IN BRIEF: Apax Global notes Apax IX to sell stake in AssuredPartners
10th Dec 2024 12:09
Apax Global Alpha Ltd - closed-ended investment company providing access to the private equity funds of investment adviser Apax Partners LLP - Notes that Apax IX Fund, in which it is a limited partner, announces the full sale of its minority co-control stake in AssuredPartners. AssuredPartners is a mid-market property, casualty & employee benefits insurance brokerage to Arthur J Gallagher & Co. Apax Global expects the transaction to deliver a gross multiple on invested capital of 2.5 times and gross internal rate of return of 16% for Apax IX. The transaction values Apax Global's look-through investment in AsduredPartners at about EUR51 million, a 10% discount to the last unaffected valuation as at September 30. Read More