Epiris to acquire IFG Group in £206m take-private

The transaction values IFG's shares at 193 pence apiece, equivalent to a 46% premium on their 22 March closing price of 133 pence. It also represents an entry multiple of 21.4x the company's 2018 adjusted profit before tax.

The board of the listed business has unanimously recommended that shareholders approve the bid. To date, Epiris has received irrevocable undertakings to vote in favour of the deal from shareholders accounting for 10.5% of the company's total issued shares.

IFG's revenues grew by 12% year-on-year to £87.6m in 2018, while its adjusted operating profit grew by 18% to £12.4m, according to its full-year results.

Epiris is currently investing from £821m fund Epiris II, which held a final close in October and is the firm's first vehicle as an independent fund manager. The fund primarily invests in UK companies and writes equity cheques of £40-150m for businesses with enterprise values of up to £500m.

Prior to the latest deal, Epiris II had made five acquisitions: auction house Bonhams, country club operator The Club Company, the UK publishing division of Time Inc, substrate manufacturer Portals De La Rue and precision materials company Diamorph.

Headquartered in Dublin and with a UK base in London, IFG was founded in 1989. Today it comprises pension administration and investment business James Hay and Saunderson House, a wealth manager and financial adviser.

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• Topics
• Buyouts
• UK / Ireland
• Financials
• United Kingdom
• Take Private
• Epiris