Manama, Bahrain – Investcorp, a leading global alternative investment firm, today announced it has signed a definitive agreement to acquire Epipoli (“the Company”), a leading and fast-growing international alternative payments enabler, from investment firm Bregal Milestone and Epipoli founder & CEO Gaetano Giannetto, who will remain a significant minority shareholder and will continue to lead the Company. Terms of the transaction were not disclosed.

Based in Milan, the Company was founded by Giannetto in 2000 and has developed the largest CRM and loyalty programme in Italy, with over 6 million consumers. It established its gift card business in 2006 and launched Italy’s first prepaid Mastercard in 2012, cementing its leading position in the market. Today, the Company works with millions of customers, thousands of distributors and hundreds of retailers, with unique expertise in the retailing markets and a turnover of around 400 million euros.

Epipoli operates at the intersection of payments, employee rewards and customer engagement services. Investcorp will help the Company to further accelerate 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 experienced a transformative growth path, progressively consolidating 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 at Investcorp, said: “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, added: “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, stated: "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."

Since 2012, Investcorp European Private Equity has invested more than €2 billion in companies across Europe. Investcorp has a long history of investing in and supporting technology-enabled businesses, with notable investments including Stowe Family Law, SEC Newgate, Eficode, ABAX, Vivaticket and Innova Semplice. The agreed 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 transaction remains subject to customary regulatory and other closing conditions.

About Investcorp 

Investcorp is a global investment manager specializing in alternative investments across four asset classes: Private Equity (Mid-Market Buyouts, Growth Investments, and GP Staking), Real Assets (Infrastructure and Real Estate), Credit (CLOs, Broadly Syndicated Loans & Structured Credit, and Middle-Market Direct Lending), and Liquid Strategies (Absolute Return Investments and Insurance Asset Management).

Since our inception in 1982, we have focused on generating attractive returns for our clients and seeking to create long-term value in our portfolio companies by adopting a disciplined investment process, employing talented professionals, and utilizing the resources of a global institution with an innovative approach.

We invest capital in our products and strategies, aligning interests with our clients and other stakeholders. We pursue sustainable value creation through our investments and in the communities in which we operate and take pride in partnering with clients to deliver tailored solutions for their needs.

Today, Investcorp manages approximately $53 billion in assets, including assets managed by third party managers. Investcorp has 14 offices in the US, Europe, GCC and Asia, including, India, China, Japan and Singapore and employs approximately 500 people from 50 nationalities globally.

For further information, visit http://www.investcorp.com/ and follow us @Investcorp on LinkedIn, Twitter and Instagram.

About Bregal Milestone 

Bregal Milestone is a leading software and technology private equity firm with c.€1.3 billion of capital raised since inception. The firm provides growth capital and operational support to build market-leading technology companies. Bregal Milestone is part of Bregal Investments, a leading global investment platform with assets under management of over €19 billion. Bregal Milestone was recognised by GrowthCap as one of the Top Growth Equity Firms of 2023. For more information, visit http://www.bregalmilestone.com or follow us on LinkedIn.  

About Epipoli 

Epipoli is a leading international enabler of alternative payment solutions, recognized for its unparalleled expertise in the retailing industry. Since introducing gift cards in 2006 and launching prepaid Mastercard in 2012, Epipoli has expanded its presence to over 70,000 retail outlets across Europe, serving 9,000 corporate clients. Through its proprietary technology platform, Highways, Epipoli seamlessly connects the digital and physical retail worlds.

Media Contacts Investcorp:
International / GCC
Firas El Amine
+973 175 15404
felamine@investcorp.com