REG - Apax Global Alpha Ld - Apax IX agrees to sell Healthium

Apax Global AlphaAnnouncement

07/05/2024 07:15

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RNS Number : 3382N  Apax Global Alpha Limited  07 May 2024

Apax IX agrees to sell Healthium

An affiliate of the Apax IX Fund ("Apax IX"), in which Apax Global Alpha
Limited ("AGA") is a limited partner, has announced the sale of its
controlling interest in Healthium MedTech Ltd. ("Healthium"), a leading Indian
medical devices player.

 

This transaction values AGA's look-through investment in Healthium at
approximately €22.7M. This represents an uplift of c.23% to the last
Unaffected Valuation(1) and an uplift of c.€4.3m (c.€0.01 per share /
c.£0.01 per share) in the Adjusted Net Asset Value ("Adjusted NAV") of AGA at
31 March 2024. The transaction is expected to close in Q3 2024, subject to the
receipt of certain regulatory approvals.

 

Note that these figures relate to AGA's look-through position of Apax IX's
overall investment in Healthium 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 applicable2.

 

Founded in India in 1992, Healthium is a medical devices company that
develops, manufactures and sells a broad range of surgical products globally.
Its comprehensive, high-quality portfolio caters to a wide spectrum of
surgeons' needs, offering wound closure, arthroscopy, and advanced wound
closure products.

 

The Apax Funds acquired Healthium in 2018 and transformed the company from a
domestic player into a global medical devices leader. With the support of the
Apax Funds, the company bolstered its management team to add deep industry
experience with the appointment of Anish Bafna as CEO and Vishal Maheshwari as
CFO, positioning Healthium for growth. Healthium strengthened its existing
portfolio of wound closure devices and consumables and invested in new
franchises such as arthroscopy and advanced wound care through in-house
R&D and M&A. During this period, Healthium expanded its presence from
50 countries to more than 90 today.

 

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 2016, AGA made a commitment of c.€317m(3) to Apax IX.

 

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.  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)
 2.  Based on Bloomberg closing EUR/USD FX rate on 3 May 2024 of 1.0761
 3.  AGA's commitment in Apax IX of c.€317m represents a commitment of $175m in
     the USD tranche and €154.5m in the euro tranche translated using closing
     EUR/USD FX rate on 3 May 2024 of 1.0761

 

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" 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 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
(http://www.apax.com/) .

 

Apax is authorised and regulated by the Financial Conduct Authority in the UK

 

 

 

 

 

 

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