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January 19, 2022 - The Board of Directors of Mannai Corporation QPSC approved, at a meeting held on 18 January 2022, entering into exclusive negotiations with a group of investors, which is led by Bain Capital Private Equity and includes NB Renaissance, to dispose of its entire shareholding in Inetum S.A.
The proposed disposal would comprise all of the shares of Inetum S.A. held by Mannai Corporation QPSC which represent circa 99% of Inetum S.A.'s share capital on a non-diluted basis. Inetum S.A. is the parent company of an international group providing digital services and solutions.
The investor group is led by Bain Capital Private Equity and includes NB Renaissance and the management team of Inetum.
“Mannai Corporation QPSC is proud to have partnered with Inetum and its excellent management team during its tremendous period of growth and expansion over the last six years. We are pleased Inetum now has the opportunity to continue its growth trajectory and seek new horizons alongside Bain Capital Private Equity and its partners”, said Keith Higley, a Director at Mannai Corporation QPSC.
“Leveraging our deep local network established through several past investments in France, we were able to develop a strong relationship with Inetum’s management team and appreciate their long experience, credibility in the sector and track record of driving growth in the business. We are very excited to partner with Management and with NB Renaissance to execute on the opportunity ahead”, said Matthias Boyer Chammard, a Managing Director at Bain Capital Private Equity.
“Inetum is a leading digital transformation player, supporting its customers to take advantage of the opportunities presented by technology. We developed this opportunity through our thematic sourcing in IT services, having invested in other businesses in the sector (including Engineering in Europe and Genpact and Brillio globally). We are very excited by the opportunity to support Inetum’s growth through organic and inorganic investments”, said Giovanni Camera, a Principal at Bain Capital Private Equity.
“Together with our new partners, we see great potential to further accelerate Inetum’s growth and capabilities across the geographies and businesses where we operate” said Vincent Rouaix, Chairman and CEO of Inetum. “The team at Bain Capital Private Equity have a very credible French franchise and strong knowledge of the sector globally. We are very much looking forward to partnering with them to take Inetum to the next level of its growth in the next years.”
The relevant employee representative bodies within the Inetum group will be consulted and Mannai Corporation QPSC's shareholders will be asked to approve the proposed disposal at an extraordinary general assembly meeting to be convened in due course. Completion of the proposed disposal will be subject to obtaining the necessary clearances from the competent antitrust and regulatory authorities. Further announcements will be made in due course.
Mannai Corporation QPSC is advised by Crédit Agricole Corporate and Investment Bank, J.P. Morgan and Lazard Frères acting as financial advisors and Clifford Chance Europe LLP acting as legal advisor.
Bain Capital and NB Renaissance are advised by Credit Suisse, Torch Partners and Eight Advisory as well as Weil, Gotshal & Manges LLP acting as legal advisor.
About Mannai Corporation QPSC
Mannai Corporation QPSC is a diversified publicly listed conglomerate spanning the key industry and services sectors. Created 70 years ago and headquartered in Doha, Qatar, the group has grown over the years through a business portfolio and geographical diversification strategy. Today, the core activities of the group include information and communication technology, automotive distribution, jewellery retailing, heavy equipment distribution and services and engineering services to the oil and gas sector.
About Inetum, Positive digital flow
Inetum is an agile IT services company that provides digital services and solutions, and a global group that helps companies and institutions to get the most out of digital flow. In a context of perpetual movement, where needs and usages are constantly being reinvented, the Inetum group is committed towards all these players to innovate, continue to adapt, and stay ahead. With its multi-expert profile, Inetum offers its clients a unique combination of proximity, a sectorial organisation, and solutions of industrial quality. Operating in more than 26 countries, the Group has nearly 27,000 employees and in 2020 generated revenues of €1.966 billion.
About Bain Capital Private Equity
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of approximately 250 professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications.
Bain Capital has 23 offices on four continents. The firm has made primary or add-on investments in more than 1,100 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, real estate, public equity and venture capital, managing approximately $155 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, visit www.baincapitalprivateequity.com.
About NB Renaissance
NB Renaissance supports ambitious entrepreneurs and management teams with a goal to create market leading businesses. Part of Neuberger Berman since 2015, today NB Renaissance manages €2.3 billion of commitments from a pool of high-quality Italian and international investors. NB Renaissance is currently invested in 11 companies, which include some of the excellence of the Italian corporates. NB Renaissance can count on a team of 20 private equity professionals in Italy, supported by the broader Neuberger Berman global private equity platform of 245+ professionals.
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This press release is for information purposes only and does not constitute and cannot be construed as an offer or invitation to purchase or sell or deliver any securities of Inetum S.A. by Mannai Corporation QPSC, at any time, directly or indirectly in the State of Qatar in a manner that would constitute a public offering, or in any other jurisdiction, including in France. The dissemination, publication or distribution of this press release is prohibited in any country where such dissemination, publication or distribution would constitute a violation of applicable law or regulation or would subject Mannai Corporation QPSC to any legal requirements. These statements do not represent investment advice nor a solicitation for the purchase or sale of financial instruments as contemplated by the laws in any country or state.