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Apax Global Alpha Ltd - closed-ended investment company providing access to the private equity funds of investment adviser Apax Partners LLP - Notes that Apax IX Fund, in which it is a limited partner, announces the full sale of its minority co-control stake in AssuredPartners. AssuredPartners is a mid-market property, casualty & employee benefits insurance brokerage to Arthur J Gallagher & Co. Apax Global expects the transaction to deliver a gross multiple on invested capital of 2.5 times and gross internal rate of return of 16% for Apax IX. The transaction values Apax Global’s look-through investment in AsduredPartners at about €51 million, a 10% discount to the last unaffected valuation as at September 30.
Current stock price: 139.29 pence each, down 1.9% late Tuesday morning in London
12-month change: down 9.6%
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