Apax IX Fund To Sell Its Minority Co-control Stake In AssuredPartners To Arthur J. Gallagher

(RTTNews) - Apax Global Alpha Limited (APAX.L) or AGA, a British investment trust, said on Tuesday that Apax IX Fund, in which AGA is a limited partner, has announced the sale of its minority co-control stake in AssuredPartners to Arthur J. Gallagher & Co.

The transaction values AGA's look-through investment in AssuredPartners at around 51 million euros, representing a discount of approximately 10 percent to the last unaffected valuation or a decrease of circa 6 million euros in Net Asset Value of AGA as of September 30.

The transaction is expected to close in the first-quarter of 2025.

The Apax Funds first invested in AssuredPartners in 2015 through a majority recapitalization led by Apax VIII. Following the exit of Apax VIII's investment in AssuredPartners, Apax IX, alongside an investor group led by GTCR, acquired a significant minority co-control of around 27 percent stake in the company.

Founded in 2011, Florida-headquartered AssuredPartners is a middle market insurance brokerage firm offering a range of services.