WHITE BRIDGE INVESTMENTS takes majority stake in ALPHA TEST

White Bridge acquired a majority stake in Alpha Test, the Milanese publisher of university admission test preparation, from Aksìa Capital IV, in a transaction announced in 2020 and made through its White Bridge Investments II fund. Aksìa had held 70% of the company since March 2017, when it bought the stake from Alcedo III, which had owned 45% between 2013 and 2017, making this the third change of financial shareholder for Alpha Test. Aksìa reinvested for a minority holding, as did the managers Alberto and Renato Sironi, Massimiliano Bianchini, Paolo Colusso and Stefano Bertocchi, who stayed at the head of the company. At the time of the deal, Alpha Test generated revenue of €15.6m and an EBITDA of €5–25M, an EBITDA margin of [members only]. Banco BPM and Banca Popolare di Sondrio financed the transaction. White Bridge intended to support the company’s development and to use it as a platform for consolidation in a training market that remains fragmented in Italy and across Europe. White Bridge was advised by DVR Capital and Fineurop Soditic on the financial side, with Giovannelli e Associati as legal counsel and Long Term Partners. Alpha Test and Aksìa Capital IV were advised by Giliberti Triscornia e Associati.