TIDMAPAX
RNS Number : 3975T
Apax Global Alpha Limited
25 March 2021
Apax Global Alpha Limited
Funds advised by Apax to acquire Rodenstock Group
On 24 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 Rodenstock Group
("Rodenstock"), a leading manufacturer of premium ophthalmic
lenses. The transaction is expected to close by Q3 2021, subject to
applicable regulatory requirements.
On a look through basis, AGA is expected to invest approximately
EUR21.3m in the company. Note that these figures relate to AGA's
look through position of Apax X's overall investment in Rodenstock
and are stated before taking into account any closing adjustments
and translated based on the latest exchange rates available where
applicable(1.)
Founded in 1877, Rodenstock has been a global leader in
prescription lenses for over 140 years, with a strong track record
of innovative product development and market leading technologies.
Headquartered in Munich, Germany, Rodenstock employs around 4,900
people worldwide and is represented by sales subsidiaries and
distribution partners in more than 85 countries. Rodenstock has a
strong and growing pipeline of innovation; its patented DNEye Pro
technology stands at the core of its business strategy and made
Rodenstock the first company to measure the individual shape and
size of each eye and use thousands of data points to produce
individualised eyeglass lenses, called Biometric Intelligent
Glasses (B.I.G. VISION(TM)). The company's portfolio also includes
eyewear under the Rodenstock and Porsche Design brands.
Apax X will support the Rodenstock management team's vision of
accelerating the company's growth through innovation, commercial
execution and digitalisation, whilst continuing to deliver the
highest level of service to clients and partners. The Apax
Healthcare team have a deep understanding of innovative MedTech
through prior investments in the space, including companies such as
Candela, a pioneering non-surgical aesthetic device company, and
Acelity, the global leader in wound-care products.
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(2) to Apax X.
For more information about the transaction, please visit:
https://www.apax.com/news/press-releases/
END
Contact details
Investor Relations - AGA
Katarina Sallerfors
T: +44 207 872 6526
E: Katarina.Sallerfors@apax.com
Footnotes
1 Based on Bloomberg closing rate of EUR/USD FX rate on 23
. March 2021 of 1.1849
2. 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 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEAXDLAESFEFA
(END) Dow Jones Newswires
March 25, 2021 03:00 ET (07:00 GMT)
Apax Global Alpha (LSE:APAX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Apax Global Alpha (LSE:APAX)
Historical Stock Chart
From Apr 2023 to Apr 2024