Apax Global Alpha to acquire majority stake in Eating Recovery Center

Private equity firm Apax Global Alpha said on Wednesday that it will acquire a majority ownership stake in the Eating Recovery Center, a leading provider of eating disorder and mood and anxiety treatment in the US.

Apax stated the acquisition, undertaken by its Apax X Fund in partnership with Oak HC/FT and management, was expected to close in the fourth quarter of 2021, subject to customary closing conditions.

On a look-through basis, Apax Global expects to invest approximately €23.0m in the company, depending on final closing arrangements.

The FTSE 250-listed firm added that Apax X, in partnership with ERC's leadership team, will uphold the company's focus on "clinical excellence" while expanding access to care physically and digitally.

As of 0940 BST, Apax shares were down 0.91% at 218.0p.