PAI to acquire Amplitude from Apax

The firm has offered €2.15 per share and is currently drawing equity from its PAI Europe VII fund, which closed on €5bn in March 2018. Prior to the announcement, the company was trading at €1.62 per share.

Apax, which currently owns 41.4% of the listed company, would fully exit its stake, with PAI acquiring a controlling stake of 52.3%.

The company’s management team, led by CEO Olivier Jallabert, would retain stakes amounting to 11.1% at the same valuation of €2.15 per share. Management will continue to lead Amplitude.

The company reported annual sales of €88.3m and unaudited EBITDA of approximately €17.5m for the year ending on 30 June 2020. The company expects sales of €115m in the 2021 financial year.

Apax acquired the company from Weinberg Capital Partners and Initiative & Finance in a deal that valued the company in the €100-125m range. Amplitude was a portfolio company of Apax France VIII, which closed on €700m in June 2011.

It listed on Euronext Paris with a €234m market cap (at 500 cents per share) and raised €50m to pursue its international expansion in 2015. Apax retained a 44.69% stake, down from 84.91% pre-IPO.

Founded in 1997 in Valence, France, it is a provider of surgical technology market for lower-limb orthopaedics.

 

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