Alantra makes strategic investment in Access Capital

The transaction will first consist of the acquisition of a 24.5% interest in Access Capital for a cash consideration of €19m. In 2022, Alantra will have a call option to acquire the remaining stake held by OP Financial Group (which itself will have a put option). In the meantime, Alantra will have the right to its share of the economic benefit of the business for the whole of 2018, to be paid as a dividend in 2019.

Alantra is aiming to ultimately own a 49% stake in Access Capital's holding and operational company.

The transaction is subject to the regulatory approval of local authorities and is expected to close in Q1 2019.

Alantra stated that the investment would play a key part in its strategy of becoming a pan-European diversified asset manager, adding fund-of-funds, co-investment and secondaries strategies to its existing direct investment activities. Meanwhile, the managers of Access Capital will continue to lead the business, and highlighted that the transaction would allow them to remain an independent player at a time when the fund-of-funds industry is consolidating.

With roots going back 20 years, Access Capital is a private asset manager with €8.8bn in assets raised since inception. It employs 72 professionals across France, Belgium, the UK, Germany, Finland and Luxembourg. Access Capital offers its clients exposure to small and mid-market buyout, infrastructure and private debt opportunities via funds-of-funds, co-investment funds and dedicated mandates.

Alantra will have €11bn in assets under management following the deal.

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