Bregal Milestone Announces the Sale of Epassi to TA Associates and Warburg Pincus

Employee benefits disruptor, Epassi, has been sold to TA Associates and Warburg Pincus by Bregal Milestone, a leading pan-European technology growth private equity firm. The sale marks a significant milestone for Epassi, which offers mobile payment solutions for employee benefits in the Nordics, UK, Ireland, and Italy.

Epassi, founded in 2007 and based in Espoo, Finland, provides a convenient app that allows employees to access their benefits, such as meal vouchers, gym memberships, and parking passes, all in one place. With over 13 million users and partnerships with over 59,000 service providers, Epassi has experienced rapid growth and has been recognized as one of the Financial Times’ 1000 Fastest Growing Companies in Europe in 2019, 2022, and 2023.

Since Bregal Milestone's initial investment in 2019, Epassi has achieved remarkable success, including increasing revenue (GMV) 9x, net revenues 6x, and EBITDA 7x. The company has expanded its global footprint through five add-on acquisitions and has successfully entered new markets such as Sweden, the UK, Ireland, and Italy. Epassi has also strengthened its leadership team by bringing in CEO Pekka Rantala and CFO Regina Duzanskaj.

One of the key factors that contributed to Epassi's growth was the support provided by Bregal Milestone's in-house value creation team, Milestone Performance Partners. Through data analytics capabilities and optimization of sales and profitability, Epassi was able to further enhance its performance. Additionally, Epassi executed ESG-positive actions, resulting in a 38% improvement in Scope 1 & 2 emissions and recognition as "best practice" in key ESG areas.

Pekka Rantala, CEO of Epassi, expressed gratitude for Bregal Milestone's instrumental role in the company's growth and believes that the timing of the ownership transition is ideal. With a scalable technology in place, Epassi is well-prepared to continue scaling into new geographies and expanding into adjacent business areas.

Cyrus Shey, co-founder and Managing Partner at Bregal Milestone, highlighted the partnership's focus on teamwork, high performance, and excellence. Working closely with the Epassi leadership team, Bregal Milestone successfully built value for the company's customers, employees, and shareholders. Saachi Oza, Principal at Bregal Milestone, emphasized the role of M&A activities in expanding Epassi's business across Europe.

The terms of the transaction were not disclosed, but the sale is subject to customary closing conditions. J.P. Morgan acted as the exclusive financial advisor, and White & Case provided legal counsel to Bregal Milestone and Epassi during the transaction.

About Epassi:

Epassi is a market leader in providing employee benefits in the Nordics, Italy, and the UK. The company offers a unique and scalable solution that combines all benefits in one user-friendly app. With nearly 13 million users, over 13,500 employers, and partnerships with more than 59,000 service providers, Epassi is Europe's leading digital solution for employee benefits. Epassi has been recognized as one of Europe's fastest-growing companies in 2022 and 2023 by the Financial Times.

About Bregal Milestone:

Bregal Milestone is a leading technology growth private equity firm that provides growth capital and strategic assistance to market-leading technology companies. With over €1.3 billion of capital raised since its inception, Bregal Milestone is part of Bregal Investments, a global investment platform with over €16 billion in assets under management.