OEP Successfully Developed Lutech into One of the Top 5 Italian IT Service Providers and Nearly Tripled EBITDA Through 15 Add-On Acquisitions, Exit Allows OEP to Generate Successful Realization Over Four Years
NEW YORK – One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has entered into a definitive agreement to sell Lutech SpA (“Lutech” or “the Company”), a market-leading IT system integration and digital services business. Financial terms of the private transaction were not disclosed.
Headquartered in Milan, Cologno Monzese, Italy, Lutech employs more than 2,800 professionals who serve medium and large private-and public-sector clients in seven countries across Western Europe. Founded in 2001, the Company serves customers in nine industry verticals, including energy and utilities, fashion, financial, healthcare, manufacturing, media, public, retail and telecommunications sectors.
“This transaction reflects our ability to build market-leading businesses jointly with management through identifying and executing transformational acquisitions, which are supported by operational improvements, that position our portfolio companies for market leadership and long-term growth,” said Dr. Joerg Zirener, Senior Managing Director at OEP. “We’re excited for Lutech’s continued success under new ownership.”
Following OEP’s acquisition in July 2017, Lutech completed 15 acquisitions that enabled it to expand into seven countries in Western Europe and build new relationships with over 1,500 clients. Under the ownership of OEP, Lutech’s EBITDA nearly tripled over the past four years. The Company serves its customers through three divisions: Lutech Technology, Lutech Digital and Lutech Products.
“We would like to thank OEP for being an outstanding partner that helped transform Lutech into a market leader with innovative technologies and end-to-end digital solutions that allow us to truly shape our customers’ future,” said Tullio Pirovano, Chief Executive Officer of Lutech. “We’re excited about the growth opportunities for our staff under new ownership.”
“We enjoyed partnering with Tullio and his talented team to develop Lutech into a market leader through transformational acquisitions that added strong competencies in Big Data, Salesforce and cloud transformation services to the Company during our ownership of the business,” said Philipp von Meurers, Managing Director at One Equity Partners. “Lutech is well positioned to benefit from the growing need for digital transformation services across Western Europe,” added Vittorio Palladino, Vice President at One Equity Partners.
OEP was advised by Raymond James as exclusive M&A advisor as well as Freshfields Bruckhaus Deringer.
The transaction is expected to close in the second quarter, subject to antitrust approval and other customary closing conditions.
About One Equity Partners:
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
Lutech is a leading Italian IT system integration and solutions provider, designing and enabling digital transformation and innovative enterprise technologies for private and public-sector clients. Among the leading IT system integration and solutions providers in Italy, Lutech is able to deliver a wide span of solutions from strategy definition, product licensing and maintenance, to operational management. The company is recognized for its capabilities in the following domains: next generation IT infrastructure, cloud solutions, customer engagement solutions, credit, and ePayment solutions, cybersecurity, IoT & Big Data, eHealth solutions, and cognitive computing. For more information, please visit https://lutech.group/.