TRANSACTION SUMMARY

On 18 September 2017, Impax Asset Management Group plc, the AIM quoted investment management group, announced that it had entered into agreements to acquire 100% of Pax World Management.

The combined group would have pro-forma AUM of £10.3bn ($13.4bn) as at 31 August 2017, and will be a leading independent investment manager specialising in the opportunities arising from the transition to a more sustainable global economy.

The acquisition builds on the companies’ successful ten-year relationship; Impax and Pax have collaborated since 2007 in the design and management of the Pax Global Environmental Markets Fund, which as of 31 August 2017 had net assets of $511m.

The transaction consists of upfront consideration with an implied value of $52.5m, and subject to Pax achieving certain performance targets, contingent consideration of up to $37.5m.

IMPAX

Impax Asset Management manages or advises on approximately £7.2bn (as at 31 August 2017) in both listed and private equity strategies primarily for institutional clients. The Company’s investments are based on the strong conviction that population dynamics, resource scarcity, inadequate infrastructure and environmental constraints will profoundly shape global markets, creating investment risks and opportunities.

RATHBONE BROTHERS

Rathbones is an independently owned, FTSE 250 listed company employing over 1,100 people across 15 UK locations and Jersey. The company provides discretionary investment management solutions to private clients, professional intermediaries, charities and trustees. Ethical investment services are available through Rathbone Greenbank Investments, and Rathbones also offers banking, financial advisory, tax, legal and trust services.

PAX

Pax, which is headquartered in Portsmouth (NH), USA, has AUM of £3.5bn ($4.5bn) and offers actively and passively managed equity and fixed income strategies. Pax integrates environmental, social and governance research into its investment process to better manage risk and deliver competitive long-term investment performance.

ROLE

Spencer House Partners advised Impax on the transaction.