Partners Group secures majority takeover of Irish MSP Version 1

The transaction is expected to be complete by mid-2022

Private equity firm Partners Group has announced it will acquire IT services and solutions provider Version 1.

The deal, which is subject to regulatory approvals, will see the Swiss PE firm become Version 1's majority shareholder.

Version 1 is currently owned by Volpi Capital and by management - the transaction by Partners Group is expected to be complete by mid-2022.

Headquartered in Dublin, Version 1 works with private and public sector clients on digital transformation programs.

It employs over 2,100 staff and has offices in Ireland, the UK, India and Spain.

Over the past five years, Version 1's revenues have increased to over €240m and has made a total of 13 acquisitions to date.

Since 2017, Version 1 has been led by chief executive Tom O'Connor, who will now with his management team partner with Partners Group to drive Version 1's future growth.

Partners Group says its value creation plan aims to achieve double-digit growth by developing the company's service offering and technical depth, building its international presence, and pursuing accretive M&A.

Kim Nguyen, Partners Group partner and co-head private equity services, said: "We have been tracking Version 1 through our thematic focus on digital transformation. Based on our investment and value creation track record related to this theme, we value Version 1's strong leadership team, differentiated offering, and operations which are reflected by excellent customer and employee satisfaction scores, and impressive organic growth.

"The Company is well-positioned to capitalise on the tailwinds driving increased digitisation across both the private and public sector and we have conviction in its growth prospects. We look forward to working with Version 1's ambitious management team on our value creation plan."

O'Connor added: "We thank Volpi Capital for their important and supportive role that has enabled Version 1 triple in size over the past five years. We are extremely pleased to have secured Partners Group as our new partner and majority shareholder. Throughout our process, the firm's core values, track record and ambition best matched those of Version 1.

"Partners Group's sectoral knowledge and international reach will be as important to Version 1 as their investment and endorsement of our growth strategy. We are also pleased for our customers and staff who will benefit as we continue to grow and add more great people to the Version 1 team."