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Apax Global Alpha's Apax IX Fund sells stake in ECI Software Solutions
StockMarketWire.com
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Private equity firm Apax Global Alpha said the Apax IX Fund, in which the company was a limited partner, announced that it had agreed to sell its stake in ECI Software Solutions to Leonard Green & Partners in a deal that valued ECI at approximately €39.7m.
The sale would represent an uplift of abhout 12% to ECI's fair value and an uplift of €4.3m in the adjusted net asset value of Apax Global Alpha at 30 September 2020.
The Apax IX investment in ECI was expected to deliver a total Gross MOIC of 4.2x and a gross internal rate of return of 55%1.
As part of the transaction, Apax IX would reinvest some of the proceeds in ECI, retaining a minority stake in the company.
The transaction was expected to close in December 2020 subject to customary closing conditions.
Story provided by StockMarketWire.com
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