European private equity house LBO France has bought a majority stake in digital customer services solutions provider Passman Group.
The company, which was launched in 1995, specialises in offerings for hotels, campsites, retail outlets, shopping centers and care facilities.
Andera Partners is reinvesting in the business via its ActoMezz team as part of the deal.
LBO France said the acquisition was in keeping with its small cap strategy, dedicated to growing French and Italian SMEs.
It added that the buyout follows a “remarkable” period of growth for the company, which has seen revenues increased from €13m to €28m in the five years since the sponsorless LBO led by ActoMezz and the SiparexGroup.
Last year Passman acquired Belgian company Screen Services, enabling it to develop its own IPTV product range and its health care client base.
LBO France partner Jean-Marie Leroy said, “We are proud to support one of the leading providers of digital solutions for the accommodation sector.
“It is a high-growth market since the needs of users are constantly evolving.
“To meet the increased demands of its clients, the Passman group needs to provide increasingly sophisticated solutions in terms of bandwidth levels and equipment, and our role is to support the group and its managers in this new stage of expansion.”
Copyright © 2019 AltAssets