Partners Group has made what appears to be a hefty return selling digital product engineering services provider GlobalLogic to Hitachi at a $9.5bn enterprise value.
The sale comes just three years after Partners Group picked up GlobalLogic in a $2bn buyout – a deal which itself saw big returns for private equity backers Apax Partners and Siguler Guff.
Partners Group and the Canada Pension Plan Investment Board – an investor since 2017 – each hold about 45% of the company’s equity, and will both be exit as part of the Hitachi buyout.
GlobalLogic provides design-led digital engineering services with the aim of helping develop next-generation software platforms for enterprises and technology disruptors.
Partners Group said GlobalLogic had “played an instrumental role in helping businesses navigate the digital transition, a key transformative trend that accelerated during the COVID-19 pandemic”.
The company completed four strategic acquisitions under Partners Group and CPPIB’s ownership.
Todd Miller, senior member of management within private equity at Partners Group, said, “GlobalLogic provided us with an opportunity to build value in a business benefiting from transformative market trends, but also to create positive stakeholder impact by helping businesses adapt to new ways of operating in today’s economy, both supporting growth and securing jobs during Covid-19.”
Other recent deals from Partners Group include a buyout of modular education building developer Parmaco from a consortium led by European private equity firms Terra Firma and Metric Capital.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/partners-group-seals-9-5bn-globallogic-sale-to-hitachi-just-three-years-after-buying-in-at-2bn-valuation.html
