Apse Capital Limited announced today the closing of a €350 million continuation fund in connection with acquiring three existing assets from Apse Capital Bridge Fund.
The deal was led by J.P. Morgan Asset Management and attracted a diverse group of secondary and primary investors, with substantial support from existing Apse limited partners.
This new vehicle was established to acquire three portfolio companies (TerraQuest, Kallidus, and Ultima Business Solutions) from Apse Capital Bridge Fund, continuing their organic growth and providing further capital for strategic M&A activities.
1.) TerraQuest is a leading provider of software solutions and technical data services for the UK land and property sector. TerraQuest operates the UK Planning Portal, a unique national platform that supports all planning applications and offers land referencing services.
2.) Kallidus is a rapidly growing SaaS-based HCM platform that delivers a comprehensive learning-led solution in the UK mid-market. Today, Kallidus serves over 1,200 customers and more than 200 workers across the UK, the US, and Canada.
3.) Ultima Business Solutions is a UK provider of infrastructure and IT solutions to the public and private sectors, including managed services and professional services.
The deal represents a strong outcome for Apse Capital Bridge Fund. The General Partner invested all its carried interest proceeds realized from the transaction, demonstrating its continued conviction in the portfolio. A portion of the new commitments will be available as follow-on capital to support continued growth.
The Piper Sandler private capital advisory group Aviditi Advisors served as Apse Capital’s exclusive financial adviser on the transaction. Weil, Gotshal & Manges acted as Apse Capital’s legal counsel, while DLA Piper represented J.P. Morgan Asset Management.
KEY QUOTE:
“We are delighted with the successful closing of the continuation fund and would like to express our sincere thanks to our existing investors, as well as to our new limited partners, for their support. In addition, on behalf of our investor partners and the entire Apse team, I would like to express our gratitude to the leadership teams and staff at TerraQuest, Kallidus and Ultima for their exceptional dedication and remarkable achievements to date. We are excited to continue our journey together as we seek to unlock further value in this next phase of growth.”
– Tim Green, Managing Partner at Apse Capital
