For the second time in six months, Bridgepoint Capital, the London-based European private equity firm, has sold a portfolio company to Finland Post, the Finnish postal service.
Bridgepoint sold Eurocom Depora, the German storage data and output products provider it had acquired in 1998 following a E17m MBO from Microgen Plc. Terms of the deal have not been disclosed, but Bridgepoint issued a statement describing the return on its investment as “very attractive”. The firm is known to consider a cash multiple of 3x attractive.
Eurocom has 200 employees and operates mainly in and around Frankfurt as well as the Ruhr District. Net turnover in 2001 was E21.1m.
Finland Post bought the business to further its expansion into electronic data management. As part of the same strategy, it acquired Swedish printer and document manager Capella Group AB from Bridgepoint in August last year. It also owns Atkos, the Finnish equivalent of Capella.
On both transactions involving Finland Post Bridgepoint worked with Nordea Securities, the Nordic investment banking boutique. Hakan Johansson acted as Nordea’s lead advisor to Bridgepoint.
A spokesperson for Bridgepoint said the firm was looking to exit a number investments, none of which would require the IPO market to reopen. In 2001 the firm exited 15 investment by way of trade sale and none through flotation. Of the 34 portfolio companies Bridgepoint disposed off in 2000, only one was sold to the public market.