Apax X, a fund managed by Apax Partners LLP agree to acquire an unknown minority stake in PIB Group Limited from Carlyle Global Financial Services Partners II, L.P fund, managed by The Carlyle Group Inc. (NasdaqGS:CG) on January 25, 2021. Under the terms of transaction, Apax will acquire PIB Group alongside PIB's management team. PIB's existing investor since 2015, will re-invest for a minority stake. Chief Executive Officer, Brendan McManus and Chief Financial Officer- Ryan Brown, will continue to lead the business following the acquisition. The acquisition by the Apax Funds will help PIB continue its impressive growth trajectory, both organically and through accelerating strategic M&A to continue its domestic and international expansion. Transaction is subject to applicable regulatory approvals. The transaction is expected to close in the first half of the year 2021. Alex Woodward, Andrew Lynch, Chris Smale, Oliver Sceales and Jean Price of Linklaters are serving as legal counselors to PIB and The Carlyle Group, and Kirkland & Ellis is serving as legal counsel to Apax. Simon Barass, Myle Phillips, Emily Cripps, Devang Kabra of Keefe, Bruyette, & Woods, Inc. is serving as financial advisors to PIB and The Carlyle Group in connection with the transaction and Jamieson Corporate Finance and Dickson Minto has been advising the management team. 

Apax X, a fund managed by Apax Partners LLP completed the acquisition of an unknown minority stake in PIB Group Limited from Carlyle Global Financial Services Partners II, L.P fund, managed by The Carlyle Group Inc. (NasdaqGS:CG) on January 25, 2021.