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Three Hills announces fifth deal from its recent vintage following successful completion of Digital360 delisting

27 October 2023 Investment Activity

Three Hills (the “Firm”) is pleased to announce the successful completion of the delisting process of Digital360 (“D360” or the “Company”). Finalised in partnership with the Company’s main shareholders, the take-private of D360 from the Euronext Growth segment of Borsa Italiana was completed with a significant 97% participation rate, exceeding the 90% squeeze-out threshold in just a three-week offering period. This is a positive outcome for both Three Hills and the Company, marking an important milestone in D360’s new growth journey. The deal represents Three Hills’s fifth transaction from its latest vintage, Three Hills Capital Solutions IV (“THCS IV” or the “Fund”), taking the Fund’s overall deployment to c.30% in just 12 months since its final close.

Following the completion of the squeeze-out, the Company is now 100% owned by the NewCo, of which the Fund holds a c.33% ownership and will be granted two Board seats. The total funding required from THCS IV to support the delisting process and further finance its ambitious M&A strategy has amounted to EUR 62 million in total.

Established in 2012 and headquartered in Milan, D360 was founded by a group of Politecnico di Milano professors, led by Chairman and Co-Founder Andrea Rangone. The Company is now a leader in digital marketing and advisory services in the digital transformation domain. D360’s unique strengths include a proprietary publishing network of over 40 websites, a strong reputation, and an unparalleled leads database.

The deal was originated through Three Hills’ proprietary network with considerable support throughout the process from Fabio Troiani, a Senior Advisor to the Firm with longstanding expertise in the innovative technologies and professional services, and a remarkable track record in building technology businesses in Europe. Three Hills will continue to leverage its experience in the technology sector, its international network, as well as its M&A capabilities to assist the Company’s management team in executing its expansion plans.

Mauro Moretti, Founder & Managing Partner at Three Hills, stated:

We are delighted to enter the next phase of our partnership with D360. Three Hills’ investment strategy focuses on partnering with growth-oriented entrepreneurs with a focus on innovative business models; we therefore see D360 as a perfect fit for our objectives. We look forward to collaborating with such an experienced management team that has an existing track record of achieving impressive growth and devising a unique approach to digital marketing and advisory services.

Mauro Moretti, Founder & Managing Partner at Three Hills,

I am excited for the next phase of our partnership with Three Hills, which represents a significant milestone in our Company’s history. With a promising pipeline of M&A opportunities and Three Hills’ support, we are well positioned to strengthen our leadership in the Italian market and expand our model internationally. We believe in the great potential of this collaboration; we are ready to work together to continue our growth and market presence.

Andrea Rangone, Professor at Politecnico di Milano & Chairman of D360

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