Bregal Milestone Announces the Sale of Epassi to TA Associates and Warburg Pincus
Bregal Milestone, a leading pan-European technology growth private equity firm, today announced the sale of Epassi Group (“Epassi”), a market leader in the provision of employee benefits within the Nordics, and a leading player in the UK, Ireland, and Italy, to TA Associates and Warburg Pincus LLC.
Founded in 2007 and based in Espoo, Finland, Epassi is a leading provider of mobile payment solutions for the provision of employee benefits and other services. With over 13 million users, Epassi's mobile payment solution allows employees to easily access their employee benefits, such as meal vouchers, gym memberships, and parking passes, with a single app. In addition, the Epassi app can be used to pay for goods and services at over 59,000 service providers. As one of the fastest growing Nordic companies, Epassi was named to the Financial Times’ 1000 Fastest Growing Companies in Europe in 2019, 2022 and 2023.
Since Bregal Milestone’s initial investment in 2019, Epassi has cemented its leadership position and undergone a period of accelerated growth, including:
- Increasing revenue (GMV) 9x
- Increasing net revenues 6x
- Increasing EBITDA 7x
- Completing five add-on acquisitions across Europe
- Expanding its global footprint into Sweden, the UK, Ireland, and Italy
- Recruiting key C-level leadership including CEO Pekka Rantala and CFO Regina Duzanskaj
- Optimizing sales and profitability via our in-house data analytics capabilities delivered by Bregal Milestone’s in-house value creation team, Milestone Performance Partners
- Executing ESG-positive actions which resulted in a 38% improvement in Scope 1 & 2 emissions, and an independent rating as “best practice” against KPIs for 4 key ESG focus areas - Board Oversight, Cybersecurity and Privacy policies, Social Impact actions, and Business Integrity policies and results
“Bregal Milestone has been instrumental to our growth over the past several years and we believe that the timing of passing the ownership torch is ideal. With Bregal Milestone’s help, we have successfully expanded beyond the Nordics, and outside of our core business in the provision of employee benefits. We believe that with the scalable technology we have in place, we are sufficiently prepared to continue to scale into additional geographies and adjacent business areas in our next stage of growth,” says Pekka Rantala, CEO of Epassi.
“It has been a tremendous privilege to work with Risto, Pekka, and the talented Epassi leadership team to help build enormous value for the company's passionate customers, employees, and shareholders. We are proud to have helped build one of Europe’s leading employee benefits disruptors, exponentially growing revenues and profitability since our initial investment in 2019. From day one this partnership had a relentless focus on teamwork, high performance, and excellence,” added Cyrus Shey, co-founder and Managing Partner at Bregal Milestone.
“During our ownership, our successful M&A activity helped to expand Epassi’s business into five European markets, cementing our position as one of the leading pan-European employee benefits payments providers,” said Saachi Oza, Principal at Bregal Milestone.
In addition to our M&A activity, we were pleased to have worked with Pekka to build a talented leadership team and provide stewardship and support across several areas including the Epassi go-to-market strategy, their technology evolution, operational integration, and ESG. We wish Epassi continued success in their next stage of growth,” added Rob Hetherington, Epassi Chairman, Partner, and Head of Milestone Performance Partners (Bregal Milestone’s in-house value creation team).
Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions. J.P. Morgan acted as exclusive financial advisor and White & Case acted as legal counsel to Bregal Milestone and Epassi.
About Epassi
Epassi, founded in 2007 in Helsinki, is a market leader in the provision of employee benefits within the Nordics, Italy, and the UK. The unique and scalable solution drives mobile tech and payment solutions to open up a world of health and well-being possibilities, combining all benefits in one user-friendly service. Epassi Group is Europe’s leading digital solution for employee benefits, with a reach of nearly 13 million users, over 13,500 employers, and more than 59 000 service providers. Epassi is a trailblazer fintech company in the Nordic countries and has been awarded by the Financial Times as one of the fastest growing companies in Europe in 2022 and 2023.
Epassi – Boosting everyday well-being.
www.epassi.com
About Bregal Milestone
Bregal Milestone is a leading technology growth private equity firm with c.€1.3 billion of capital raised since inception. The firm provides growth capital and strategic assistance to support market-leading technology companies. Bregal Milestone is part of Bregal Investments, a leading global investment platform with over €16 billion in assets under management. For more information, visit www.bregalmilestone.com or follow us on LinkedIn.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809476156/en/
Contact information
Jillian Hazelton
Head of Marketing & Communications
Jillian.hazelton@bregal.com
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Textron Aviation Defense Secures First Contract to Deliver Beechcraft T-6 Texan II Integrated Training System to Japan22.12.2025 02:00:00 CET | Press Release
Textron Aviation Defense LLC, a Textron Inc. (NYSE:TXT) company, today announced that the company has finalized its first contract to deliver the Beechcraft T-6JP Texan II integrated training system to Japan’s Air Self-Defense Force (JASDF), in coordination with Kanematsu Corporation. The initial contract includes two Beechcraft T-6JP Texan II aircraft and instructor pilot and aircraft maintainer training materials. Deliveries of the first two aircraft are scheduled for 2029, with additional contracts anticipated. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251221925354/en/ The Beechcraft T-6 Texan II is designed and manufactured by Textron Aviation Defense LLC, a wholly owned subsidiary of Textron Aviation Inc. “This contract marks a pivotal step in strengthening Japan’s next-generation pilot training capabilities,” said Travis Tyler, president and CEO, Textron Aviation Defense. “We’re honored to support the Japan Air Se
IonQ och QuantumBasel förlänger sitt långsiktiga samarbete till nästa generations kvantsystem20.12.2025 21:32:00 CET | Pressmeddelande
IonQ (NYSE: IONQ), världens ledande kvantdatorföretag, tillkännagav i dag ett utökat samarbetsavtal med QuantumBasel, kvantinitiativet vid uptownBasel, Schweiz internationella innovationscampus. Genom det utökade avtalet beviljas QuantumBasel äganderätten till det befintliga IonQ Forte Enterprise-systemet och blir ägare av ett nästa generationens Tempo-system. Det nya avtalet ökar det totala värdet av samarbetet mellan QuantumBasel och IonQ till över 60 miljoner USD samtidigt som IonQ:s roll i Schweiz därigenom förlängs i ytterligare fyra år, t.o.m. 2029. QuantumBasel är IonQ:s officiella innovationscenter i Europa och fungerar som ett nav för europeiska industrier, universitet och forskningsinstitut som vill utforska praktiska kvantdatortillämpningar och få tillgång till IonQ:s senaste storföretagssystem. ”Vårt förlängda samarbete med QuantumBasel utgör en hörnsten i IonQ:s globala strategi”, säger Niccolo de Masi, styrelseordförande och CEO på IonQ. ”QuantumBasel fortsätter att vara
EIG Acquires a 49.87% Stake in Transportadora de Gas del Perú (TgP)19.12.2025 18:42:00 CET | Press Release
EIG, through its managed investment vehicles, acquired a 49.87% equity stake in Transportadora de Gas del Perú S.A. (“TgP”) from Canada Pension Plan Investment Board today. TgP operates Peru’s principal natural gas and natural gas liquids pipelines under a long-term concession, supplying approximately 40% of the country’s power generation. “We are delighted to complete this transaction and embark on the next chapter of our partnership with TgP,” said Matt Hartman, EIG’s Global Head of Infrastructure. “Our priority is to support TgP’s operational excellence and long-term stability, delivering value for customers and stakeholders throughout Peru.” About EIG EIG is a leading institutional investor in the global energy and infrastructure sectors with $24.3 billion assets under management as of September 30, 2025. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 43-year history, EIG has committed over $51.7 billion to the energ
Klarna Partners With Coinbase to Add Stablecoin to Funding Mix19.12.2025 18:00:00 CET | Press Release
Klarna, the global digital bank and flexible payments provider, has partnered with Coinbase to add stablecoin funding to its broad range of traditional sources of funding, which include consumer deposits, long-term loans and short-dated commercial paper. The digital bank plans to raise short-term funding from institutional investors denominated in USDC utilizing Coinbase’s digitally native infrastructure. Adding a USDC-denominated funding source enables Klarna to access USD-like funding directly, tapping into a new pool of institutional investors. “This is an exciting first step into a new way to raise funding,” said Niclas Neglén, Chief Financial Officer, Klarna, “Stablecoin connects us to an entirely new class of institutional investors, and gives us the potential to diversify our funding sources in ways that simply weren't possible a few years ago. This is just the beginning of how digital assets can work alongside our traditional funding sources." Klarna chose Coinbase for this ini
CyberArk Named a Leader in IDC MarketScape: Worldwide Integrated Solutions for Identity Security 202519.12.2025 17:00:00 CET | Press Release
CyberArk (NASDAQ: CYBR), the global leader in identity security, today announced that it has been recognized as a Leader in the IDC MarketScape: Worldwide Integrated Solutions for Identity Security 2025 Vendor Assessment. CyberArk extends dynamic privilege controls across all identity types with its unified platform, enabling organizations to improve efficiencies and streamline security operations. This IDC MarketScape report notes, “More change has occurred in the identity security marketplace in the past two years than in almost a decade. Vendors are entering a new phase defined by the emergence of intelligence technologies, none of which are specifically defined by any industry standards. Though different by design, the new adjacent IAM offerings are largely focused on improved vulnerability and threat management visibility and automated and predictive attack detection capabilities.” It also notes, “By addressing these evolving identity types within a unified framework, CyberArk enh
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom