Palamon Capital Partners sells TeamSystem

Palamon Capital Partners has sold TeamSystem SpA to Bain Capital in a secondary buyout transaction. Financial details of the transaction were undisclosed. With the disposal of its 67% stake in TeamSystem, Palamon has generated an IRR in excess of 50% on its investment.

Based in Pesaro, Italy, TeamSystem develops and markets financial management software products for tax, payroll, accounting, budgeting and enterprise resource planning. The business employs more than 450 people, and enjoys a customer base in excess of 43,000 who are served through 12 subsidiaries in Italy as well as a network of approximately 300 selected and skilled software partners throughout Italy.

Financing for the transaction is being provided by The Royal Bank of Scotland and Intermediate Capital Group. Legal advice for Bain Capital was provided by Gianni Origoni Grippo and Kirkland & Ellis, and accounting and tax advice by PricewaterhouseCoopers. The Royal Bank of Scotland and Intermediate Capital Group have been advised by Ashurst.

HSBC acted as financial adviser to Palamon Capital Partners. Dewey Ballantine acted as legal adviser and PWC as tax adviser.