BPM Mezzanine Fund SICAV-SIF, SCA (BPM) has provided financing for the management buy-out (MBO) of Markit Holding AS (Markit). The transaction represents a buy-out of minority ownership held by Ambient Sound Investments. Markit (www.markit.eu) is an B2B IT procurement solution available in 28 countries across Europe and the US. Starting off in 2003 from Tallinn, Estonia the company quickly established itself as a regional market leader in the Baltics for B2B IT purchasing and expanded rapidly to a vast number of EU countries. The idea is simple – provide companies with a transparent service that would enable direct purchasing of IT products from the distributors with fast local delivery.
Commenting on the deal the CEO of Markit Mr. Andres Agasild noted that the exit of ASI has been a long planned step. ”For the founders and management it has always been a long term goal to build an organisation with high efficiency that is providing a high value service to the customers. ASI played an important role by entering the company as an investor in the crucial expansion phase. Today we have certainly achieved the goals set by the investment and we are operating in 28 countries in Europe and US. For the investors the fair value exit is an important step and we are extremely pleased that we could come to a mutual agreement.”
“It is an excellent opportunity for us to support the growth of Markit. We believe in the management team and the business model. The investment fits well in BPM’s portfolio due to significant growth prospects and export potential. The management team has extensive experience in the sector and a significant ownership interest in the business,” said Priit Veering, Partner of BPM Capital.
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