Apax Global Alpha Limited (AGA), listed on the London Stock Exchange under the ticker APAX.L, announced on Tuesday that the Apax IX Fund, where AGA holds a limited partnership, has agreed to sell its minority co-control interest in AssuredPartners to Arthur J. Gallagher & Co.
This transaction places the value of AGA's indirect investment in AssuredPartners at approximately 51 million euros. This figure represents a discount of about 10% compared to the previous valuation, translating to a reduction of roughly 6 million euros in AGA's Net Asset Value as of September 30.
The sale is anticipated to be finalized in the first quarter of 2025.
The Apax Funds originally invested in AssuredPartners in 2015 through a majority recapitalization spearheaded by Apax VIII. Upon the exit of Apax VIII's holdings, Apax IX, alongside a group of investors led by GTCR, acquired a significant minority co-control stake of approximately 27% in the company.
Established in 2011, AssuredPartners, based in Florida, is a mid-market insurance brokerage firm providing a variety of services.
