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Tetragon Financial Group Limited (TFG) has completed its acquisition of Equitix Holdings Limited from Cabot Square Capital LLP.
In October last year TFG entered into definitive agreements to acquire Equitix for an enterprise value of £159.5 million (US$243 million). The enterprise value represents approximately a five-times multiple of management's estimated calendar 2015 EBITDA.
TFG agreed to acquire 85% of the company with a broad Equitix management group owning the balance, thereby maintaining a significant portion of their current ownership.
The acquisition was financed in part by a new Equitix £60 million (US$91.4 million) bank facility.
Equitix is an integrated core infrastructure asset management and primary project platform that currently manages in excess of £1 billion of investor capital across three 25-year core infrastructure funds focused on mid-size infrastructure projects and two energy-efficiency funds.
Equitix and its current 50+ member team have been directly responsible for leading, bidding, winning and closing in excess of 20 infrastructure projects in the United Kingdom, and have raised over £3 billion of debt and equity since inception in 2007.
TFG is a Guernsey closed-ended company traded on Euronext Amsterdam N.V. The company maintains two key business segments: an investment portfolio and an asset-management platform. Both segments cover a broad range of assets including bank loans, real estate, equities, credit and convertible bonds.