owned by Mannai Corporation Q.P.S.C, which represents about 99% of the capital of "Initum SA." on an undiscounted basis. "Initum SA." is the parent company of a global group providing digital services and solutions.
The group of investors is led by Bain Capital Private Equity and includes NB Renaissance and Initum's management team.
In his statement, Mr. Keith Hegley, member of the Board of Directors of Mannai Corporation Q.P.S.C. “It is a source of pride for the Mannai Corporation Q.P.S.C. to have participated in Initum and its distinguished management team during its significant period of growth and expansion over the past six years. It is our pleasure that Initum now has the opportunity to continue its growth path and foresee new horizons with Bain Capital Private Equity and its partners.
On his part, Matthias Boyer-Chamard, Managing Director of Bain Capital Private Equity, said: “Benefiting from our deep local network established through several previous investments in France, we have been able to develop a solid relationship with the management team of Initum and appreciate their long experience and industry credibility and proven track record in driving business growth. We are excited to partner with management and with NB Renaissance and work on the next opportunity."
On his part, Mr. Giovanni Camera, Principal at Bain Capital Private Equity said: “Initum is a leading player in digital transformation that supports its clients to take advantage of the opportunities offered by technology. We developed this opportunity through our objective supply of IT services, after We have invested in other businesses in the sector (including Engineering in Europe and Genpact and Brillio globally.) We are very excited to have the opportunity to support Initum's growth through organic and inorganic investments."
As for Mr. Vincent Rowe, President and CEO of INITUM, he said, “Hand in hand with our new partners, we see great potential to further accelerate the growth and capabilities of INITUM across the geographical regions and business sectors in which we operate.” He added, “The Bain team of "Capital Private Equity" has a credible French Privileges with deep knowledge of this sector on a global level. We look forward to partnering with them to bring InitUm to the next level of its growth in the coming years."
Relevant employee representatives’ entities will be consulted in the "Initum" group, and the approval of the shareholders of the Mannai Corporation Q.P.S.C. will be sought on the proposed disposition at an extraordinary general assembly meeting to be held in due course. The completion of the proposed disposal will be subject to obtaining the necessary approvals from the relevant antitrust and regulatory authorities. More announcements will be announced in due course.
Consultations are provided to Mannai Corporation Q.P.S.C. by Credit Agricole Corporate and Investment Bank, JP Morgan and Lazard Freer as financial advisors and Clifford Chance Europe LLP. as legal advisors.
While Bain Capital and NB Renaissance are advised by Credit Suisse, Torch Partners and Eight Advice, as well as WILL, Gotchall & Managers LLP. as legal advisors.