bas121 - Fotolia
Civica is usually the acquisitive partner and sealed its most recent deal, tro pick up HR specialist Carval, only last week. But this time the firm is on the other end of the process with Partners Group picking up the firm for an enterprise value of just over £1 billion.
The private equity player has moved to pick up Civica on behalf of its clients because it can see the value in a business that employs around 3,700 people and has a strong position providing managed services to the public sector.
It is a case of moving from one private equity backer OMERS, which invested in the firm back in 2013, to a fresh relationship.
Partners Group intends letting the Civica management team carry on with the existing strategy but will now have more muscle to grow organically and through acquisition.
"We see our investment as an opportunity to back a high-quality market leader in a sector with evolving customer needs and the potential to increase scale through select acquisitions. We are excited to work with Civica under the leadership of Simon Downing [chairman] and Wayne Story [CEO] and to continue to grow the business," said Bilge Ogut, managing director, private equity Europe, Partners Group.
“This is a very positive development to support our ongoing strategy for the benefit of customers, employees and other stakeholders. Under the ownership of Partners Group, it will be an enhanced version of business as normal led by the existing management team, and we remain committed to our strategy and to the long term development of Civica," said Wayne Story, CEO of Civica.
“We believe our continued commitment to customers and our sustained investment in our people and our products, along with the hands-on support of our new investor, provides an excellent foundation for the future success of the business," he added.