TIDMAPAX
RNS Number : 8755N
Apax Global Alpha Limited
07 June 2022
Apax Global Alpha Limited
Funds advised by Apax to acquire EcoOnline
On 2 June 2022, the Apax X Fund ("Apax X"), in which Apax Global
Alpha Limited ("AGA") is a limited partner, announced that it has
reached an agreement with the Board of EcoOnline Holding AS
("EcoOnline" or the "Company") an Environment, Health and Safety
("EHS") SaaS company listed on Euronext Growth (Ticker: ECO) to
acquire the entire issued, and to be issued, share capital of the
business(1) . The transaction is expected to close in the second
half of 2022, subject to shareholder and regulatory approvals.
On a look-through basis and based on the offer price of NOK22.75
per EcoOnline share, AGA is expected to invest approximately
EUR12.3m in the company.
Note that these figures relate to AGA's look through position of
Apax X's overall investment in EcoOnline and are stated before
taking into account any closing adjustments and are translated
based on the latest exchange rates available where applicable2.
Founded in 2000 and headquartered in Norway, EcoOnline is a
European EHS SaaS market leader developing software for creating
safer and sustainable workplaces while ensuring compliance and
environmental sustainability. EcoOnline has a strong position in
the Nordics, with growing presence in the UK, Ireland, and the US.
The Company currently serves over 7,000 customers across almost all
sectors.
Apax's EHS software market experience ideally positions it to
partner with EcoOnline to unlock its potential as a private
company, working closely with Apax's Operational Excellence
Practice to drive both organic and inorganic growth.
AGA, whose shares are listed on the London Stock Exchange,
provides investors with access to a diversified portfolio of
private equity funds advised by Apax Partners as well as a focused
portfolio of debt and equity investments ("Derived Investments").
In July 2019, AGA made a commitment of c.$450m(3) to Apax X.
For more information about the transaction, please visit:
https://www.apax.com/news/press-releases/
END
Contact details
Investor Relations - AGA
Lorraine Rees
T: +447909255175
E: Lorraine.rees@apax.com
Footnotes
1. Via Erling Bidco AS, a company wholly owned by the Apax
Funds
2. Based on Bloomberg closing rate of EUR/USD FX rate on 2
June 2022 of 1.0747
3. AGA's commitment in Apax X of c$450m represents a commitment
of $225m in the USD tranche and EUR199.8m in the euro tranche
Notes
1. Note that references in this announcement to Apax Global Alpha
Limited have been abbreviated to "AGA" or "the Company". References
to Apax Partners LLP have been abbreviated to "Apax Partners"
or "the Investment Adviser"
2. Please be advised that this announcement may contain inside
information as stipulated under the Market Abuse Regulations
(EU) NO. 596/2014 ("MAR")
3. This announcement is not for release, publication or distribution,
directly or indirectly, in whole or in part, into or within
the United States or to "US persons" (as defined in Regulation
S under the United States Securities Act of 1933, as amended
(the "Securities Act")) or into or within Australia, Canada,
South Africa or Japan. Recipients of this announcement in jurisdictions
outside the UK should inform themselves about and observe any
applicable legal requirements in their jurisdictions. In particular,
the distribution of the announcement may be restricted by law
in certain jurisdictions
4. The information presented herein is not an offer for sale within
the United States of any equity shares or other securities
of Apax Global Alpha Limited ("AGA"). AGA has not been and
will not be registered under the US Investment Company Act
of 1940, as amended (the "Investment Company Act"). In addition,
AGA's shares (the "Shares") have not been and will not be registered
under the Securities Act or any other applicable law of the
United States. Consequently, the Shares may not be offered
or sold or otherwise transferred within the United States,
or to, or for the account or benefit of, US Persons, except
pursuant to an exemption from the registration requirements
of the Securities Act and under circumstances which will not
require AGA to register under the Investment Company Act. No
public offering of the Shares is being made in the United States
5. This announcement may include forward-looking statements. The
words "expect", "anticipate", "intends", "plan", "estimate",
"aim", "forecast", "project" and similar expressions (or their
negative) identify certain of these forward-looking statements.
These forward-looking statements are statements regarding AGA's
intentions, beliefs or current expectations concerning, among
other things, AGA's results of operations, financial condition,
liquidity, prospects, growth and strategies. The forward-looking
statements in this presentation are based on numerous assumptions
regarding AGA's present and future business strategies and
the environment in which AGA will operate in the future. Forward-looking
statements involve inherent known and unknown risks, uncertainties
and contingencies because they relate to events and depend
on circumstances that may or may not occur in the future and
may cause the actual results, performance or achievements of
AGA to be materially different from those expressed or implied
by such forward looking statements. Many of these risks and
uncertainties relate to factors that are beyond AGA's ability
to control or estimate precisely, such as future market conditions,
currency fluctuations, the behaviour of other market participants,
the actions of regulators and other factors such as AGA's ability
to continue to obtain financing to meet its liquidity needs,
changes in the political, social and regulatory framework in
which AGA operates or in economic or technological trends or
conditions. Past performance should not be taken as an indication
or guarantee of future results, and no representation or warranty,
express or implied, is made regarding future performance. AGA
expressly disclaims any obligation or undertaking to release
any updates or revisions to these forward-looking statements
to reflect any change in AGA's expectations with regard thereto
or any change in events, conditions or circumstances on which
any statement is based after the date of this announcement,
or to update or to keep current any other information contained
in this announcement. Accordingly, undue reliance should not
be placed on the forward-looking statements, which speak only
as of the date of this announcement.
About Apax Global Alpha Limited
AGA is a Guernsey registered closed-ended collective investment
scheme incorporated as a non-cellular company that listed on the
London Stock Exchange on 15 June 2015. It is regulated by the
Guernsey Financial Services Commission.
AGA's objective is to provide shareholders with capital
appreciation from its investment portfolio and regular dividends.
The Company is targeting an annualised Total Return, across
economic cycles, of 12-15% (net of fees and expenses) including a
dividend yield of 5% of Net Asset Value.
The investment policy of the Company is to make Private Equity
investments in Apax Funds, and Derived Investments which are
investments in equities and debt derived from the insights gained
via Apax Partners' Private Equity activities.
Further information regarding the Company and its publications
are available on the Company's website at
www.apaxglobalalpha.com.
About Apax
Apax Partners LLP ("Apax") is a leading global private equity
advisory firm. For nearly 50 years, Apax has worked to inspire
growth and ideas that transform businesses. The firm has raised and
advised funds with aggregate commitments of more than $60 billion.
The Apax Funds invest in companies across four global sectors of
Tech, Services, Healthcare and Internet/Consumer. These funds
provide long-term equity financing to build and strengthen
world-class companies. For further information about Apax, please
visit www.apax.com .
Apax is authorised and regulated by the Financial Conduct
Authority in the UK.
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END
MSCBKABKQBKDAAK
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