Acquisition of the Italian Group FIS-Antex

Acquisition of the Italian Group FIS-Antex

Acquisition of the Italian Group FIS-Antex green_squares

Milan, 13th February – Argos Wityu announces the completion of the acquisition of the majority of Antex S.r.l. and FIS S.p.A., leading companies in the Italian market providing Human Resources (“HR”) and Finance and Administration (“F&A”) outsourcing services.


The two companies were established in the 60s, and have been able to penetrate the market thanks to the high quality and broad range of services offered and to the completeness of the software platforms, which have permitted them to reach a high level of customer satisfaction and ensure an excellent client retention rate.

The acquisition by Argos Wityu has taken place within a context of continuity with the existing management team.  A significant number of top managers have invested alongside Argos Wityu, while the founders retain a minority stake.
The deal was completed without the use of bank financing, to allow the companies to accelerate their organic growth, in addition to exploiting additional growth opportunities via market consolidation in the Domestic market, the rest of Europe and in the Mediterranean Region.

Umberto Signorini and John Stewart, the Group founders, commented: “the acquisition by Argos Wityu represents the culmination of the development plan begun in 2005, when we joined forces with the unique goal of becoming the first company in the Italian market offering HR and F&A outsourcing services. This step for us is a moment of great professional satisfaction, since it confirms the sustainability of the choices we made during the past years and it sets the basis for the further development of Antex and FIS.

Luciana Barbara Dolci, Chairman of the companies, said: “in the last five years we have worked hard to ensure that the companies are in a fit condition to face, with success, the complex challenges the market proposes. The decision by Argos Wityu to join our team confirms the good work carried out and it is a source of great gratification. The most important thing is that with Argos at our side we can deal with greater enthusiasm with the opportunities for further development and growth. We have always based the management of our group on people and trust: Argos Wityu’s choice to confirm the existing management team and to include the first line of managers among the shareholders is evidence of a shared vision that goes beyond mere business goals and is based on deeper values. These are the premises upon which to begin a success story.”

Jean Pierre Di Benedetto, a partner in Argos Wityu: “in a business services company, possibly more than in other acquisitions, the main ingredient for the success of a deal is the entrepreneurial and managerial component. The current management team has an excellent track record, always improving in the really tough environment of the last five years. We are confident that management will be able to meet the ambitious business plan for the next five years. Contrary to others international investors, Argos Wityu is allocating growing resources to Italy, with limited recourse to financial leverage. We believe in finding entrepreneurial excellences able not to be correlated to the general crisis situation and capable of creating value and efficiencies for customers, especially in really hard times like the present ones.

About FIS and Antex

FIS grew in the Audit world, becoming a leading provider of financial and accounting services (payroll and accounting). In 2002 FIS became totally independent, continuing its operations as an autonomous company.

Antex is a leading expert in Italian labour law matters. It has been operating in the Italian market of HR administration services for more than 50 years.

Since its foundation, Antex has expanded its operations by way of organic and external growth.

The choice to go forward together was born of the concentration trend that HR outsourcing services was following, beginning in 2000.

The two companies will close 2012 with a total turnover of approx. Eur 50 mln.


About Argos Wityu

Argos Wityu is an independent European private equity group with offices in Paris, Milan and Geneva.

Since its creation in 1989, Argos Wityu has carried out more than 50 transactions focusing on management buy-outs and buy-ins in small and medium sized companies.

Argos Sodtic typically takes majority stakes ranging from €5m to €50m in companies with revenues of €20m to €400m.

With €675m under management for MBO (€400m for the last fund), the firm has developed a track record of unusual, complex and off-market transactions where the firm’s combination of local presence and international experience is able to add value to the small and medium sized businesses it invests in.


Antex-FIS is the first deal in 2013 for Argos Wityu and it is the first acquisition in Italy for Fund VI, following a first investment in 2012, in Switzerland, in the private schools market (ASC International House).



Buy-side Advisors:

  • Accounting Advisor: KPMG S.p.A.
  • Business Advisor: L.E.K. S.p.A.
  • Legal Advisor: Orrick     S.p.A.
  • Tax Advisor: TFP & Associati
  • Insurance Advisor: Willis S.p.A.

Sell-side Advisors:

  • Financial Advisor: BNP Paribas
  • Legal & Tax Advisor: Crowe Horwath – Studio Associato Servizi Professionali Integrati
  • Tax Advisor: Crowe Horwath – Studio Associato Servizi Professionali Integrati

Contacts :

Argos Wityu : Jean-Pierre di Benedetto (Partner)
Press : Céline Lanoux, tél. +33 1 53 67 20 50,


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