CLESSIDRA SGR takes majority stake in IMPRESOFT

Completed in December 2021, Clessidra Private Equity acquired a controlling stake in Formula Impresoft from Xenon Private Equity, marking the third investment of the Clessidra Capital Partners 4 fund. The transaction valued Impresoft at an enterprise value of , representing an EV/EBITDA multiple of , on revenue of and an EBITDA of . Italmobiliare participated as a co-investor. Xenon Private Equity VII SCA SICAV RAIF exited the group, having acquired a 60% stake in Impresoft in November 2019. The top management of Impresoft, composed largely of the founders, retained a significant stake, with Antonello Morina remaining the main individual shareholder. At the time of the deal, Impresoft had a workforce of over 700 people. The process, which kicked off in September 2021, saw finalists including Clessidra, ICG, Engineering and another fund, with Chequers and Oakley involved at earlier stages. Advant Nctm acted as legal advisor for Clessidra Private Equity, while Alix and PwC provided financial due diligence, Alonzo Committeri & Partners assisted on tax matters, and LABS Corporate Finance and Ethica Corporate Finance served as financial advisors. LCA and Rothschild acted as legal and financial advisors respectively for Xenon Private Equity and the management, with E&Y appointed for vendor due diligence.