Private equity firm acquires Civica Group
Public sector software giant snapped up for just over £1bn
Global private equity firm Partners Group has agreed to acquire public sector software giant Civica Group for an enterprise value of just over £1bn.
The firm provides business-critical software and outsourcing services, and will be handed over by OMERS Private Equity which acquired it in 2013.
Civica Services, the volume licensing arm of Civica, was ranked 98th in CRN's Top VARs reseller rundown, with a revenue of £27.8m.
Civica Group employs about 3,700 people, of whom around 75 per cent are based in the UK. Partners Group claimed it will support the existing Civica management team and its ongoing strategy.
"We have been impressed by Civica's track record of long-term growth," said Bilge Ogut, managing director, private equity Europe at Partners Group.
"We see our investment as an opportunity to back a high-quality market leader in a sector with evolving customer needs and the potential to increase scale through select acquisitions."
Simon Downing, chairman of Civica, said the firm has performed "extremely well" during the period of OMERS ownership.
"The business is very well placed to respond to the changing needs of our customers; and the investment by Partners Group - with its emphasis on working alongside management to grow companies - ensures we have access to the resources and support to build on our existing plans," added Downing.
Wayne Story, chief executive of Civica, claimed that the acquisition is a "very positive development" to support its ongoing strategy.
"Under the ownership of Partners Group, it will be an enhanced version of business as normal led by the existing management team, and we remain committed to our strategy and to the long-term development of Civica," added Story.