Investcorp, a premier global alternative investment firm, has signed a definitive agreement to acquire Italian alternative payments enabler ‘Epipoli’ from investment firm Bregal Milestone and Epipoli founder & CEO Gaetano Giannetto, who will remain a minority shareholder.
Epipoli, launched in 2000 by Giannetto, has established the largest CRM and loyalty program in Italy, with over 6 million consumers. The company developed its gift card business in 2006 and launched Italy’s first prepaid Mastercard in 2012, securing its position as a leader in the market.
Today, Epipoli works with millions of customers, thousands of distributors and hundreds of retailers, leveraging its specialized expertise in the retailing markets. The company operates at the intersection of payments, employee rewards and customer engagement services.
Under the agreement, Investcorp will help the Company fuel its growth plans as it continues to build out its payments and services platform and expand its offering to more customers in Italy and internationally.
Since Bregal Milestone’s initial investment in 2019, Epipoli has witnessed a significant growth, reinforcing its leadership in a large and fast-growing reference market, while increasing gross revenues by 4x and completing three add-on acquisitions across Italy and Switzerland.
Yusef al Yusef Global Head of Distribution – Investcorp
“Investcorp is pleased to be acquiring Epipoli. Leveraging our strong experience in technology and helping businesses internationalise, we will support Epipoli in further expanding its international reach across Europe. Epipoli has truly built a leadership position within alternative payments in the Italian market. We were impressed by the commitment of Epipoli’s management team and quality of its platform and product offering, as well as the opportunities to further develop the alternative payments platform created by the Company 25 years ago. We look forward to working with Gaetano and the entire team on this new stage for the Company.”
Gaetano Giannetto, CEO and Founder of Epipoli, stated that, “Bregal Milestone have been instrumental to our major expansion over the last years. We look forward to the next chapter of our growth. Investcorp’s knowledge of the payments industry make it the perfect partner for our next phase. Further, the firm’s long history and experience in the Italian market, as well as experience in supporting high-growth companies, made us confident that they would help us to continue to grow in Italy and internationally.”
Philippe Lautenberg, Managing Partner of Bregal Milestone, added that, “We are proud to have collaborated with Gaetano and his team at Epipoli during this pivotal stage of their growth journey. Over the past few years, we have worked together to scale the business through both organic and inorganic initiatives, solidifying Epipoli’s position as a market leader. We wish Epipoli continued success in their next chapter.”
Investcorp’s acquisition of Epipoli follows successful previous investments in other Italian headquartered companies, including SEC Newgate, Innova Semplice, Vivaticket, and Dainese.
Epipoli and Bregal Milestone have been advised by UBS as exclusive financial advisor, and PedersoliGattai and Alma LED as legal counsels. Investcorp has been advised by Clearwater as financial advisor and ADVANT Nctm as legal advisor. The closing of transaction is subject to customary regulatory and other conditions.
