(Ecofin Agency) - The share sales come four years after Apis Partners joined the diversified financial services group Efficient Group. Once the deal is approved, its shares will be sold to a Bermuda-based financial services provider.
London-based Asset manager Apis Partners plans to sell its entire stake in South African financial services group Efficient Group Limited.
Apis, which will execute the deal through its private equity fund Apis Growth Fund I, has already found a potential buyer. It is Apex Group, a Bermuda-based financial services provider with more than 80 offices worldwide and employees in 38 countries. The proposed amount for the acquisition was not disclosed.
“Throughout the Fund’s ownership, Efficient’s Profit After Tax (“PAT”) increased by more than 400%, whilst Apis has supported the management team in making several acquisitions that have bolstered the Company’s product portfolio,” Apis Partners indicates.
The announced exit is on approval from the South African Competition Commission. Before this approval, Efficient will undertake an internal reorganization that will result in the formation of two new independent companies. Efficient will retain ownership of the asset management platform Boutique Collective Investments (BCI), Boutique Investment Partners (BIP), and two other entities, while a newly created holding company will own all remaining entities, including the financial advisory franchises that will continue to operate under the Efficient brand.
The acquisition of BCI and BIP will add $19 billion in assets under administration to the Apex Group platform. The acquired businesses will join Apex Group's African footprint, which recently acquired the Sanne and Maitland businesses to strengthen its commitments on the continent.