Leonard Green & Partners has agreed to acquire CPA Global from Cinven in a move that values the intellectual property business at £2.4 billion, per the Financial Times; the amount represents 15.5x the company's EBITDA. Cinven has backed CPA Global since 2012, when it acquired the UK-based provider of patent management and related IP services for a reported £950 million.
The business has been up for sale since July, with Permira and Hellman & Friedman among the other firms reported as potential buyers.
Recent years have brought a major rise in secondary buyout frequency in the IT space throughout Europe. Investors have set a new decade-high in each of the past four years, per the PitchBook Platform, reaching a peak of 88 SBOs in IT last year. That's an increase of more than 300% from the 21 such deals in 2009.