VASS pushes forward with its strategic VASS@400 plan as One Equity Partners enters as shareholder
30 Dec 2020
One Equity Partners (OEP) acquires majority stake in VASS, boosting VASS@400 strategic plan launched 2 years ago – with the target of reaching €400 million in turnover in the next 5 years.
OEP’s investment will expand VASS’ position of a leading player in the market through a distinctly organic and inorganic growth plan, both within Spain and internationally.
One Equity Partners (OEP), a middle-market private equity firm, has announced a majority of investment in VASS with the aim of boosting the strategic VASS@400 growth plan. Following the said plan, growth will go from the current level of €135 million to €400 million revenues within 5 years. This growth will solidify VASS’ position as a Spanish industry leader with an international vision, comprised of both organic and inorganic growth plans, within Spain and internationally.
Having signed this agreement, Fco. Javier Latasa Vassallo, founder of VASS, will continue in his role as the Executive Chairman of the group, leading this ambitious growth plan.
Creating a recognised leader in the Spanish digital services market
VASS@400 is the strategic plan set forward by VASS two years ago with the fundamental goal of creating a recognised leader in the Spanish digital services market – as well as having a powerful international presence. Through the acquisition of companies in Spain, which will complement the existing services offered by VASS, and in target markets such as the UK, U.S., Germany, Benelux and the Nordics – VASS will achieve the desired growth as well as a substantially increased customer base.
The key to this success will be to move towards a large customer model, in Spain, North America and South America, where the new group will offer specialized digital solutions across the Banking, Insurance, Telecom, Energy and Industrial sectors, in which VASS is currently a leading force.
In the words of Fco. Javier Latasa, “We want to lead the market in the upcoming years, creating a Spanish digital leader with a strong international presence and outlook. This is a complex challenge, but we are confident that with our ethos, team quality and now with our new partner, we will be capable of taking the required steps to achieve our goals. For VASS, this is a sector-wide project – with the vision of adding other companies to create a leader within the market in the next 10 years.”
Partnering with the founders of businesses
According to Joerg Zirener, Senior Managing Director at One Equity Partners, “VASS is a best-of-breed digital solution advisor to businesses that are seeking to stay competitive through digital transformation solutions that span across the entire value chain. This transaction is representative of OEP’s approach to partnering with the founders of businesses who have demonstrated a strong track record of organic growth and investing in market-leading technology businesses.
We are looking forward to replicating our success and experience in the sector as recently demonstrated with Milan based IT service provider Lutech that grew under OEP’s ownership from €180 million to €440 million revenues in three years”.
Spanish company founded by Fco. Javier Latasa in 1999, leader in digital solutions and operating in 8 countries (Spain (Hq), UK, NL, US, MX, COL, PER, CHL). Offering highly specialized services and digital solutions in the Banking, Insurance, Energy, Telecom and Industrial sectors. With more than 2,200 employees worldwide, and turnover in excess of €135 million in the last financial year. Due to its diversified business model in different countries, sectors and technologies, VASS has maintained a sustained growth of more than 20% in recent years.
About One Equity Partners
One Equity Partners (“OEP”) is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations.
OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam.