Wolters Kluwer – deal or no deal? (...deal!)
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Wolters Kluwer – deal or no deal? (...deal!)

This week, governance, risk and compliance company, Wolters Kluwer announced the completion of it's plan to divest Corseach to Audax Private Equity. Originally announced in October 2017 the plan to sell Corseach followed an April 2017 decision to review strategic alternatives for Corseach.

Wolters Kluwer share price rose by 28% over the past 12 months

graph 0108 wolters kluwer

SOURCE: Yahoo Finance

Corseach which was part of Wolter Kluwer's trademark solutions service was sold to Audax for $140 million in cash. General Manager of Corseach, Tobias Hartmann, said at the time “I am proud of all that Corsearch has achieved with Wolters Kluwer. We are excited to be partnering with Audax as their vision aligns strongly with Corsearch’s existing business and growth strategy. Audax’ operational and international experience will be a valued resource to us in the next stage of our growth.

Wolters Kluwer, which has its company headquarters in the Netherlands, is a global leader in information services and solutions with a focus in the health, tax and accounting, finance, risk and compliance, and legal sectors. The company reported annual revenues of €4.3 billion in 2016 of which Corseach comprised €50 million.

The Co-Chief Executive of Audax Group, Geoffrey Rehnert, said “Corsearch is a leader in the trademark solutions field and has significant opportunities to capitalize on favorable industry dynamics and a healthy market environment. We look forward to working with Tobias Hartmann and the Corsearch team to build a leading platform through organic growth and add-on acquisitions.

With a history of investing in middle market platform companies and building them in order to fuel ongoing revenue growth and optimising their existing operations, Audax has a history of increasing similarly positioned company's long term value.

The transaction was expected to be completed before the end of 2017 was subject to all the usual closing conditions was in fact announced as complete on January 05 2018.

Disclosure

Dominion holds Wolters Kluwer in its Global Trends Managed Fund.


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