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Epiris-advised funds offer to take over UK financial solutions firm IFG Group

Funds advised by private equity firm Epiris LLP offered to acquire the entire issued and to-be-issued share capital of IFG Group PLC, in a deal that values the British financial solutions firm at around £206 million.

The funds, through wholly owned indirect unit SaintMichelCo Ltd., would pay £1.93 in cash per ordinary IFG share, according to a March 25 statement from IFG. The price represents a premium of approximately 46% on IFG's March 22 closing price. However, the consideration may be lowered if any dividend or other distributions are authorized, declared, made or paid in respect of IFG's shares on or after the offer was announced.

SaintMichelCo has secured irrevocable undertakings and other commitments to accept the offer from holders of over 11,041,695 ordinary IFG shares, representing approximately 10.48% of the company's issued share capital.

IFG said its board of directors unanimously recommends the company's shareholders to vote in favor of the acquisition.

The acquisition would be carried out through a court-sanctioned arrangement scheme and will be subject to regulatory and other necessary approvals. The scheme is expected to be declared effective in the second half.

The Dublin- and London-listed firm offers financial solutions through its Saunderson House division, which provides financial advice and wealth management services, and its James Hay business, which provides investment platform and pensions administration services.

Houlihan Lokey serves as a financial adviser to Epiris, while Evercore and Goodbody serve as joint lead financial advisers to IFG. Goodbody also serves as corporate broker to IFG, along with Macquarie Capital (Europe) Ltd., which also serves as a financial adviser.