KKR to acquire Epicor from Apax

Source: http://www.bloomberg.com/news/articles/2016-07-05/kkr-s-deal-to-buy-epicor-from-apax-said-valued-at-3-3-billion

By Devin Banerjee, for Bloomberg Technology

Jul 11, 2016

KKR & Co.’s agreement to acquire Epicor Software Corp. from Apax Partners is valued at $3.3 billion, according to people with knowledge of the matter, who asked not to be identified because the information is private.

The firms announced the deal earlier Tuesday in a statement, without disclosing terms. At that value, the transaction is KKR’s largest technology purchase in nine years.

KKR will use its North America XI fund for the acquisition, which is expected to be completed by next month, the New York-based asset manager said. Apax took the enterprise-software company private in a 2011 leveraged buyout and merged it with Activant Solutions Inc. in a $2 billion deal.

Including dividends taken by Apax in 2013 and 2015, the London-based buyout firm generated a return of more than four times its equity investment in Epicor, or a profit of more than three times its investment, one of the people said. Apax deployed money from two successive European funds and its U.S. fund in the deal.

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