Partners Group to Acquire Majority Investment in Version 1
New Investment Aligns With Management Ambition To Continue Version 1's Accelerated Growth Journey
Wednesday, 20th April 2022
Version 1 is pleased to announce an agreement that, subject to regulatory approvals, will see Partners Group, a leading global private markets firm, acting on behalf of its clients, become its new partner and majority shareholder for its next phase of growth. Version 1 is currently owned by Volpi Capital (majority stake) and by management. Subject to customary approvals, the transaction is expected to complete by mid-2022.
Since 2017, Version 1 has been led by Tom O’Connor, its Chief Executive. Tom and his Management Team will partner with Partners Group to drive Version 1’s future growth.
Today’s agreement is the conclusion of a process through which the company’s management team sought a new partner to deliver on its future business plan. It follows a successful 5-year period of ownership by exiting shareholder Volpi Capital. Version 1 tripled in size since the UK-based private equity firm acquired its majority interest from the firm’s founders who exited the business in 2017.
Version 1 is a leading digital and cloud transformation partner to public and private sector customers across the UK and Ireland. Over the past five years, Version 1’s revenues have increased to over €240 million through a combination of strong organic growth and selective acquisitions. Employing over 2,100 staff, it has offices in Ireland, the UK, India and Spain. It made its first UK acquisition in 2013 and has made a total of 13 acquisitions to date, including Northern Ireland headquartered digital services specialist Neueda last year.
It was recently awarded second place in the Great Place to Work awards for Best Large Workplace in Ireland. A bonus for all employees to recognise the transaction and the milestone achievements of the last 12 months (25 years and 2,000 people) was also announced.
Commenting, Tom O’Connor, Chief Executive, Version 1 said:
“We thank Volpi Capital for their important and supportive role that has enabled Version 1 triple in size over the past five years. We are extremely pleased to have secured Partners Group as our new partner and majority shareholder. Throughout our process, the firm’s core values, track record and ambition best matched those of Version 1. Partners Group’s sectoral knowledge and international reach will be as important to Version 1 as their investment and endorsement of our growth strategy. We are also pleased for our customers and staff who will benefit as we continue to grow and add more great people to the Version 1 team.”
Kim Nguyen, Partner, Co-Head Private Equity Services, Partners Group, says:
“We have been tracking Version 1 through our thematic focus on digital transformation. Based on our investment and value creation track record related to this theme, we value Version 1’s strong leadership team, differentiated offering, and operations which are reflected by excellent customer and employee satisfaction scores, and impressive organic growth. The Company is well positioned to capitalize on the tailwinds driving increased digitisation across both the private and public sector and we have conviction in its growth prospects. We look forward to working with Version 1’s ambitious management team on our value creation plan.”
Commenting, Crevan O’Grady, Volpi Capital said:
“We are proud to have been partners with Version 1 for the last 5 years and have thoroughly enjoyed supporting its superb management and staff. We wish Version 1 and its new investors every continued success for the future. It is a great team that puts a huge focus on its people and delivers customer success alongside a compelling, values-led approach that augurs well for its next phase of growth.”
Jefferies International Limited acted as financial adviser and Maples and Calder (Ireland) LLP acted as legal adviser to Version 1 on the transaction. Blackthorn Capital supported Management shareholders with the transaction. PwC provided tax advice on the transaction.
T: +353 (0)87 226 9345
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 170 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With USD 127 billion in assets under management as of 31 December 2021, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
About Version 1
Founded in Dublin, Ireland in 1996, Technology and Digital Transformation partner Version 1 employs over 2,100 people across the UK, Ireland, Spain, and India. Accelerated by the increasing demand for Digital, Cloud, Data, ERP Transformation and Next-Generation Managed Services, as well as its strong customer base in Ireland, Version 1 has rapidly gained a significant foothold in the UK public and commercial sector, thus creating hundreds of opportunities for professionals across all disciplines and experience levels in Ireland, the UK, Spain and India.
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