Kin and Carta, formerly known as St Ives, is set to be acquired in a private equity takeover deal worth £203m.
The digital transformation company’s board of directors has agreed to the acquisition by Kelvin UK Bidco Ltd, a newly formed company owned indirectly by funds advised by Apax Partners.
The offer represents a premium of approximately 41% to the closing price of 78p at the close of business on the day of the announcement.
The acquisition by Apax Partners is expected to help Kin and Carta expand its digital transformation services and further grow its business.
The London-listed company has been undergoing a transformation since its rebranding from St Ives in 2018 and has been focusing on its digital capabilities. The private equity takeover is seen as a positive move for the company and its shareholders, as it provides the necessary capital to accelerate its growth strategy.
The acquisition is subject to regulatory approvals and is expected to close in the first quarter of 2024. Kin and Carta’s shareholders will receive 110p in cash per share, and the company will be delisted from the London Stock Exchange upon completion of the deal. The acquisition by Apax Partners is a significant development for Kin and Carta and is expected to position the company for further success in the digital transformation industry.
The Takeover Bid
Kin and Carta, the digital transformation firm, has agreed to a £203 million private equity takeover bid from Apax Partners. This exciting development has been met with enthusiasm from both companies and their shareholders.
Premium Offer
The bid, which is equivalent to 110 pence per share, represents a significant premium to the current share price. Shareholders will be offered a cash price of 110 pence per share, which is a 41% premium to the closing price on the day before the announcement of the takeover offer.
Shareholders’ Vote
The takeover offer will be subject to the approval of Kin and Carta’s shareholders. The company’s board of directors has already given their unanimous recommendation to accept the offer. The shareholders’ vote is expected to take place in the coming weeks.
If the takeover bid is approved, Kin and Carta will become a private company, which Apax Partners believes will be better placed for long-term success. The deal will provide Kin and Carta with the resources and support it needs to continue to grow and innovate in the digital transformation space.
Overall, the takeover bid represents an exciting opportunity for Kin and Carta and its shareholders. The premium offer and the potential for long-term success make this a compelling proposition for the company and its stakeholders.
Potential Impact on Business
Kin + Carta’s potential £203m buyout deal by Apax Partners could have a significant impact on the digital transformation firm’s business. The takeover could provide the company with the growth capital needed to scale the business and make strategic acquisitions.
Strategy and Growth Plans
The acquisition could potentially provide Kin + Carta with the necessary investments to execute its long-term growth strategy. The company has been focused on profitable long-term growth, and the acquisition could help accelerate this growth. With Apax Partners’ support, Kin + Carta could potentially expand its offerings and reach new markets.
Risks and Opportunities
While the acquisition could provide significant opportunities for Kin + Carta, there are also risks associated with the deal. The company will need to ensure that the acquisition aligns with its strategic goals and values. Additionally, the acquisition could potentially result in changes to the company’s culture and operations.
However, the acquisition could provide Kin + Carta with the opportunity to take on larger and more complex projects, which could lead to increased profits. The company could also potentially leverage Apax Partners’ expertise and resources to expand its offerings and reach new markets.
Overall, the potential acquisition by Apax Partners could provide Kin + Carta with the necessary investments to scale its business and execute its growth strategy. While there are risks associated with the deal, the potential opportunities could be significant.
Role of Key Players
Apax Partners
Apax Partners, a London-based private equity firm, has agreed to acquire Kin and Carta, a digital transformation consultancy, for £203 million cash. The firm will be taken private by Apax Partners, subject to shareholder approval. The deal is expected to accelerate Kin and Carta’s growth plans and help the firm scale its business. Apax Partners is known for its expertise in the technology sector and has a strong track record of investing in companies across a range of industries.
Kin and Carta Management Team
The management team at Kin and Carta has played a key role in the company’s growth and success. Led by CEO Rohan Haldea, the team has been instrumental in transforming the business from a print giant to a digital transformation consultancy. The team has a wealth of experience in the technology sector and has been responsible for developing and implementing innovative solutions for clients across a range of industries. The team will continue to play a key role in driving the company’s growth under the ownership of Apax Partners.
The board of directors at Kin and Carta has also played a critical role in the company’s success. The board, which includes Chairman John Kerr, has provided strategic guidance and oversight, helping to steer the company through a period of significant change and growth. The board will continue to provide guidance and support to the management team under the ownership of Apax Partners.
Overall, the acquisition of Kin and Carta by Apax Partners represents an exciting opportunity for both companies. The deal will enable Kin and Carta to accelerate its growth plans and scale its business, while Apax Partners will gain access to a leading digital transformation consultancy with a strong track record of success.
Timeline of Events
Excitement is brewing as Kin and Carta, the digital transformation firm, is set to be acquired in a £203m private equity deal. Here is a timeline of events leading up to the takeover:
- 18 October 2023: Kin and Carta announced that it had accepted a private equity takeover approach worth £203m. The company believes that it will be better placed for long-term success as a private company. The offer was made by Kelvin UK Bidco, a newly formed company owned indirectly by funds advised by UK private equity firm Apax Partners.
- First Quarter of 2024: A general meeting of Kin and Carta shareholders is expected to be held in the first quarter of 2024 to approve the takeover. The company’s board is recommending that shareholders vote in favour of the deal.
- First Quarter of 2024: A court meeting will also be held in the first quarter of 2024 to approve the scheme of arrangement for the takeover. The scheme will need to be approved by at least 75% of shareholders who vote at the meeting.
If the takeover is approved, Kin and Carta will be taken private and delisted from the London Stock Exchange. Shareholders will receive 140 pence in cash for each share they hold. The deal represents a premium of approximately 45% to the closing price of Kin and Carta’s shares on the day before the announcement of the takeover approach.
The takeover is expected to provide Kin and Carta with the financial resources and strategic support it needs to accelerate its growth and continue to deliver value to its clients.
About Kin and Carta
Kin and Carta is a global digital transformation consultancy that provides services to blue-chip enterprise customers. The company was formerly known as St Ives before undergoing a rebranding in 2018. Kin and Carta has been at the forefront of digital transformation, helping businesses harness the power of data and technology to drive growth and innovation.
Company Background
Kin and Carta was founded in 1984 and has since grown into a leading digital transformation firm with a presence in Europe, the US, and Asia. The company has built a reputation for its expertise in digital transformation and its ability to help businesses navigate the complex world of data and technology.
Services and Clientele
Kin and Carta offers a range of services to its clients, including digital strategy, user experience design, data engineering, and software development. The company has established technology partnerships with leading companies such as Google, Microsoft, and AWS, allowing it to provide cutting-edge solutions to its clients.
Kin and Carta’s clientele includes some of the world’s largest and most well-known companies across a wide range of industries, including finance, healthcare, and retail. The company’s consultants, engineers, and data scientists work closely with clients to understand their unique challenges and develop tailored solutions to meet their needs.
With the recent private equity takeover, Kin and Carta is poised for long-term success as a private company. The company’s focus on digital transformation and its expertise in helping businesses navigate the complex world of data and technology make it an exciting prospect for investors looking to capitalise on the growing demand for digital transformation services.
