3 March 2020
APQ Global Limited
("APQ Global" or the "Company")
Acquisition of Delphos International, Ltd.
APQ Global, a Guernsey-based company quoted on the AIM market and listed on the TISE market, is pleased to announce that it has acquired the entire issued share capital of Delphos International, Ltd. ("Delphos") (the "Acquisition"), a US based Corporation.
Delphos is an award-winning financial advisory firm based in Washington, DC, USA. It offers capital raising, transaction advisory and consultancy services centred on providing access to long-term capital for infrastructure projects, small and large businesses, and financial institutions in the global emerging markets.
Delphos was founded in 1987 and has raised in excess of $11 billion in debt and equity capital for over 1,000 clients across a diverse range of sectors, including, inter alia, Power, Financial Services, Telecom, Media & Technology, Real Estate, Social Infrastructure, Hospitality, Oil and Gas, Ports, Mining and Agribusiness.
The Acquisition will accelerate the Company's strategy to take controlling stakes in businesses with a focus on emerging markets. Delphos has experience in capital raising and transaction advisory across Central & Eastern Europe, Sub-Saharan Africa, Middle East & North Africa, Latin America & the Caribbean, and Asia.
For the year ended 30 June 2019, Delphos generated revenues of approximately $3.7 million and Earnings before Taxes and Depreciation (net of partner bonuses and distributions) ("EBTDA"), of $0.25 million. The average level of EBTDA for the prior five years (including the year ended 30 June 2019), was approximately $0.63 million.. As at 30 June 2019, Delphos had gross assets of less than $0.1 million.
In consideration to the shareholders of Delphos for the acquisition, the Company will pay an upfront amount of $1.5 million in cash (the "Upfront Payment").
In addition to the Upfront Payment, APQ shall potentially make up to three earn-out payments to the Sellers ("Earn-Out Payments"), depending on the levels of EBTDA generated by Delphos for the years ended 30 June 2020 and 30 June 2021, with each payment capped at $0.75 million and a further Earn-Out Payment capped at $0.5 million for the year ended 30 June 2022.
The Earn-Out Payments are subject to various employment restrictions for the Sellers until 30 June 2022.
Bart Turtelboom, Chief Executive Officer and Executive Director of APQ Global, commented:
"We are delighted to acquire Delphos International Ltd. It's our second acquisition of the year and illustrates our focus on emerging markets as part of our strategy. Delphos has a long history and proven track record of delivering results for clients, as well as strong revenue and profits. Furthermore, by adding Delphos to our portfolio of companies, we believe that there is a clearly defined opportunity to achieve strong shareholder return."
For further enquiries, please contact:
APQ Global Limited
Bart Turtelboom - Chief Executive Officer
020 3478 9708
N+1 Singer - Nominated Adviser and Broker
James Maxwell / Justin McKeegan / Ben Farrow
020 7496 3000
Carey Group - TISE sponsor
01481 737 279
Notes to Editors
APQ Global Limited
APQ Global (ticker: APQ LN) is an AIM- and TISE-listed company with interests across Asia, Latin America, Eastern Europe, the Middle East and Africa. The Company's objective is to steadily grow earnings to deliver attractive returns and capital growth to shareholders. This objective is achieved through a combination of revenue generating operating activities and investing in growing businesses across emerging markets. APQ Global run a well-diversified and liquid portfolio, take strategic stakes in selected businesses and plan to take operational control of companies through the acquisition of minority and majority stakes in companies with a focus on emerging markets.
For more information, please visit www.apqglobal.com