European VCs in Spanish software MBO

21 Invest, B&S and Sagitta Private Equity have backed the buyout of Logic Control, a developer of business management software.

Italian venture capitalists 21 Invest and B&S Private Equity Group, and UK firm Sagitta Private Equity, have backed the management buyout of Spanish software house Logic Control for an undisclosed sum.

21 Invest and B&S Private Equity Group will each take a 46.2 per cent stake, with Sagitta Private Equity also holding a stake.

The next phase for Logic Control is to develop additional software packages, products and services for its customers, which comprise small and medium sized Spanish companies. For 2001 the company recorded E40m in sales and E7.3m EBITDA.

21 Invest manages a E323m private equity fund focused on Southern Europe and has offices in Milan, Madrid and London. Its anchor investor is Invest, which is part of the Bonomi Group, and 21 Investimenti, established by Alessandro Benetton. The Government of Singapore, GE Capital, JP Morgan, Deutsche Bank, CIBC and La Baloise are also among the limited partners.

For B&S Private Equity Group, the Logic Control deal marks the first investment outside its Italian home market. B&S advises the E300m Italian Private Equity Fund III, a buyout fund underwritten by a group of investors including HarbourVest Partners, General Motors Pension Fund, Axa Group, JP Morgan, Goldman Sachs, Morgan Stanley Dean Witter and Swiss Life.

Sagitta Private Equity invests in mid-sized companies operating in the UK and Western Europe.  Its target sectors include business services, leisure, healthcare services, media and IT. The firm has around E400m under management.