Fidelity Growth Partners Europe has teamed up with technology investor Kennet Partners to acquire a Warwick-based software business.
Rivo Software is now under the ownership of two venture capital firms following an undisclosed buy-out.
The purchase sees Fidelity Growth Partners Europe and Kennet Partners enter as acquirers, with the two firms also making a ‘significant’ capital investment into the business.
Newly-acquired Rivo Software has developed an environmental, health and safety, quality and loss prevention management software service.
The eight year-old company has clients including BP, Chevron, Thames Water and Crossrail, and will be using the simultaneous investment to support growth globally.
Davor Hebel, partner at Fidelity Growth Partners Europe and columnist for GrowthBusiness, says that Rivo’s offering targets a business’s two biggest assets – people and reputation.
He adds, ‘The ability to understand reputational and people risk is becoming a top priority for senior executives and boards around the globe, and Rivo is well-placed to address their needs.’
The acquisition, which is worth around £20 million, represents the first purchase, rather than investment, made by Fidelity Growth Partners Europe from its latest European-focussed fund – closed in 2010.
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Co-investor Steve Husk is set to join Rivo Software as executive chairman as part of the deal to bring experience in governance, risk and compliance. Husk has previously been CEO of FRSGlobal, a business backed by Kennett Partners.
Ken Baxter, managing director of Rivo, says, ‘We are really excited about the acquisition by Kennett and FGPE.
‘Their support will help us to extend our high levels of service to new clients around the world. It’s a great opportunity for the business.’
For Kennet Partners, the deal is a ‘great example’ of its growth buy-out investment strategy, says director Hillel Zidel, where the firm pairs ‘successful’ businesses with ‘world class’ executives.