Page 8 - IPO Analysis - Private Equity Exits 2017_Final

Private equity exits via IPO in

2017

IPO Sell Down as a Price Aggregate Total Estimated Private Equity Sponsor
Private Equity Market Cap Size proportion of Change Sponsor Expenses (incl. Private Equity Sponsor lock-up + Orderly
Date Company Sector Banks Underwritten Commission / Fee Structure Relationship Agreement
Sponsor(s) at IPO (£m) (£M) IPO (%) Since IPO Retained Stake Commissions) (Key Terms) Market Periods
(%) at IPO (%) (£m) (Months from IPO)
Sabre Insurance BC European Capital 575.0 278.8 No sell down 23.0 42.7 Barclays, Yes - Commission of 2% payable by 12.7 - Transactions between 6 + the earlier of:
11.12.17
Insurance Numis, the company and the selling them must conducted be
Group plc Berenberg, shareholders (not being BC on arm's length terms - second anniversary of
Peel Hunt European Capital) admission, or
- Right to appoint 1 non-
- Discretionary commission of up executive director - holds less than 5% of
to 1% payable by the company Agree that for 2 year issued share capital, or
and the selling shareholders period from admission or
three months after - has sold 85.5% of its
termination of the pre-admission
relationship agreement shareholding
(whichever is earlier),
BC Partners are
restricted from soliciting
any exec directors
- Terminates if holds less
than 10% of the issued
share capital

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