Business
Bridgepoint adds ECP to platform
Bridgepoint adds ECP to platform.
About this update from Bridgepoint Group Plc
[{"type":"text","content":"\n\n6 September 2023\nFOR IMMEDIATE RELEASE\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\nTHIS IS AN ANNOUNCEMENT AND NOT A CIRCULAR OR EQUIVALENT DOCUMENT AND INVESTORS AND PROSPECTIVE INVESTORS SHOULD NOT MAKE ANY VOTING DECISION ON THE BASIS OF ITS CONTENTS. A CIRCULAR IN RELATION TO THE TRANSACTION DESCRIBED IN THIS ANNOUNCEMENT WILL BE PUBLISHED IN DUE COURSE\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nBridgepoint adds ECP to platform to create €57 billion global private markets asset manager\n\n\n\n\n\n· \n\n\nTransaction furthers Bridgepoint's position as a global leader in mid-market private assets investing\n\n\n\n\n\n\n\nNewly combined platform will span private equity, infrastructure and credit with offices across Europe, North America and Asia\n\n\n \n\n\n\n\n· \n\n\nUpfront enterprise value of £835 million, comprising 235 million of newly issued Bridgepoint shares, £233 million of cash, and £179 million of ECP's existing debt\n\n\n \n\n\n\n\n· \n\n\nTransaction accretive for Bridgepoint shareholders from day of closing across FRE, EBITDA and Net Income per share\n\n\n \n\n\n\n\n· \n\n\nBridgepoint deepening leadership as group scales with ECP transaction: Chair and CEO roles split with William Jackson continuing in his role as Chairman and focusing on core PE business and Raoul Hughes, Group Managing Partner, becoming Group CEO\n\n\n \n\n\n\n\n· \n\n\nECP's highly experienced management and investment team will continue to run the business under its current brand, focused on delivery against its growth strategy\n\n\n \n\n\n\n\n· \n\n\nTransaction accelerates the Enlarged Group's growth ambitions and significantly diversifies the Group's income streams\n\n\n \n\n\n\n\n· \n\n\nA further £50m share repurchase programme expected to begin once the existing programme has completed, given the attractive fundamental value and prospects of the Company\n\n\n \n\n\n\n\nBridgepoint Group plc (\"Bridgepoi...