Investcorp, a leading global alternative investment firm based in Bahrain, today (July 10) announced the completion of the sale of a majority stake in leading Italian cybersecurity provider HWG Sababa by Investcorp Technology Partners Fund V (ITP V) and certain other investors, to an oversubscribed €240 million single-asset continuation fund managed by Investcorp.
The sale, in which ITP V sold the entirety of its interest in the company, marks the first exit by ITP V, an oversubscribed $570 million fund managed by Investcorp and closed in 2024.
The Fund, which closed in June, is managed by Investcorp and is anchored by commitments from funds advised by Hayfin Capital Management and Coller Capital, said the Bahrain-based firm.
The Fund includes participation from certain investors in ITP V, from Investcorp Technology Partners (ITP) employees and from new investors, including Hayfin and Coller, among others. Members of the Company management team will continue to hold a significant stake in the Company, alongside the Fund.
According to Investcorp, the transaction provided existing investors in ITP V with the opportunity to realise strong returns on their investment in the company and gives the Fund and its investors the opportunity to back a high-performing asset with significant potential for further value creation.
Having supported the company since ITP V’s investment in 2022, Investcorp, alongside the Fund, will continue to support and actively contribute to the company in its next phase of growth, which includes further development of existing solutions, with a strong focus on Operational Technology, investment in technology & innovation and internationalization of the firm primarily in Europe and the Middle East, organically and through acquisitions, it stated.
Founded in 2008 and headquartered in Verona, Italy, HWG Sababa is a leading independent provider of end-to-end cybersecurity solutions in Southern Europe, with strong expertise in security operations centre solutions for IT, IoT and OT environments.
The company serves mid-sized enterprises across sectors, including critical infrastructure, energy, finance, manufacturing and more.
Since acquiring the business in 2022, ITP V collaborated with the Company’s management team to drive growth organically and through acquisitions, growing revenue sixfold and completing four add-on acquisitions, including the acquisition of Sababa Security S.p.A. in 2023.
Gilbert Kamieniecky, the Head of Investcorp’s European Private Equity business, said: "The creation of a dedicated continuation fund for HWG Sababa highlights the Company’s strong growth and our successful partnership with Enrico, Alessio, and the team."
"The strong demand for the fund reflects HWG Sababa’s quality, and we’re pleased to partner with Hayfin and Coller Capital to support its continued growth," he stated.
Yusef Al Yusef, Global Head of Distribution at Investcorp, said: "We are proud of the strong partnership we have built with Enrico and Alessio, confirmed by HWG Sababa’s positioning as a leading cybersecurity solution provider in Southern Europe."
"We’re excited to remain involved through the management of this continuation fund and to collaborate with Hayfin and Coller Capital as we support the next stage of the company’s development," stated Al Yusef.
Enrico Orlandi, Chairman of HWG Sababa, said: "We are very proud of the journey we’ve taken alongside ITP, whose support has been instrumental in helping us achieve our objectives. We believe this continuation fund is the right solution to fuel HWG Sababa’s next phase of growth."
CEO Alessio Aceti said this milestone reflects the shared commitment and hard work of HWG Sababa's management team and the entire company. "We remain determined to strengthen our leadership in IT cybersecurity, OT, and SOC services - both in Italy and internationally," he added.
Following the completion of the sale by ITP V, ITP V continues to hold investments in VEDA (Germany), Unyfr (USA) and NetRom (the Netherlands).-TradeArabia News Service