Bregal Unternehmerkapital, a division of Bregal Investments that focuses on mid-sized private equity investments in German-speaking countries, has sold its majority stake in software business Proalpha to ICG.
The transaction was a management buyout deal and values the business at around €400m, according to a person with knowledge of the transaction.
Bregal bought Proalpha in 2013 from its founders and Beaufort Capital. Bregal will continue to hold a reduced stake in the business.
Proalpha provides enterprise resource planning (ERP) software to businesses in Germany, Austria and Switzerland. Last year it bolted on Swiss Codex Group and opened its first office in China.
The company has 800 employees and reported revenues of around €100m for 2016.