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RNS Number : 7759B Apax Global Alpha Limited 02 February 2024
Apax Global Alpha Limited
Funds advised by Apax complete acquisition of WGSN
Apax Global Alpha Limited ("AGA"), the closed-ended investment company
providing access to the Apax Private Equity Funds, today announced that it has
invested approximately €21.5m in WGSN on a look-through basis(1).
On 1(st) February 2024, the Apax XI Fund ("Apax XI"), in which AGA is a
limited partner, announced that it had closed the acquisition of WGSN, a
leading consumer trend forecaster, from Ascential plc (LSE: ASCL).
Founded in 1998, WGSN is the world's leading consumer trend forecaster. WGSN's
data and forecasts provide global trend insights across a wide range of
industries, including fashion, beauty, food & drink, interiors, and
consumer technology. The WGSN platform enables clients to make critical design
and purchasing decisions. The Company has been experiencing strong growth in
recent years with a revenue CAGR of 8% from 2016 to 2022.
In partnership with the Apax Funds, WGSN will focus on enhancing and expanding
its product design and consumer insight products across a wide range of
consumer-facing industries, ensuring their expanding global client base make
the right critical design and buying decisions to future-proof and accelerate
their own growth.
Apax has extensive experience partnering with businesses in the information
and data space, including the Apax Funds' prior investments in sports-data
specialist Genius Sports and workforce screening solutions provider Accurate
Background. Apax also has substantial experience in B2B subscription sales
from the Apax Funds' historical marketplace investments.
Note that AGA's investment in WGSN is calculated based on the look-through
position of Apax XI's overall investment in WGSN(1) and is translated based on
the latest exchange rates available where applicable(2).
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
as well as a focused portfolio of mostly debt investments. In June 2022, AGA
made a commitment of c. $700m to Apax XI.(3)
For more information about the transaction, please visit:
https://www.apax.com/news/press-releases/
(https://www.apax.com/news/press-releases/)
END
Contact details
Investor Relations - AGA
Katarina Sallerfors
T: +44 7436908492
E: katarina.sallerfors@apax.com
Footnotes
1. Apax XI is yet to hold a final close. Figures are based on assumed final
commitments and are subject to change.
2. Based on Bloomberg closing EUR/USD FX rate on 30 January 2024 of 1.0845.
3.
AGA's commitment in Apax XI of c.$700m represents a commitment of $490m in the
USD tranche and €198.4.m 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", "Apax", 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 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) including a dividend yield of 5% of Net Asset Value.
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 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 $65 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
(http://www.apax.com) .
Apax is authorised and regulated by the Financial Conduct Authority in the UK.
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