6th Dec 2021 10:55
(Alliance News) - The investment company Apax Global Alpha Ltd on Monday said two of the Apax funds in which it is a limited partner will sell their stake in Unilabs.
Apax IX Fund and Apax Europe VI Fund have agreed to sell their stake in the Geneva, Switzerland-based pan-European provider of laboratory and imaging diagnostics services, to AP Moeller Holding AS, the parent of Danish container logistics firm.
AP Moeller separately said it agreed with Unilabs to not disclose the terms of the acquisition.
Unilabs operates more than 200 laboratories and 180 imaging centres in 15 countries, employing 12,600 people. It booked earnings before interest, tax, depreciation and amortisation of EUR600 million in the financial year that ended in September, on revenue of EUR2.0 billion.
The Apax IV investment in Unilabs is expected to deliver a total gross multiple on invested capital of 3.3 times and a gross internal rate of return of 27%.
Apax Europe VI's investment is expected to deliver a total gross multiple on invested capital of 5.5 times and a gross return rate of 15%.
AGA's total look-through investment in Unilabs is valued at approximately EUR72.4 million.
This would represent a rise of 13% to Unilabs last unaffected valuation and an uplift of EUR8.5 million in the adjusted net asset value of AGA as at September 30.
The transaction is expected to close in the first quarter of 2022.
Apax Europe VI invested in a minority stake in Unilabs in 2007 and Apax IX gained majority control of the laboratory and imaging diagnostics services provider in 2017.
Both funds have supported Unilabs' significant investments into people, technology, and mergers and acquisitions since then, AGA said.
AGA is an investor in Apax Europe VI with a total commitment of EUR10.6 million. As of May 2016, AGA is also an investor in Apax IX with a commitment of EUR303 million.
The investment company provides access to investments made by private equity firm Apax Partners LLP. Its investment policy is to make private equity investments in Apax Funds like Apax IX and Apax Europe VI.
Apax Global Alpha shares were up 0.2% at 220.50 pence each on Monday morning in London.
By Abby Amoakuh; [email protected]
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