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Apax Global Alpha Ltd on Thursday said that Apax IX Fund, in which it is a limited partner, has sold its entire stake in one of its portfolio companies to CNSI, a provider of healthcare technology products and solutions.
The Guernsey-based closed-ended collective investment scheme agreed to sell its shares in Kepro, a provider of tech-enabled solutions to government-sponsored healthcare programmes.
The transaction values Apax Global's look-through investment in Kepro at €20.6m. This represents an uplift of around 13% to last unaffected valuations, and an uplift of €800,000 adjusted net asset value of Apax Global at September 30.
Apax IX acquired Kepro in 2017, and has supported the business on several growth initiatives including strategy, mergers & acquisitions, sales optimisation and talent acquisition.
"We are proud to have supported Kepro in its evolution over the past five years. Through the leadership of Susan Weaver and her management team, the business grew its capabilities and the value it delivers to its customers. We wish the combined companies every success in the future," said Andrew Cavanna, partner of Apax Partners and Kepro board member.
The sale remains subject to customary closing conditions.
Apax Global shares were trading 0.9% higher at 164.40 pence in London on Thursday around midday.
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