29th Dec 2020 08:54
(Alliance News) - Apax Global Alpha Ltd on Tuesday said the Apax IX Fund, in which it is a limited partner, has agreed to sell its stake in online marketplace and software solutions provider Boats Group to funds advised by private equity company Permira.
FTSE 250-listed Apax Global - which invests in private equity and derived investments - said the full exit of Apax IX's investment in Boats Group is expected to deliver a total gross multiple of invested capital of around 4.2 times and a gross internal rate of return of around 41%.
The company added Apax IX also has agreed to sell a minority stake in software consultancy ThoughtWorks to a group of investors.
Both transactions - which are expected to close in the first quarter of 2021 - together represent an average uplift of around 30% to last unaffected valuations and an uplift of around EUR29 million, or EUR0.06 per share, in the adjusted net asset value of Apax Global at September 30.
Separately, Apax Global Alpha said the Apax X Fund has agreed to acquire the software products business from information technology company 3i Infotech Ltd. On a look-through basis, Apax Global is expecting to invest around EUR5.4 million in the newly-formed company which will be named Azentio Software.
The transaction is expected to close in early 2021.
Shares in Apax Global were trading 1.3% higher at 194.40 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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