Private equity firms Francisco Partners and KKR have agreed to acquire minority stakes in Italian business software provider TeamSystem from majority owner Hellman & Friedman (H&F), in a transaction that values the company at between €8bn and €10bn, according to Private Equity Wire. The report said it was based on a Reuters report that cited unnamed people familiar with the matter.
Stakes and buyer group
Francisco Partners is buying approximately 10% of TeamSystem, according to people familiar with the matter cited in the report. A further stake of around 5% is being sold to a group of investors that includes KKR, according to Private Equity Wire.
The transaction provides H&F with a partial realisation of its investment in TeamSystem while allowing the firm to retain significant exposure to the business, the report said. Part of H&F’s remaining holding will be transferred to another fund managed by the firm, according to the same sources.
Ownership and prior secondary sales
H&F first invested in TeamSystem in 2016, according to the report. H&F owned 69% of the company as of July, according to a corporate filing cited in the report.
Silver Lake held 12.8% of TeamSystem and Abu Dhabi sovereign wealth fund ADIA held 9.8%, according to the report. Silver Lake and ADIA acquired their stakes from H&F in 2023, according to Private Equity Wire.
Business profile and reported financials
TeamSystem provides accounting, payroll and business management software to companies and professionals, according to the report. Its products are closely integrated with Italy’s electronic invoicing infrastructure used by small and medium-sized businesses, the report said.
TeamSystem generated adjusted EBITDA of €476m in 2025, compared with €75m when H&F first invested, according to one of the sources cited in the report. Current revenue is above €1.3bn and core earnings are around €600m, according to one of the sources cited.
The reported valuation would represent roughly 16.5 to 17 times TeamSystem’s 2025 adjusted EBITDA, the report said.
Comment status
H&F, Francisco Partners, KKR and TeamSystem reportedly declined to comment, according to the report.
Private equity transactions commonly include minority stake sales that provide partial liquidity for an incumbent sponsor while keeping control, and the report described this deal as providing H&F with a partial realisation while retaining significant exposure.
