Equiteq is pleased to announce that it has advised New York-based Monticello Consulting Group, a leader in the financial services sector and one of the best-recognized consulting firms in the Capital Markets segment, on its sale to BIP, a multinational consulting company.
The two consulting firms have signed an agreement for the acquisition by BIP of Monticello’s equity, in which the current ownership will continue to hold a significant stake in the Company. In addition, CEO Will Morgan will continue to lead the operations in the United States.
Founded in Italy in 2003, with global revenue of 347 million euros as of 30 September 2021, BIP now has over 4,000 professionals in the main European, American and Middle Eastern countries. This transaction guarantees Monticello the opportunity to enrich its offering of consulting services, making use of the experience of a global partner such as the BIP Group. Thanks to the synergies in line with Monticello's ambition and culture, Monticello will expand their presence globally and deepen their service offerings on a larger scale, benefiting all stakeholders.
This agreement will allow BIP to further enrich its offering in the United States, where the Group has been present since 2015, and to consolidate it, thanks to the experience gained over the years by Monticello.
Following the acquisition, there will be over 150 professionals of the BIP Group in the United States, thus strengthening the ability of the consulting multinational to serve large organizations in the region and to support their digital growth, as well as to continue its international expansion. Through this transaction, BIP expects to hire an additional fifty professionals in the US by the end of 2022.
Will Morgan, CEO of Monticello, together with Andrea Airaghi, Managing Partner M&A of BIP, and Giorgio Gristina, Managing Partner of BIP in the US, will continue to lead the development of the business in the United States.
This transaction with Monticello is the most recent showcasing of BIP Group's international growth strategy that has been underway for years, following similar deals in both South America and the United Kingdom. Monticello is BIP’s first transaction since the entry of the private equity fund CVC Capital Partners, the majority shareholder of the BIP Group from 2021.
Will Morgan, CEO & founder of Monticello Consulting Group shares, “I am excited to announce this new chapter for Monticello Consulting as we move forward with combining our services with BIP, a global leader in consulting and digital transformation. Working alongside our amazing colleagues at BIP, Monticello’s consultants and our business platform will be positioned to scale quickly and compete immediately for new business, new clients, and new types of projects, further solidifying our market-leading position in banking, capital markets, and financial services advisory. Our longstanding clients in the New York and London financial markets will benefit tremendously from our new expanded capabilities.”
“I am delighted to welcome a new group of professionals who enrich our offer in the United States and thrilled to have taken another big step forward in our globalization strategy,” comments Carlo Capè, CEO of BIP. "The choice of a partner like Monticello, with whom we share the same motivation for innovation, has allowed our Group to conclude a strongly desired and supported operation, strategic for strengthening the positioning of BIP as an Italian excellence in the world."
“This investment represents a major step forward in expanding our portfolio worldwide,” adds Andrea Airaghi, BIP's Managing Partner M&A. "Through this transaction we strengthen our presence in the United States, a strategic area for our global growth plan with the acquisition of Monticello delivering great added value to the BIP Group's offer, enriched by a consolidated experience in the financial services sector and digital transformation."
Regarding Equiteq’s role in the transaction, Will Morgan, CEO of Monticello, said, “We chose Equiteq as our advisor due to their proven track record of successful M&A deal-making for services businesses in general and financial institutions in particular. By leveraging their global relationships and applying a customized approach, they were able to guide us to an outcome that aligned with both our platform growth opportunities and professional goals. We are exceptionally pleased with the outcome of the process and excited about the amazing prospects for the combined business.”
Reflecting on the transaction, Daniel Siller, Equiteq Managing Director, said “It has been a pleasure to work with such a talented team of professionals and assist Monticello in finding the ideal partner for their next growth phase. We are excited for Monticello, BIP and their clients who will benefit from expanded best-in-class services and geographies.”