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Italian firms sell Logic to Sage

In a further sign that corporate buyers are back, Sage has acquired a Spanish software company from three private equity firms for €82m.

A consortium of private equity firms has agreed to sell Spanish business software company Logic Control to European software conglomerate Sage Group plc for approximately €82 million ($100 million).

The consortium comprised Italian firms Investindustrial and BS Private Equity, who each held a 46 percent stake in the company, and UK-based Bowmark Capital who held the remaining 8 percent.

It is our intention to continue doing [deals outside Italy] where there is the possibility of merging our experience in the Italian mid-market with that of other local and international players who have the same investment strategy.

Antonio Perricone, chairman, BS Private Equity

The consortium acquired Logic Control in a €70 million MBO in December 2001 from software company Service Point Solutions.

Headquartered in Sabadell near Barcelona, Logic Control publishes corporate business software and supplies IT related services to Spanish small and medium enterprises (SMEs). Last year the company generated sales of €43 million.

Sage’s latest foray into Spain follows on from its acquisition of software company Grupo SP in 2003 and will add 20,000 business management software clients in the country.

The transaction is Investindustrial’s fourth Spanish transaction since December 2004. The firm acquired waste container manufacturer Contenur, a majority stake in publishing group Recoletos as part of a consortium and increased its shareholding in Spanish nursing home provider Grupo Care from 51 percent to 100 percent.

BS Private Equity is currently investing its €550 million fourth private equity fund raised in 2003. The transaction is BS’ first deal outside of its home market. Commenting on the shift, Antonio Perricone, chairman of BS Private Equity, said in a statement: “It is our intention to continue doing so where there is the possibility of merging our experience in the Italian mid-market with that of other local and international players who have the same investment strategy.”

The firm’s most recent deal was the €220 million acquisition of listed Italian cleaning company IP Cleaning, alongside Italian bank Mediocredito Centrale.

London-headquartered midmarket house Bowmark Capital changed its name from Sagitta Private Equity in January 2005.