Partners Group acquires majority stake in Version 1

Partners Group, a global private markets firm, has agreed to acquire a majority stake in Version 1 from Volpi Capital and become its new partner for the company’s next phase of growth.

The acquisition is the conclusion of a process through which the company’s management team sought a new partner to deliver on its future business plan.

It follows a successful five-year period of ownership by exiting shareholder Volpi Capital. Version 1 tripled in size since the UK-based private equity firm acquired its majority interest from the firm’s founders, who exited the business in 2017.

Employing over 2,100 staff and with offices in Ireland, the UK, India and Spain, Version 1 is a digital and cloud transformation partner to public and private sector customers across the UK and Ireland. Over the past five years, its revenues have increased to over €240m through a combination of strong organic growth and selective acquisitions.

Tom O’Connor, chief executive at Version 1, said: “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.”

Kim Nguyen, partner and co-head of private equity services at Partners Group, added: “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 capitalize on the tailwinds driving increased digitization across both the private and public sector and we have conviction in its growth prospects.”

Subject to regulatory approvals, the transaction is expected to complete by mid-2022.

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