Sanne Group acquired by Apex Group

Supported by an equity funding consortium featuring Genstar Capital and TA Associates, Apex Group concludes the recommended cash acquisition of Sanne Group for an agreed cash consideration of 920 pence per share. Finalized in August 2022 following an initial announcement in August 2021, the transaction successfully preempted a rival 875 pence per share bid from private equity sponsor Cinven, valuing the target company at an EV/EBITDA multiple of 22.5x based on an adjusted EBITDA of . The structured financing architecture combines ordinary equity subscriptions from sponsor vehicles Genstar Capital Partners X and TA XIII and TA XIV, cumulative preferred equity subscribed by Carlyle Credit Opportunities Fund II, and senior credit facilities arranged by Bank of America and Deutsche Bank. The cross-border acquisition resulted in the full delisting of the target from the London Stock Exchange, accompanied by the formal resignation of board members Rupert Robson, Nicola Palios, Sophie O'Connor, Mel Carvill, Julia Chapman, Yves Stein, and Fernando Fanton. Strategically, the integration expands the buyer's jurisdictional reach across North America, Central Europe, Africa, and the Asia-Pacific region, adding ESG advisory and institutional banking services to the target's customer base. The transaction secured requisite regulatory clearances across multiple jurisdictions, including Malta, Guernsey, Mauritius, the United States, and South Africa, following formal sanction of the court scheme in August 2022. On the sell side, Sanne Group was advised financially by Jefferies International and J.P. Morgan Securities, with Addleshaw Goddard and Carey Olsen Jersey providing legal counsel. Apex Group mandated Merrill Lynch International, N.M. Rothschild & Sons, and Deutsche Bank as financial advisors, supported by Kirkland & Ellis International and Willkie Farr & Gallagher as legal advisors.