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Paris, 22 January 2020:
As a result of these two transactions, the Apax France IX fund is now fully invested.
As a result of these four transactions, the Apax IX LP fund is now fully invested.
During 2019, Altamir invested and committed a total of €110.7m in 12 new companies in 2019, which are very well diversified geographically: five are based in Europe (Destiny, GRAITEC, Inmarsat, ADCO Group, Baltic Classifieds Group and GNB Vida), four in the United States (Assured Partners, Verint Systems, Coalfire and Lexitas) and two in Asia (Fractal Analytics and Huayue Education).
Altamir made €9.7m in follow-on investments in portfolio companies, principally to finance the build-up of Authority Brands (€3.4m), AEB Group (€1.8m) and Tosca (€1.6m). The remainder represented an adjustment to the amount invested in Trade Me (€1.2m) and follow-on investments in several portfolio companies totalling €1.7m.
Altamir also repurchased a €13m commitment to the Apax France IX fund, bringing its percentage interest in the fund to 31.3% (vs 30.0% previously), thereby automatically increasing the amount of its investments and commitments in the companies held by the fund.
Lastly, Altamir invested and committed €0.7m in the two transactions announced by Apax Digital in 2019 and €2.6m in the Apax Development fund. After targeting a total of €225m, Apax Development closed the fund at more than €255m, while realising two transactions during 2019.
On the divestment side, there was a record-high amount of full or partial sales in 2019, well in excess of the €250m target set for the year.
Five companies were sold for total proceeds of €337.8m:
Supplementing these full divestments were partial sales and other revenue totalling €35.8m, related principally to the refinancing of the debt of Marlink (€23.6m) and Alain Afflelou (€2.5m) and a dividend paid by ThoughtWorks (€3.8m). The remainder (€5.9m) represented various revenue from portfolio companies.
As of 31 December 2019, Altamir's portfolio included 52 companies, with the following breakdown:
The portfolio did not include Destiny, GRAITEC, Verint Systems and Coalfire. The transactions to acquire these four companies had not been completed as of 31 December 2019.
As the total amount invested and committed in 2019 (€136.7m) is virtually the same as the residual cost of the companies sold during the year (€140.8m), the cost basis of the investments in the portfolio is almost identical to that of 31 December 2018.
Maurice Tchenio, Chairman and Chief Executive Officer of Altamir Gérance, commented: "Portfolio rotation was particularly high in 2019. Divestments reached an all-time high, and there was a favourable investment momentum."
Forthcoming events
Estimated NAV as of 31/12/2019 | 5 February, pre-trading |
NAV as of 31/12/2019 | 11 March 2020, post-trading |
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About Altamir
Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with an investment portfolio of more than €800m. 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 SAS 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, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental Europe and larger companies in 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
Contact
Claire Peyssard Moses
Tel.: +33 1 53 65 01 74
E-mail: investors@altamir.fr
[1] Subject to the syndication currently underway.
[2] Subject to the size of the Apax X LP fund, estimated at $10bn.
Regulated information:
Inside Information:
- Operations of the issuer (acquisitions, salesâ¦)
Full and original press release in PDF: https://www.actusnews.com/news/61818-activite-2019_en.pdf