LONDON: The Apax IX Fund, in which Apax Global Alpha Limited (AGA) is a limited partner, has announced the sale of its remaining shares in Baltic Classifieds Group (BCG), the leading online classifieds group in the Baltic countries specialising in four key segments: automotive, real estate, jobs and services, and general merchandise.
Including prior distributions, this transaction will deliver a realised gross MOIC of 4.2×1 and a total gross IRR of c.59%1 for Apax IX. On completion, taking into account multiple sell downs and prior distributions, AGA’s look-through investment in BCG will have returned a total of c.€31m.
Note that these figures relate to AGA’s look-through position of Apax IX’s overall investment in BCG and are stated before taking into account any closing adjustments, fees, costs, and carried interest, and are translated based on the latest exchange rates available where applicable.
Apax IX acquired BCG in July 2019 after identifying it as a high-quality portfolio of online classifieds portals with market-leading positions. During Apax IX’s ownership, BCG increased its leadership position over the #2 players across all verticals, executed a combination of product development and pricing actions and expanded through M&A with the acquisition of Auto24, the leading automotive classifieds portal in Estonia.
In June 2021 BCG announced its intention to float and was admitted to the main market of the LSE, with Apax IX retaining a significant stake.
The Apax Funds have a strong track record in investing in online marketplaces, deploying more than c.$4.8bn of equity into companies across North America, Europe, and Australasia.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to the Apax Private Equity Funds and a smaller portfolio of mostly Debt Investments. In 2016, AGA made a commitment of c.$350m2 to Apax IX.