Intermediate Capital Group portfolio company Pageant Media has acquired hedge fund database Eurekahedge for $8m.
This is Pageant's first deal since February 2020 when majority control was acquired by ICG, valuing the publisher at an estimated £145m – representing a multiple of 15x EBITDA.
The acquisition is expected to enhance the publisher's focus on alternative asset managers.
The vendor is Mizuho Bank, which acquired the company in 2011. It paid three times the amount it is now selling it for, according to Flash & Flames. In the original deal, the company's founder retained 5% of shares.
Based in Hong Kong, Eurekahedge has annual revenues of $5m and an operating profit of around $1m. The company, which was founded in 2001, offers a database of information on hedge funds and offers the Eurekahedge fund indices.
Pageant Media – Charlie Kerr (CEO, founder).
Buy-and-build specialist looks for portfolio add-ons as it contemplates hitting the road for a new fund in 2023
Three existing partners will lead the California office, which is the GP’s first beyond Europe
Executive led the US GP into other alternative assets like credit; no immediate successor announced
DACH industrial technology and IT investor has set a EUR 250m target for the vehicle