Italmobiliare and Accel-KKR, a technology-focused, private equity firm, being the respective majority owners of BravoSolution and Jaggaer, have reached a definitive agreement to combine companies and create a best-in-class eProcurement group.
Pursuant to the terms of the definitive agreement, Jaggaer will acquire BravoSolution and its subsidiaries on the basis of an Enterprise Value of approximately €184 million; simultaneously, Italmobiliare will invest €35 million in the newly consolidated combined entity for an ownership interest of 9.5%. Jaggaer and BravoSolution will form an integrated group in a fast-growing sector, with innovative and wide-ranging synergies, and will offer a complete range of services for their clients by combining BravoSolution's B2B sourcing business with Jaggaer’s procure-to-pay (P2P) business. Further, the geographical footprints of the two companies will enable the new group to expand its presence throughout the USA and Europe, as well as further penetration in the Asian markets.
“In the last two years, Italmobiliare has been firmly committed to supporting the BravoSolution development plan, - said Italmobiliare CEO Carlo Pesenti. - The reorganization to strengthen BravoSolution in the USA demonstrates Italmobiliare's determination and commitment to support the company's ability to serve the needs of our customers. The definitive agreement with Jaggaer confirms the success of our approach.
” Subject to satisfaction of customary closing conditions, the parties expect to close the transaction by the end of December this year. In the transaction Italmobiliare was supported by BDT & Co as financial advisor and by Ropes & Gray as legal advisor.