(Alliance News) - Private equity fund Apax Global Alpha Ltd on Friday reported a significant increase in the value of its holding in Global-e Online Ltd, following the Israeli firm's successful initial public offering on Nasdaq in New York.
Apax's holding in Global-e is now valued at EUR17.4 million, an EUR12.2 million uplift from the previously recorded fair value of EUR5.2 million.
The Apax Mid-Market Israel Fund, in which Apax Global Alpha is a limited partner, is an indirect shareholder in Global-e, an e-commerce platform specialist.
Shares of Global-e started trading on the Nasdaq on Wednesday and closed the day up 2% at USD25.50, giving a market cap of USD382.5 million.
In separate news, Apax announced it plans to invest in premium pet food company Nulo via Apax X Fund.
Apax X has agreed to buy a majority stake in Nulo, an Austin, Texas-headquartered firm, with the deal expected to close in the second quarter. Apax Global Alpha will invest EUR10.3 million.
Shares in Apax Global Alpha were trading up 0.3% at 200.56 pence in London on Friday morning.
By Will Paige; willpaige@alliancenews.com
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Apax Global Alpha (APAX)