Navigator Global Investments Ltd · ASX:NGI
Navigator Global Investments — Merger or Acquisition (June 2023)
26 slides from Navigator Global Investments's merger presentation, Jun 15, 2023
Slide 1: NGI Strategic Portfolio transaction
NGI Strategic Portfolio transaction Accelerated acquisition of incremental profit distributions and settlement of the 2026 redemption payment 15 June 2023 Authorised by: Board of Navigator Global Investments Limited
Slide 2: Transaction Overview
Transaction Overview Compelling strategic initiative to unlock shareholder value and settle the 2026 redemption payment Accelerates full settlement of the 2026 redemption payment and the acquisition of remaining profit distributions from the NGI Strategic Portfolio acquired in 2021 from Dyal Capital
Slide 3: Transaction Highlights
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Transaction Highlights Repositions NGI to unlock substantial shareholder value Strategically Compelling Key Outcomes Access to full cash Deepens Strategic Partnership Broadens Shareholder Base distri
Slide 4: Transaction Overview
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Transaction Overview Navigator Global Investments ("Navigator" or "NGI") to settle the 2026 redemption payment and acquire the remaining distributions from the portfolio of six minority investments
Slide 5: NGI Strategic Portfolio – Our Partner Firms
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. NGI Strategic Portfolio – Our Partner Firms Proven leaders well positioned for continued success Partner Firms NGI Partnership Firm AUM1 Founded Strategy Economic interest of between 8- Global alte
Slide 6: Completing the Acquisition of a High Performing Portfolio
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Completing the Acquisition of a High Performing Portfolio Six unique firms positioned for continued AUM growth and profit generation Portfolio Key Metrics At Acquisition Announcement Current 44.4 47.
Slide 7: Improving Profit Trends
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Improving Profit Trends Delivering a high quality and diversified earnings stream with embedded growth NGI Strategic Portfolio Historical Revenue and Pre-tax Profits 3 Year 5 Year 5 Year 200 US$m Avg
Slide 8: Expected Transaction Impacts
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Expected Transaction Impacts Material improvement in NGI’s financial profile with higher Revenue, Adjusted EBITDA and Adjusted EBITDA margin Status Quo Pro Forma Impact Expected FY23 basis Expected F
Slide 9: Navigator Economic Ownership
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Navigator Economic Ownership1 Dyal’s pro forma economic ownership is expected to be 51% vs. 36% today Current1 Pro Forma1,2 Dyal economic Dyal economic ownership: 36% ownership: 51% 16% 40% 20% 304m
Slide 10: Navigator's Operating and Management Structure
Navigator's Operating and Management Structure Post transaction, Navigator will focus its resources to deliver value No change to existing operating structure of the Navigator business Navigator management team will focus on executing future opportunities unlocked by this transaction Navigator manag
Slide 11: FY 2023 Financial Update
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. FY 2023 Financial Update Strong financial performance illustrates the benefit of our diversified platform Expected FY 2023 Adjusted EBITDA1 of $47.0 – 48.0 million Target net debt position of ~1x Adj
Slide 12: Adjusted EBITDA Outcomes
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Adjusted EBITDA Outcomes Materially higher Adjusted EBITDA post-transaction FY 2023 H1 2023 H2 20231 FY 20231 Pro forma2 Lighthouse $13.2 m $8.4 m $21.6 m $21.6 m NGI Strategic $8.9 m $19.2 m $28.1 m
Slide 13: Balance Sheet
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Balance Sheet Positioned to meet upcoming funding obligations and support near term growth Pro forma Pro forma 31 December transaction 31 December 20221 impacts2 2022 Cash payment of estimated tran
Slide 14: Indicative Transaction Timetable
Indicative Transaction Timetable Date Event Mid July 2023 • Signing of definitive transaction documentation • The Notice of Meeting and Explanatory Memorandum explaining the benefits and risks of August 2023 the proposed transaction, and containing an Independent Expert’s Report, are expected to be
Slide 15: Closing Comments
Closing Comments Compelling strategic initiative undertaken to deliver strong shareholder value Accelerates Navigator’s delivery on its strategic priorities Delivers a positive step change in scale, cash flows and earnings Navigator better positioned for further growth with a clean balance sheet Dya
Slide 16: Appendices
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Slide 17: Navigator Global Investments company overview
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Navigator Global Investments is a unique ASX-listed asset management company, exclusively focused on the global alternative asset management sector $68 billion $25 billion total firm level 11 total f
Slide 18: Partnering with Market Leaders in Alternatives
Partnering with Market Leaders in Alternatives We partner with proven investors and operators who have strong investment track records, have demonstrated substantial AUM growth and have generated attractive cash flows to stakeholders over time. Through a diversified and uncorrelated group of high-qu
Slide 19: Our Approach
Our Approach Our strategy is designed to identify lasting firms and mitigate many of the risks inherent in the asset management business We recognise the critical entrepreneurial spirit and partnership focused approach A Focus on that should be maintained, yet balanced with institutional quality ope
Slide 20: Our Value Proposition to Shareholders
Our Value Proposition to Shareholders Unique and scaled, diversified alternative asset management company driven by a stable set of collective earnings streams and several growth drivers Unique Value Proposition Exposure to leading global Delivering Shareholder Value alternatives asset managers
Slide 21: Our Partnership with Dyal Capital, a Division of Blue Owl
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Our Partnership with Dyal Capital, a Division of Blue Owl Strategic shareholder is the global leader in partnering with alternative asset managers globally having raised 48% of all capital raise in f
Slide 22: NGI Strategic – Highly Diversified AUM
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. NGI Strategic – Highly Diversified AUM Broad exposure across alternatives in addition to the NGI Strategic Portfolio Firm Level AUM by Business Firm Level AUM by Asset Class $52.8 billion Public and
Slide 23: Proven NGI Strategic Investment Performance
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Proven NGI Strategic Investment Performance Strong performance, a result of deep experience and seasoned investment teams, further positions these businesses for growth NGI Strategic Portfolio Compos
Slide 24: Lighthouse Investment Partners
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Lighthouse Investment Partners Diversified and evolving platform Hedge Funds $15.0 billion $4.9 billion AUM1,3 Global Footprint Palm Beach Gardens Total assets1 North New York Rock Chicago 26 London
Slide 25: Reconciliation of Pro Forma Balance Sheet Financial Outcomes
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Reconciliation of Pro Forma Balance Sheet Financial Outcomes Balance sheet Key assumptions NGI Strategic Pro forma 31 December Amendment of Portfolio US$ millions 31 December • US$80m entitlement off
Slide 26: Disclaimer
Disclaimer This presentation has been prepared by Navigator Global Investments Limited (NGI) and provides information regarding NGI and its activities current as at the date of this presentation. It is in summary form and is not necessarily complete. It should be read in conjunction with NGI’s most
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