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(Alliance News) - Apax Global Alpha Ltd on Thursday noted that Apax IX Fund has agreed to sell its stake in portfolio firm and US franchisor of residential services Authority Brands.
The transaction values Apax's current investment in Authority Brands at around EUR47 million, reflecting an uplift of 7% compared to the last valuation at the end of June.
As part of the sale, British Columbia Investment Management Corp will invest into Authority Brands alongside Apax X Fund, and will look to extend the platform of Authority Brands through acquisitions and strategic initiatives, including franchise development and international expansion.
Apax Global Alpha is expected to invest around EUR49 million into Authority Brands on a look through basis, due to being a limited partner in Apax X.
"We could not be more pleased than to continue to build the premier residential services franchisor in partnership with Apax and BCI. Both partners will add substantial value as we aim to capture further share in the highly fragmented home services market," said Authority Brands CEO Craig Donaldson.
Shares in Apax Global Alpha were down 0.9% at 169.10 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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