Partners Group agrees to exit Civica to Blackstone

Civica is a cloud software service provider for the public sector.

  • Partners Group acquired Civica in 2017
  • The transaction is expected to be completed in Q2 of 2024
  • Blackstone is an alternative asset manager

UPDATED. Partners Group has agreed to sell Civica, a cloud software service provider for the public sector, to Blackstone. The deal size was around $2.5 billion, according to a source familiar with the matter.

Civica is based in London.

Partners Group acquired Civica in 2017. Civica’s EBITDA doubled during Partners Group’s ownership.

“Our value creation plan centred around moving Civica in the direction of a pure software solutions business and embracing the shift to cloud, which is important for its client base,” said Bilge Ogut, partner, head private equity technology industry vertical, Partners Group.

Partners Group’s investment accelerated organic topline growth, developed a cloud offering, built out its offshore R&D operations and executed 24 highly complementary add-on acquisitions, according to a release.

“The thematic trends that underpinned our original investment in Civica remain strong,” said Charles Rees, member of management, private equity technology industry vertical, Partners Group. “Civica’s mission-critical and deeply specialized solutions, which are key in the public sector space where a high level of customer intimacy is required, continue to differentiate the Company from its competitors. Civica’s growing international presence should also provide future growth channels.”

The transaction, subject to regulatory approvals, is expected to be completed in Q2 of 2024.

Partners Group is a global private markets firm with $142 billion in assets under management as of 30 June. It has regional headquarters in Baar-Zug, Switzerland.

Blackstone is an alternative asset manager with $1 trillion in assets under management. The firm is based in New York.

Partners Group was advised by Clifford Chance as legal counsel and Arma Partners as exclusive financial adviser. Blackstone was advised by Barclays as lead financial advisor and DC Advisory as secondary financial advisor.

Editor’s note: This article was updated to add the deal price.