Apax Global Alpha books EUR 31m return from Baltic Classifieds sell-down

Apax Global Alpha (AGA), a limited partner in the Apax IX Fund, announced on Tuesday that Apax IX has sold its remaining shares in Baltic Classifieds Group (BCG).

The London-listed firm said the sale, along with previous distributions, would yield a realised gross multiple on invested capital (MOIC) of 4.2x and a total gross internal rate of return (IRR) of about 59% for Apax IX.

It said the transaction would result in AGA’s look-through investment in BCG returning around €31m, accounting for multiple sell-downs and prior distributions.

Apax IX initially acquired BCG in July 2019, recognising it as a high-quality portfolio of online classifieds with market-leading positions.

Under its ownership, BCG strengthened its leadership across all segments, enhanced product development, adjusted pricing, and expanded through the acquisition of Auto24, Estonia's leading automotive classifieds portal.

BCG was listed in London in June 2021, with Apax IX retaining a significant stake until the final sale.

At 1244 BST, shares in Apax Global Alpha were down 0.37% at 160.4p.

Reporting by Josh White for Sharecast.com.