P&I
Accounting Software Services
Based in Germany, and founded in 1968, P&I is a leading provider of HR software solutions in German-speaking countries to private mid-segment and public sector entities.
Their platform provides core HR functions such as payroll and additional modules in human capital management (i.e. talent management, recruiting, and learning & development) that P&I upsells to existing clients.
P&I’s software solutions are mostly sold on a perpetual license-basis based on an expected minimum usage, with recurring revenues from maintenance streams.
MV’s role
MV Credit funds participated in the dividend recapitalisation of P&I by previous owner HG Capital in January 2016. Following the closing of this transaction, the Company performed above expectations, which then subsequently led to a number of private equity firms contacting HG Capital.
The Company was put for sale through a limited and non-public auction process and, as an existing subordinated debt lender, MV Credit was favourably positioned to participate in the limited pre-syndication of the senior facilities supporting this new transaction.
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