Rothschild & Co are acting as lead financial adviser to the selling shareholders. Acquisition financing has been arranged and underwritten by KKR Capital Markets. KKR’s investment was made through its Core Investments strategy, which represents capital targeting longer-term compounding opportunities. Paul, Weiss advised funds managed by KKR
Funds advised by Apax Partners (the “Apax Funds”) have today announced an agreement in principle to sell their stake in Exact Software (“Exact”), a leading provider of business and accounting software in the Benelux region, to KKR, a leading global investment firm. The terms of the transaction were not disclosed. Exact will now initiate consultations with its works council. The transaction is subject to customary closing conditions.
Founded in 1984 and headquartered in Delft, the Netherlands, Exact’s innovative solutions today help 6,700 accountants manage the finances of over 400,000 small businesses in the cloud. Exact’s mid-market enterprise resource planning (“ERP”) solutions are also used by over 18,500 mid-sized firms, with a choice of cloud or on-premise deployment. The company’s integrated software suite includes Financial Management, Logistics, CRM, HR and Payroll. Exact employs 1,400 people in 12 different countries and 21 offices worldwide. Since the investment by the Apax Funds in 2015, Exact has experienced rapid growth and extended its market leadership.
The Paul, Weiss team included corporate partner Alvaro Membrillera (Picture).
Involved fees earner: Alvaro Membrillera – Paul Weiss Rifkind Wharton & Garrison;
Law Firms: Paul Weiss Rifkind Wharton & Garrison;