DC Advisory (DC) advised Tessi, a listed company in France and global business process services (BPS) provider, on the sale of the majority of its operations in Iberia (Tessi Iberia) to Servinform, a privately-owned leading provider of BPO and digital transformation services in the area of companies' commercial management
Based in Madrid, Tessi Iberia is a leading BPS operator that provides mortgage processing, real estate facility management, legal process outsourcing (LPO), document management and digitalisation, back office activities and customer relationship management services to the major financial entities in Spain
Tessi Iberia comprises of the Spanish businesses Graddo, BPO Solutions, Diagonal Company and Atacas, which registered total revenues of €83.3 m in 2019
Process
DC was engaged by Tessi to manage the competitive sell-side process of its Spanish businesses (Tessi Iberia)
Leveraging our depth of understanding of the BPS market in Spain and France, DC’s cross-border team was able to identify key players across both territories
DC undertook a focused process, targeting a limited number of industrial players and financial investors with a strong understanding of the BPO business
The process was launched in the midst of the Spanish lockdown restrictions and uncertain environment created as a result of the Covid-19 pandemic
DC managed to identify potential buyers with solid strategic interest in the asset, as well as to provide comprehensive financial advisory services to Tessi throughout the sale process including: process strategy and tactics; deal structuring, search and selection of potential candidates; process coordination and strategy; support in negotiations; advice and preparation on transaction documentation
Outcome
DC acted as financial advisor to Tessi and coordinated all the transaction´s work streams. The transaction was signed in October 2020 and completed in January 2021
Under the agreement, Servinform acquires Tessi’s businesses in Spain, excluding its technology subsidiaries
This sale reflects Tessi´s renewed focus on its core business in France, Spain, Switzerland and Latin America. Tessi will continue to develop its service and technology offerings
The divested businesses will benefit from the backing of a diversified local group to help them achieve sustainable growth and expand their sphere of operations
Servinform now becomes a leading full range BPS provider and consolidates its leading position in Spain with €240 m+ and 7,000+ employees
