• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • UK / Ireland

Palatine reaps 6x money on SBO of Anthesis to Carlyle

  • Ero Partsakoulaki
  • 03 July 2023
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

UK-headquartered private equity firm Palatine has exited UK-based sustainability advisory firm Anthesis in a secondary buyout to US-headquartered sponsor Carlyle, which has taken a majority stake.

The GP reaped 6x return on its initial investment and will be reinvesting in the company acquiring a minority stake alongside Anthesis’ management team, according to a press release.

The deal values Anthesis at around GBP 400m, according to Bloomberg.

Anthesis

  • DEAL:

    SBO

  • LOCATION:

    London

  • SECTOR:

    Business support services

  • STAFF:

    1,250

  • VENDOR:

    Palatine Private Equity

  • RETURNS:

    6x money

Palatine first acquired a minority stake in the company via its debut impact fund and its fourth buyout vehicle in 2021. Palatine Private Equity Fund IV held its final close on GBP 220m in May 2021 and deploys equity tickets of GBP 10m-GBP 30m, according to Unquote Data. The fund is currently about 70% deployed, Palatine Private Equity Managing Partner Gary Tipper told Unquote.

The firm’s debut impact fund held a final close in 2017 on GBP 100m, surpassing its GBP 75m target, according to Unquote Data, and is now fully deployed, he said.

The firm reinvested in the business by deploying capital from Palatine Private Equity Impact Investing Fund II, which held a first close on GBP 125m in April 2022. It also reinvested its proceeds from Fund IV, he added. The impact strategy sees the GP invest GBP 10m-GBP 25m in businesses with a focus on delivering positive social impact.

During the sponsor’s investment period, Anthesis’ revenues grew significantly, while its team more than doubled to 1,250 staff members, according to the press release. The company also completed five strategic acquisitions: Ontario-based Provision Coalition, plus a merger with Netherlands-headquartered Climate Neutral Group, in January 2022; ESG advisory firm Wallbrook; Swiss-based marketing agency Chalescannon; and Padd Energy, a UK-based consultancy supporting the transition to low carbon.

Carlyle will seek to further strengthen the company’s ESG and sustainability approach following its investment, it said. Looking ahead, the sponsors will continue to scale the business both organically and via M&A targeting companies across the world, while focusing on digitization, said Tipper.

The GP’s Europe strategy typically invests in companies with enterprise values of more than EUR 200m. Its fifth Europe-focused fund held a final close in December 2019 on EUR 6.4bn and the GP registered its successor vehicle in January 2023. According to Unquote Data, the fund has a EUR 7.5bn target.

Company
Founded in 2013, Anthesis is a UK-headquartered global sustainability firm that develops financially driven sustainability strategies. It has clients across all industry sectors, including Reckitt, Cisco, Tesco, The North Face and Target. The company employs more than 1,250 staff members and operates across 45 countries. It has offices in Andorra, Belgium, Brazil, Canada, China, Colombia, Finland, France, Germany, Hong Kong, Ireland, Italy, the Middle East, the Netherlands, the Philippines, Portugal, Singapore, South Africa, Spain, Sweden, Switzerland, the UK and the US.

People
Palatine Private Equity − Gary Tipper (managing partner), Beth Houghton (impact managing partner).
Anthesis − Stuart McLachlan (CEO).

Advisers
Palatine − Lazard (corporate finance); Evershed-Sutherland (legal); Deloitte (financial), Boston Consulting Group (commercial due diligence); Swan Partners (financial); RSM (tax).

 

[Editor's note: The article has been updated post publication to add comments from Palatine Private Equity Managing Partner Gary Tipper. The third paragraph has been amended to clarify the deal values Anthesis at around GBP 400m.]

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • UK / Ireland
  • Buyouts
  • Buyout
  • Advisory
  • Palatine Private Equity
  • United Kingdom
  • ESG
  • Impact

More on UK / Ireland

Fund closes in US dollars
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • Funds
  • 05 September 2023
Clinical trials and biotechnology
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • Buyouts
  • 04 September 2023
Public sector software
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • Exits
  • 04 September 2023
EMEA Public to Private M&A
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • Investments
  • 04 September 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013