Funds advised by Apax sell stakes in Unilab

The Apax IX Fund (“Apax IX) and Apax Europe VI Fund (“Apax Europe VI”), both of which AGA is a limited partner in, announced that they have agreed to sell their stakes in Unilabs (“the Company”), a leading pan-European provider of laboratory and imaging diagnostics services, to A.P. Møller Holding. The transaction is expected to close in Q1 2022 subject to customary closing conditions and regulatory

The Apax IX investment in Unilabs is expected to deliver a total gross MOIC of 3.3x and a gross IRR of 27%.1 The Apax Europe VI investment is expected to deliver a total gross MOIC of 5.5x and a gross IRR of 15%. The transaction values AGA’s total look through investment in Unilabs at approximately €72.4m3. This would represent an uplift of c.13% to Unilabs’ last Unaffected Valuation2 and an uplift of c.€8.5m (c.€0.02 per share) in the Adjusted Net Asset Value (“Adjusted NAV”) of AGA at 30 September 2021.

Note that these figures relate to AGA’s look through position of Apax IX and Apax Europe VI’s overall investments in Unilabs and are stated before taking into account any closing adjustments, fees, costs, and carried interest, and translated based on today’s exchange rates where applicable3. The sale remains subject to customary closing conditions.

Apax Europe VI first invested in a minority stake in Unilabs in 2007, taking the Company private from the Swiss Stock Exchange and subsequently merging it with Capio Diagnostics, a Nordic laboratory and imaging business. In 2017, Apax IX gained majority control of the Company by acquiring the outstanding shareholding in Unilabs held by unaffiliated shareholders. Apax Europe VI retained its minority stake. Since then, the Apax Funds have supported Unilabs’ significant investments into people, technology, and M&A.

Over the past years Apax has supported Unilabs in its transformation, helping it to become a pan-European leader in diagnostic services and a pioneer in digital radiology and pathology. During the Apax Funds’ ownership, Unilabs drew on Apax’s healthcare expertise and network as well as the support of the Operational Excellence Practice to transform its operations and invest in the Company’s future. As a result, Unilabs grew both organically and through M&A, completing 50+ acquisitions since 2017, and it currently operates in 15 countries with market-leading positions in many of these.

AGA, whose shares are listed on the London Stock Exchange, provides investors with access to the investment expertise of Apax through its investments in a diversified portfolio of private equity funds advised by Apax as well as derived investments in debt and equity. AGA is an investor in Apax Europe VI with a total commitment of €10.6m. In May 2016, AGA made a commitment of c.€303m4 to Apax IX.

For more information about the transaction, please visit:

Contact details

Investor Relations – AGA
Katarina Sallerfors
T: +44 207 872 6526


  1. Represents Gross IRR and Gross MOIC shown for Apax IX USD tranche
  2. Unaffected Valuation is determined as the fair value in the last quarter before exit, when valuation is not affected by the exit process (i.e. because an exit was signed, or an exit was sufficiently close to being signed that the Apax Funds incorporated the expected exit multiple into the quarter end valuation)
  3. Based on Bloomberg closing EUR/USD FX rate on 2 December 2021of 1.1338
  4. Represents AGA’s commitment of €154.5m in Apax IX euro tranche and $175.0m in Apax IX USD tranche translated
    to euro using latest closing FX rate noted above


  1. Note that references in this announcement to Apax Global Alpha Limited have been abbreviated to “AGA” or “the Company”. References to Apax Partners LLP have been abbreviated to “Apax”. or “the Investment Adviser”
  2. Please be advised that this announcement may contain inside information as stipulated under the Market Abuse Regulations (EU) NO. 596/2014 (“MAR”).
  3. This announcement is not for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States or to “US persons” (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”)) or into or within Australia, Canada, South Africa or Japan. Recipients of this announcement in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of the announcement may be restricted by law in certain jurisdictions.
  4. The information presented herein is not an offer for sale within the United States of any equity shares or other securities of Apax Global Alpha Limited (“AGA”). AGA has not been and will not be registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, AGA’s shares (the “Shares”) have not been and will not be registered under the Securities Act or any other applicable law of the United States. Consequently, the Shares may not be offered or sold or otherwise transferred within the United States, or to, or for the account or benefit of, US Persons, except pursuant to an exemption from the registration requirements of the Securities Act and under circumstances which will not require AGA to register under the Investment Company Act. No public offering of the Shares is being made in the United States.
  5. This announcement may include forward-looking statements. The words “expect”, “anticipate”, “intends”, “plan”, “estimate”, “aim”, “forecast”, “project” and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding AGA’s intentions, beliefs or current expectations concerning, among other things, AGA’s results of operations, financial condition, liquidity, prospects, growth and strategies. The forward-looking statements in this presentation are based on numerous assumptions regarding AGA’s present and future business strategies and the environment in which AGA will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of AGA to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond AGA’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as AGA’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which AGA operates or in economic or technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. AGA expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in AGA’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this announcement, or to update or to keep current any other information contained in this announcement. Accordingly, undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this announcement.

About Apax Global Alpha Limited

AGA is a Guernsey registered closed-ended collective investment scheme incorporated as a non-cellular company that listed on the London Stock Exchange on 15 June 2015. It is regulated by the Guernsey Financial Services Commission.

AGA’s objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Return, across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of Net Asset Value.

The investment policy of the Company is to make Private Equity investments in funds advised by Apax (“Apax Funds”), and Derived Investments which are investments in equities and debt derived from the insights gained via Apax’s  Private Equity activities.

Further information regarding the Company and its publications are available on the Company’s website at

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For nearly 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit

Apax is authorised and regulated by the Financial Conduct Authority in the UK.