Clearwater International advises on the management buy-out of Version 1, backed by Volpi Capital
Clearwater International has acted as exclusive financial advisor to Irish IT services firm Version 1 and Volpi Capital on the management buy-out of one of Western Europe’s fastest growing IT services companies. This transaction, Volpi Capital’s largest to date, sees the London-based private equity firm invest €90m of equity for a significant stake in Version 1.
Version 1 is an IT services business, founded in 1996 by Justin Keatinge and John Mullen, and is one of Ireland’s biggest technology success stories. The funding, which is Version 1’s second round of private equity investment, will drive phase two of the company’s ambitious international growth plan. Version 1 will further expand into the UK and Europe, through both organic growth and developmental acquisitions, with the intention of doubling in size over the next three years. The business will deliver revenues in excess of €100m this year.
“We have been working closely with John and his team on this transaction over the past year. In Volpi Capital, Clearwater International found an investor with values that are fully aligned to Version 1’s core values and we believe that Volpi is an excellent fit for the next phase of the company’s growth. We would like to thank the Clearwater team for negotiating a strong result for the shareholders and for working tirelessly to ensure the transaction completed on time.”
Justin Keatinge, Founder, Version 1
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