A major milestone in the evolution of Initio was reached on Oct 1st 2013 with the announcement of the acquisition of 70% of the shares of Initio group by the French company Square, which represents a network of consulting firms in strategy, organization and operational consultancy based in Paris. The deal will boost Initio's international growth and create lots of synergies in terms of exchange of knowledge, offers and expertise whilst maintaining its corporate culture and management team.
The full press release follows below.
International consulting firm Initio joins the Square group.
The first acquisition abroad of the Square group, an international network of consulting firms in strategy, organization and operational consultancy based in Paris.
Neuilly-sur-Seine/Luxembourg, October 1st 2013: Square, an international group of consulting firms in strategy, organization and operational consulting, announced the acquisition of 70% of the shares of Initio. Financial terms of the transaction were not disclosed. This is the first acquisition outside of France since the creation of Square in 2008 says Jérôme Boucheron, CEO of Square. Initio will allow us to significantly increase our international presence, particularly in Belgium, the Grand Duchy of Luxembourg and Germany.
“This transaction allows us to join forces with a European-wide group with whom we share many common value." said Jean-Marc Dame, President and founder of Initio who remains in charge of the operations in Belgium, Luxembourg.
"This acquisition demonstrates the group's ambition to establish a sustainable presence abroad," commented Eric Bonnel, CFO of Square.
This transaction, dated September 30th, significantly strengthens the presence of Square on the Belgian and Luxembourg markets.
With more than 350 consultants (including 50 from Initio) in four European countries, Square demonstrates the relevance of its growth model, based on a clearly defined positioning with specific expertise offered by each subsidiary. This network organization allows customers of each subsidiary to have access to all the group offerings. With around 15 consultants specialized in finance, banking and insurance, the French Initio activity will be integrated into Square in Neuilly-sur-Seine.
The acquisition of Initio should allow Square to achieve a turnover of around € 45 million in 2013 (€ 35.5 million in 2012).
Contact Square: Jérôme Boucheron, president, +33 (0)1 46 40 40 00, email@example.com
Square is an international group of consulting firms in strategy, organizational and operational consulting founded in late 2008. Based in Paris, Square is especially present in the banking, finance, insurance, transport, logistics, energy, chemicals, broadcasting, and distribution sectors. In 2012, Square and its four group members (Adway, Tallis, Vertuo, Viatys) have achieved a consolidated turnover of € 35.5 million.