Industry: Business Process Outsoursing
Investment Date: 2007
Exit Date: 2017
Exit Type: Buy-back
Stake: 36.0%

Inter-Risco was approached by the promotor of this investment, with a strong track-record in MBI projects and M&A, to develop a build-up in the Business Process Outsourcing market (accounting, tax and payroll services) via the acquisition of 20+ companies in a stable and highly fragmented market, with high switching costs for the client. Adding, technology investments would create the conditions to offer premium services to clients as well as would allow for increasing efficiency on cost structure.

Although the Group reached 2nd position in the Market, from 2011 on, Moneris suffered an activity decrease as a result of the Portuguese macroeconomic environment, following Troika’s intervention, and the fact that most of its clients are SMEs, which lead the company to restructure its debt several times in the following years.

Considering the abovementioned evolution, Fundo Caravela sold its stake in Moneris to the promotor and another institutional investor in April 2017.