Equistone to exit Acuity in sale to Permira

The vendor acquired the company from Moody's Corporation in July 2019 via the 2018 vintage Equistone Partners Europe Fund VI.

It is reinvesting alongside Permira as a minority shareholder, while management remains significantly invested.

Permira said in a statement that it sees potential to grow Acuity within its existing segments, as well as branch into new adjacencies and geographies. The deal is expected to close in the second quarter of 2023.

Equistone tapped Rothschild and DC Advisory to explore the sale of the research business in late summer last year and was expected to market the business off USD 80m-USD 100m, as reported by Unquote's sister publication Mergermarket.

The sale has been expected to value Acuity at USD 1.3bn-USD 1.5bn.

The GP had been sounding out buyers before a formal launch of the auction, with Permira alongside KKR, Carlyle, Hellman & Friedman, Blackstone and Eurazeo as parties that signalled an early interest, as reported.

The pre-event talks follow a trend of sponsors holding narrower processes to help secure confidence from both sides of the table that a deal will complete.

Equistone had been receiving inbounds as early as March 2022, as reported.

Company
Acuity Knowledge Partners provides data and research to a global client base of over 500 financial services firms, including banks, asset managers, advisory firms, private equity houses and consultants. Headquartered in London, Acuity operates globally, including in the UK, USA, India, Sri Lanka, Costa Rica, China and Dubai, UAE.

People
Permira — Daniel Tan (head of Asia), Chris Pell (principal).
Equistone — Tim Swales (partner), Richard Briault (investment director).
Acuity Knowledge Partners — Robert King (CEO).

Advisors
Equistone — Rothschild & Co, DC Advisory (M&A); Latham & Watkins (legal).
Permira — Robert W. Baird (M&A); Clifford Chance (legal). Management — Travers Smith (legal); Jamieson (corporate finance).

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• Topics
• Exits
• Buyouts
• UK / Ireland
• Financials
• GPs
• Permira
• Equistone Partners Europe