Paris, 14 April 2016 – Altamir has strengthened its cash position by €46.6m following recent transactions involving two of its investments:
- €25.2m deriving from the sale of Gfi Informatique shares;
- €21.4m deriving from the sale of its remaining stake in Capio.
As previously reported, an agreement was signed by the principal shareholders of Gfi Informatique (Apax Partners, Altamir and Boussard & Gavaudan) and Mannai Corporation to enable Mannai to acquire 51% of the shares of Gfi at €8.50 per share.
The proceeds of €25.2m represent completion of the first part of this agreement, i.e. Mannai Corporation's acquisition of 25% of the shares of Gfi Informatique from Gfi's three principal shareholders. Now that this first part has been completed, Altamir holds an indirect stake of 9.4% in Gfi Informatique, vs. 13.9% previously.
Mannai Corporation will now launch a simplified takeover bid on the company, and will then acquire from the existing shareholders the number of additional shares necessary to hold 51% of the shares and voting rights in Gfi Informatique.
This second part of the agreement will generate additional proceeds of over €5m for Altamir, bringing the overall sale proceeds from the transaction to at least €30m.
Capio, a leading pan-European private hospital operator, has been listed on the Stockholm Nasdaq since end-June 2015. As previously reported, Altamir sold part of its investment for €11m at the time of the IPO. The remaining portion of the investment was sold in the market in 2016 for €21.4m. Overall, Altamir realised a multiple of 1.6x its initial investment in Capio.
Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with more than €650m in assets under management. Its objective is to provide shareholders with long term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.
Altamir's investment policy is to invest via and with the funds managed or advised by Apax Partners France and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.
In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax's sectors of specialisation (TMT, Retail & Consumer, Healthcare, Business & Financial Services) and in complementary market segments (mid-sized companies in French-speaking European countries and larger companies across Europe, North America and key emerging markets).
Altamir derives certain tax benefits from its status as an SCR ("Société de Capital Risque"). As such, Altamir is exempt from corporate tax and the company's investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.
For more information: www.altamir.fr
Tel: +33 1 53 65 01 74