Yes the sale was a huge disappointment and has weighed heavily. To be fair it was conducted swiftly and may in the long run be more satisfactory than having a seller lurking in the background over many months. I just wonder if APAX themselves could have done something about it. If someone of that size wants out and is willing to sell at below NAV is that not worth holding a tender for to buyback? |
The numbers on APAX look good to me. Yield, P/E, current price at disc to NAV. There's a lot to like. |
Welcome, I believe you have come in at a very good level. I'm hoping that the recent weakness caused by a substantial sale will reverse in time when we get NAV updates and realisations above NAV |
Well, my 192 limit order was executed yesterday so I guess I'm in now! |
Private Equity: Where are the real bargains? -
#APAX #CHRY #MNTN #GROW #III #HGT #HVPE #AUGM #SYNC #LMS #ICGT #PEY #OCI |
 Funds advised by Apax to acquire Rodenstock Group -
On 24 March 2021, the Apax X Fund ("Apax X"), in which AGA is a limited partner, announced that it has entered into a definitive agreement to acquire a majority stake in Rodenstock Group ("Rodenstock"), a leading manufacturer of premium ophthalmic lenses. The transaction is expected to close by Q3 2021, subject to applicable regulatory requirements.
On a look through basis, AGA is expected to invest approximately €21.3m in the company. Note that these figures relate to AGA's look through position of Apax X's overall investment in Rodenstock and are stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable1.
Founded in 1877, Rodenstock has been a global leader in prescription lenses for over 140 years, with a strong track record of innovative product development and market leading technologies. Headquartered in Munich, Germany, Rodenstock employs around 4,900 people worldwide and is represented by sales subsidiaries and distribution partners in more than 85 countries. Rodenstock has a strong and growing pipeline of innovation; its patented DNEye Pro technology stands at the core of its business strategy and made Rodenstock the first company to measure the individual shape and size of each eye and use thousands of data points to produce individualised eyeglass lenses, called Biometric Intelligent Glasses (B.I.G. VISION™). The company's portfolio also includes eyewear under the Rodenstock and Porsche Design brands.
Apax X will support the Rodenstock management team's vision of accelerating the company's growth through innovation, commercial execution and digitalisation, whilst continuing to deliver the highest level of service to clients and partners. The Apax Healthcare team have a deep understanding of innovative MedTech through prior investments in the space, including companies such as Candela, a pioneering non-surgical aesthetic device company, and Acelity, the global leader in wound-care products. |
A good opportunity to acquire - great long term potential. |
I should imagine the seller is very disappointed with that price, given they were 220 in the market only a few days ago. |
Seems like a decent buy for sure. If private investors cant get into IPO's why not let someone else do it for you. Barriers for entry pretty high. Will buy more on any weakness, into the bottom drawer. Thanks |
Private placing price 180p a bit disappointing, hence share price fall, I suppose. |
This is it, I think. Date is right: |
Hi Jonwig, that link isn't working anymore. Any chance you could rout it out again? Seems like a decent buying opportunity this morning. Thanks in advance. |
Thank you for highlighting that. An excellent read. Very thorough |
QD Research: |
And a huge increase on their own valuation. A well timed float I would say |
Another uplift on IPO:
Not a big NAV rise (€0.04) but part of a consistent pattern. |
Back up now no worries |
Why the drop is there something I don’t see ? |
Final results:
NAV 219p, so virtually at par. A lot of PE is at a big discount, except 3i at a huge premium. This looks pretty comfortable. |
"Carried interest" is money owed to the partners in the fund which has not been extracted as cash, and on current rules is not taxed. It's nothing to do with borrowing.
Given that, I'm still at a loss to explain the valuation. |
Well if I was running a fund and a transaction was proposed that gave the fund a negative net worth, whether theoretical or not I would question why do it. Or at least why do it now as it would appear they have borrowed money and accrued an interest liability in advance of needing it. |
It says note4, attached to that fund,
"Where relevant, the valuations are expressed net of any estimated carried interest payable should the funds hypothetically be liquidated as at 30 September 2020 and 31 December 2020 respectively "
I'm not altogether clear about what that means! It's a tiny exposure to that fund, though. |
How come the Apax EUR X fund had a negative value at the beginning of the period? |
Strong funds valuation gains over the quarter. Four best up 21, 18, 13, 12%. |
Another disposal with uplift (+80%):
The Apax Digital Fund ("ADF"), in which AGA is a limited partner, has announced that it has agreed to sell portfolio company Signavio, a leading provider of business transformation solutions, to SAP, subject to customary closing conditions.
The transaction values AGA's look through investment in Signavio at approximately €8.7m1. This represents an uplift of c.80% to last Unaffected Valuations2 and an uplift of c.€3.9m (c.€0.01 per share) in the Adjusted Net Asset Value ("Adjusted NAV") of AGA at 30 September 2020. |
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