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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 €21.3m 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™). 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/
(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 (mailto: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 €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 (http://www.apax.com) .
Apax Partners is authorised and regulated by the Financial Conduct Authority
in the UK.
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