- £20mn of more than £50mn in one-off costs related to Apex takeover
- New business wins carry momentum into this year
It’s been a busy old time for Sanne (SNN), the provider of back-office services for private equity firms. In little more than a year, it bought two Guernsey-based competitors – PEA and a fund administration arm owned by Praxis IFM – as well as a Texas-based company offering similar services known as Strait Capital.
More significantly, it became the subject of a bidding war itself with Bermuda-based Apex Group eventually trumping rival suitor Cinven with a 920p per share offer that values Sanne at £1.51bn – a 53 per cent premium to its price before the first offer was made.