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. Startingoff 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.
BPM Capital (www.bpmcapital.eu) is an independent investment manager operating out of two offices, in Tallinn and Warsaw. It has been founded and is managed by Kalmer Kikas, Martin Reinson, Paweł Zabrzycki and Priit Veering. BPM Mezzanine Fund, managed by BPM Capital, is supported by prominent international and domestic institutional investors. BPM was originated through the Baltic Innovation Fund (BIF) initiative created by cooperation between Estonia, Latvia, Lithuania and the European Investment Fund.
Markit (www.markit.eu) is an IT procurement solution for companies available in 28 countries across Europe and the US. International customers can use Markit as a single purchasing platform and get the best of both the worlds – centralised global purchasing with fast local delivery. With an annual revenue of 62,8 mio EUR in 2015 Markit is a partner for a long list of leading companies in the world including Western Union, Johnson&Johnson, Deloitte, ABB, Spotify, Radisson Hotels, Monier, Michelin, Transferwise and many more.