Apax X agrees to sell stake
in idealista
The Apax X Fund ("Apax X"), in which
Apax Global Alpha Limited ("AGA") is a limited partner, has
announced the sale of its minority stake in idealista, a leading
online real estate classifieds platform in Southern Europe, to
Cinven.
Including prior distributions, this
transaction will deliver a total gross MOIC of 2.1x1 and
a gross IRR of 24%1 for Apax X. The transaction values
AGA's look-through investment in idealista at approximately €14.8m.
This represents an uplift of c.9.6% to the last Unaffected
Valuation2 and an uplift of c.€1.3m in the Adjusted Net
Asset Value ("Adjusted NAV") of AGA at 31 March 2024. The
transaction is expected to close in Q4 2024, subject to regulatory
approval.
Note that these figures relate to
AGA's look-through position of Apax X's overall investment in
idealista and are stated before taking into account any closing
adjustments, fees, costs, and carried interest, and are translated
based on the latest exchange rates available where
applicable3.
Apax X invested in idealista for a
minority stake in February 2021 following Apax VIII's sale of the
company to EQT. The transaction coincided with the merger of
idealista's Italian business with Casa.it, presenting Apax X with
the opportunity to invest in a business Apax knew well and to
support the co-founders to further scale the business
internationally.
This follows significant value
creation under the ownership of Apax VIII which first invested in
idealista in 2015. Over the course of the Apax Funds' 9-year
ownership, idealista has grown revenues by more than 7x and
headcount by more than 4x.
Founded in 2000 and headquartered in
Madrid, idealista provides an online real estate classifieds
marketplace for homebuyers and sellers. Its online platform and
diversified portfolio of digital services, including CRM tools,
data analytics, and online mortgage brokerage, help enable
efficient real estate transactions. Today, idealista connects
around 60 thousand real estate agents with over 38 million unique
monthly visitors generating over one billion visits annually across
southern Europe.
The Apax Funds have a strong track
record of investing in online marketplace businesses throughout
Europe, North America, and Asia, and have invested over $4.8bn of
equity in 14 companies that operate some of the world's leading
online marketplaces for real estate, automotive, boats, jobs and
consumer financial products.
AGA, whose shares are listed on the
London Stock Exchange, provides investors with access to the Apax
Private Equity Funds and a smaller portfolio of mostly debt
investments. In 2019, AGA made a commitment of c.$450m4
to Apax X.
END
Contact details
Investor Relations - AGA
Katarina Sallerfors
T: +44 7436908492
E:
katarina.sallerfors@apax.com
Footnotes
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1.
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Gross MOIC and Gross IRR shown for
Apax X EUR Fund
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2.
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Unaffected Valuation is determined
as the fair value in the last quarter before exit, when valuation
is not affected by the exit process (i.e. because an exit was
signed, or an exit was sufficiently close to being signed that the
Apax Funds incorporated the expected exit multiple into the quarter
end valuation)
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3.
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Based on Bloomberg closing EUR/USD
FX rate on 26 June 2024 of 1.0681
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4.
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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
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Notes
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1.
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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" or "the Investment Adviser"
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2.
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Please be advised that this
announcement may contain inside information as stipulated under the
Market Abuse Regulations (EU) NO. 596/2014 ("MAR")
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3.
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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
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4.
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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
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5.
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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.
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About Apax Global Alpha Limited
AGA is a Guernsey registered
closed-ended investment Company listed on the London Stock
Exchange. 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).
The Company makes Private Equity
investments in Apax Funds, and has a portfolio of primarily debt
investments, derived from the insights gained via Apax's 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 over 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 $77 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