16 January 2013
Travers Smith acts on ITX MBO
Travers Smith Paris head, David Patient, and corporate partner, Will Howard, have advised Milestone Capital Partners LLP, the European private equity firm, on the management buy-out of ITX, a leading European intra-group mobility service provider based in Geneva, for an undisclosed consideration.
ITX, acronym for "International Technology eXpatriation", is a leading intra-group mobility service provider based in Geneva. It provides large multinational clients with expatriate management services. Founded in 2000 by seasoned HR and Finance executives with forty years of global mobility experience, it was one of the pioneers in the large and fast-growing Global Mobility Management market. ITX provides the set-up and the management of Swiss based client-owned "hubs" on its clients' behalf. ITX helps its clients to manage more than 3,700 expatriates from over 70 countries and assigned to over 90 host countries.
Milestone is an independent private equity firm investing in buy-and-build situations. This was the second significant transaction which Travers Smith has advised Milestone on in the last few months, the first being the successful sale of Cadum which generated a return of circa 6x its original €17.5m investment made in 2007.
Meyerlusterberger Lachenal (Alexander Vogel and Andrea Sieber) provided Swiss law advice to Milestone.