Compass News

Tinet SpA (BS Private Equity)


BS Private Equity Signs a Binding Agreement to Sell 100% of Tinet to Neutral Tandem Inc.


MILAN September 14, 2010 – BS Private Equity, one of the leading independent Italian private equity players, signed a binding agreement to sell 100% of Tinet to Neutral Tandem, a Chicago‑based provider of interconnection services quoted on NASDAQ (TNDM).


Tinet, formerly the carrier arm of Tiscali Group, is an Italy-based global carrier exclusively focused on the IP and Ethernet wholesale market.  With network presence and customers in EMEA, Americas and APAC, Tinet provides global IP Transit and Ethernet connectivity to Carriers, Service and Content Providers worldwide.  In 2009, Tinet reported revenues of €41.6 million and an EBITDA of approximately €10 million.


BS Private Equity had completed the management buy-out of Tinet in May 2009, when it acquired the company from Tiscali, the Italian, publicly-traded telecom company.


The transaction, which is expected to be completed in the fourth quarter of 2010, will provide BS Private Equity with a cash multiple of approximately 2.5 times and an IRR of almost 90%.


Advisers to the sellers were Compass Rondelli Advisers (M&A), RDRBA and Dewey LeBouef (legal), and PWC (accounting).


About BS Private Equity


BS Private Equity is one of Italy’s leading private equity firms, investing in manufacturing and service companies.  It arranges management buy-outs and buy-ins, with the goal of assisting experienced executives who are eager to become entrepreneurs.  It provides the capital that unlisted companies need to grow both internally and externally.


BS Private Equity is owned by its partners and manages, through BS Investimenti SGR, BS Investimenti IV, a €550m mid-market country fund focused on Italian companies.

Tinet SpA (BS Private Equity)