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Apax Global Alpha Ld (APAX)

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Wednesday 17 March, 2021

Apax Global Alpha Ld

Funds advised by Apax to acquire Lutech

RNS Number : 4821S
Apax Global Alpha Limited
17 March 2021
 

 

Apax Global Alpha Limited

Funds advised by Apax to acquire Lutech

 

On 16 March 2021, the Apax X Fund ("Apax X"), in which AGA is a limited partner, announced that it has entered into a definitive agreement to acquire a majority stake in Lutech SpA ("Lutech"), a leading IT services, software and technology company in Italy. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions.  

 

On a look through basis, AGA is expected to invest approximately €8.5m in the company.

 

Note that these figures relate to AGA's look through position of Apax X's overall investment in Lutech and are stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable1.

 

Founded in 2001, Lutech is a leading Italian IT services and solutions provider, designing and enabling digital transformation and innovative enterprise technologies for private and public-sector clients. Lutech is able to deliver a wide range of solutions including digital strategy definition, proprietary software, system integration and managed services. The company is recognised for its capabilities in the following domains: digital customer engagement, next generation IT infrastructure, cloud, financial services solutions, cybersecurity, IoT, Big Data and eHealth.

 

Leveraging the Apax Tech team's sector knowledge, Apax X identified an opportunity to back a solid player in the Italian IT services market at an attractive entry valuation. The Apax Funds, in partnership with Lutech's management team, will look to drive the company forward through a combination of organic and inorganic growth, focusing on expanding key value drivers such as the company's digital services offering while at the same time accelerating Lutech's M&A strategy. The Apax Tech team have a deep understanding of the IT services market, as well as specific knowledge of the Italian market through the Apax Funds' prior investment in Engineering, a leading IT services provider in the country.

 

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.$450m2 to Apax X.

 

For more information about the transaction, please visit: https://www.apax.com/news/press-releases/  

 

 

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Contact details

Investor Relations - AGA

Katarina Sallerfors

T: +44 207 872 6526

E: [email protected]  

 

 

Footnotes

1 .

Based on Bloomberg closing rate of EUR/USD FX rate on 15 March 2021 of 1.1929

2.

AGA's commitment in Apax X of c$450m represents a commitment of $225m in the USD tranche and €199.8m 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 Partners LLP

 

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 Partners is authorised and regulated by the Financial Conduct Authority in the UK.

 

 

 

 

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