Lutech announces the signing of a definitive agreement for the acquisition by funds advised by Apax, a leading global private equity firm, specialized in investments in Tech, Services, Healthcare and Internet/Consumer sectors. The Apax funds follow One Equity Partners, which acquired Lutech in 2017 and partnered the group in a successful path with 15 acquisitions and a nearly tripled EBITDA in four years.
The Apax funds, together with Lutech’s management team, aim to drive the company forward through a combination of organic and inorganic growth, focusing on expanding key value drivers such as the company’s digital services offering while at the same time accelerating Lutech’s M&A strategy. The Apax Tech team have a deep understanding of the IT services market, as well as specific knowledge of the Italian market through prior investment.
"I’m pleased that the Apax funds will invest in Lutech – declared Tullio Pirovano, Lutech Group’s CEO. Over the years, Lutech has grown to become a leading player in Italy with an authentic end-to-end offering supporting the digital evolution of our customers. With the significant experience that Apax is providing us, we look forward to proceeding with our ambitious growth plans. I take this opportunity to thank all the professionals of the Lutech Group and in particular the management team for the tireless work carried out during these complicated months, which today is allowing us to embark on this new path".
As a sign of continuity, the Apax funds have confirmed full confidence in the current management team to carry out the new development plan of the Lutech Group.
“The Apax funds have a strong investment track record in the IT Services space – added Gabriele Cipparrone, Partner at Apax - a market benefiting from secular growth trends. Lutech occupies a leading position in this sector in Italy and we are excited by its prospects. We look forward to working with the Lutech team to accelerate growth through organic development and acquisitions, building on the company’s digital transformation skills, distinctive proprietary solutions and strong industry reputation".
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