Swiss investment management firm Partners Group has acquired Forterro from Battery Ventures for €1 billion. The sale will see the Boston, Massachusetts-based Battery Ventures exit completely, and is expected to be completed once all necessary clearances are approved.
While perhaps not a household name, London-based Forterro is in the business of acquiring and operating a variety of companies that, when combined, and alongside a number of configuration tools, additive solutions, and consulting services, make for a compelling enterprise resource planning software and services package. An offer so strong, that the company now counts a client base of over 8,000 European midmarket manufacturing and production companies.
Having closed a financial year that saw recurring revenue numbers approaching €200 million and an EBITDA of approximately €60 million, CEO Dean Forbes commented on the next phase for the company, “Over the past year, we have spent a great deal of time developing strategies for growth and investing in the people and infrastructure we need to achieve a brand new vision, something we’ve been calling ‘Forterro 3.0’.”
“We came to the table confident in the quality of Forterro’s products and the people behind them. However, it’s the group’s prospects for growth, underpinned by its exceptional 2021 results, that has us really excited about our path forward together,” commented Partners Group’s Bilge Ogut.