Epiris-backed James Hay to take Nucleus private for £145m

The offer price of 188 pence per Nucleus share represents a 42% premium on the company's unaffected share price.

James Hay is using financing made up of equity drawn from the Epiris Funds, as well as debt financing to be provided under certain term loan facilities made available by Ares Management.

Epiris acquired the James Hay parent company, IFG Group, in a £206m take-private deal in March 2019. The deal was supported by Ares. It drew equity from its £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.

James Hay Group and Nucleaus will merge in a deal that is intended to enable greater investment in technology, products and service.

Company
Founded in 2006, Nucleus is a financial advisory firm that creates independent investment products for its clients, including junior ISAs, bond accounts and pensions. The Weybridge-based company generated £45.2m in revenues in 2019.  

Advisers
Company – Shore Capital (corporate finance); Craven Street Capital (corporate finance).

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