GP Investments and other PE Groups Invest in Apen Ltd.

May 22, 2013

On May 21, 2013 Swiss-listed private investment company Apen Ltd. announced a series of transactions in which GP Investments Ltd., Newbury Partners LLC, and affiliates of Fortress Investment Group will inject capital and become major shareholders in Apen.

On May 21, 2013 Apen Ltd. announced a series of financial agreements with Brazil-based GP Investments, US-based Newbury Partners, and affiliates of Fortress Investment Group.  Apen will sell certain assets to Newbury for $42 million in net cash.  Fortress will grant Apen a three year loan of $140 million plus a $10 million revolving credit facility.  These proceeds plus existing cash were then used to pay back Apen’s existing debt to AIG and Fortress.  The investment group also agreed to become major shareholders in Apen.  Apen bought back all of its shares previously held by AIG, a 36.5% stake, and increased capital by $32.3 million through the sale of treasury shares.  GP Investments and Newbury will hold a combined 40.1% of Apen, Fortress will own 13.4%, and Apen’s existing shareholders will hold the remaining 46.5%.  Going forward, GP Investments will become Apen’s investment manager.  Apen is a SIX Swiss Exchange-listed private equity investment company based in Zug, Switzerland.  Going forward, the company plans to divest its portfolio over time and focus on co-investments and secondary private equity opportunities in emerging markets.

To read the press release, please click here.


Categories

Investment Manager Private Equity, Private Equity Financings, Private Equity Private Equity, Transactions