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Financing P&I’s next growth stage after buy out

Founded in 1968 and headquartered in Wiesbaden, Germany, Personal & Informatik (P&I) is a leading provider of integrated HR software solutions. The business focuses on the core aspects of business critical HR processes such as payroll accounting, time & workforce management, recruiting, incentive management and performance management.

With 15,000 customers ranging from small and medium-sized private businesses to large public sector organizations across Germany, Switzerland and Austria, P&I has a long track record of delivering consistent growth due to its resilient business model, low customer churn, and high levels of customer satisfaction.

In late 2016, Permira, the global private equity firm, announced its intention to acquire P&I and support the business through the next phase of its growth via an investment strategy. This includes the strengthening of its sales force to capitalise on growing market potential, and expanding into new customer segments and complementary acquisitions where there are a number of smaller competitors.

The assignment

Building on its longstanding relationship with P&I, NIBC’s Leveraged Finance team acted as Bookrunner, Underwriter and Mandated Lead Arranger, in consortium of lenders, in Permira’s EUR 465 million buy-out financing.

Adding value

NIBC has had a relationship with the company since 2010 when it supported the public-to-private buyout by Carlyle as well as the subsequent acquisition and refinancing by HgCapital.

Delivering results

The transaction supports P&I’s future growth potential, while also building our relationship with Permira, one of the world’s largest private equity groups. Permira is well placed to support P&I with a long and successful track record of investing in technology and software providers.

In NIBC, cultivating and maintaining strong and long-term relationships with our corporate and sponsor clients is highly important to how we do business.  This transaction is great example of this where, going back a number of years, we have assisted P&I through multiple financing transactions and are very happy to be supporting the business again through its next exciting phase under Permira ownership. - Izzy Kaler, Associate Director NIBC

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