(Corrects typo in paragraph 4) (Reuters) – Buyout firm Warburg Pincus has clinched a deal to acquire Vermont Information Processing, which makes software for beverage distributors, for about $1 billion including debt, according to people familiar with the matter. The deal has been signed and could be announced in the coming days, the sources said, […]
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Warburg strikes $1 billion deal for software firm Vermont Information Processing, sources say
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(Corrects typo in paragraph 4)
(Reuters) – Buyout firm Warburg Pincus has clinched a deal to acquire Vermont Information Processing, which makes software for beverage distributors, for about $1 billion including debt, according to people familiar with the matter.
The deal has been signed and could be announced in the coming days, the sources said, requesting anonymity as the matter is confidential.
Warburg Pincus declined to comment, while Vermont Information Processing did not immediately respond to requests for comment.
Founded in 1972 by electrical engineer Howard Aiken as a billing service for beer, wine, and soda distributors, the Colchester, Vermont-based company provides software that helps with tasks such as management of warehouses and inventories, reduction of costs, and sales forecasting. It counts brewers such as Heineken, Boston Beer, and Guinness among its customers.
New York-based Warburg Pincus currently has more than $86 billion of assets under management. The private equity firm’s portfolio includes more than 230 companies across several industries in its portfolio.
(Reporting by Milana Vinn in New York; Editing by Chizu Nomiyama)