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Our investment teams have distinct strategies and focus on investing in mid-market companies in a variety of sectors in the US and Europe.

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Our investment teams have distinct strategies and focus on investing in mid-market companies in a variety of sectors in the US and Europe.

Flexible capital and strategic assistance for market-leading companies in high-growth sectors in North America and Europe

Equity capital for mid-sized companies in the DACH region and Italy

Growth capital and strategic assistance to software companies throughout Europe

Impact platform investing in climate and nature-based solutions

Private equity primaries, co-investments, and secondaries across North America and Europe

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Epassi

1.5
MILLION

Employees

9
THOUSAND

Employers

35+
THOUSAND

Merchants

Industry: B2B Software
Year invested: 2019
Status: Realized
Location: Sweden, Finland
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Epassi is a high-growth digital disruptor in the employee benefits and wellbeing sector.

Delivering a full-stack mobile payments solution to support effortless corporate benefits management.

Epassi is transforming the legacy, chaotic paper-based employee benefits landscape with its first-of-kind 100% digital, mobile-enabled administration solution.

Epassi has cemented itself as the market leader in account-to-account payments for digital employee benefits, and the numbers speak for themselves: over 1.5 million employees from 9,000 employers have access to their benefits through Epassi’s network of more than 35,000 merchants. When we met Epassi's founder Risto Virkkala back in 2018, we were struck by a visionary entrepreneur who saw the enormous potential for Epassi to become the undisputed category winner in employee benefits management.

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In the short period since founding, Epassi had disrupted the market with a full-stack digital payments solution addressing the large and attractive employee benefits market. Since Bregal Milestone’s initial investment in 2019, Epassi has cemented its leadership position and undergone a period of accelerated growth, including give add-on acquisitions across Europe and expansion into Sweden, the UK, Ireland, and Italy.

"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."

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Pekka Rantala

CEO - Epassi

In August 2023, Bregal Milestone announced the sale of Epassi to TA Associates and Warburg Pincus LLC.

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Our experienced global investment team seeks to create long-standing relationships and drive lasting impact within our portfolio companies, which are active across Europe and North America.

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