(AOF) – Wendel has finalized the acquisition of 51% of the capital of IK Partners, following the receipt of regulatory authorizations. The investment company recalls that this is a major step in its strategic development in the management of private assets on behalf of third parties. As part of this initial transaction, Wendel will invest 3,831 million euros, or approximately 12.5 times the estimated 2024 fee related earnings before tax, to acquire 51% of IK’s capital. He is also entitled to 20% of the carried interest generated on all future funds raised by IK.
The 383 million euros will be paid by Wendel in two stages: 255 million euros today, upon the closing of the transaction and 128 million euros on May 14, 2027, under certain conditions.
IK manages €11.8 billion in private assets on behalf of third-party investors and has invested in more than 180 companies since its inception.
The balance of IK’s capital, i.e. 49%, will be acquired by Wendel as part of additional transactions, which will take place between 2029 and 2032 in accordance with the announcements of October 17, 2023.
Wendel aims to build a platform managing multiple classes of private assets, in parallel with its historical investment activity for its own account. The company aims to reach 150 million euros in FRE by 2027, via double-digit organic growth of its activities, accompanied by external growth operations in new asset classes.
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