QuotedData’s morning briefing 2 June 2023

a stack of newspapers next to a mug of tea 230601 morning 2

In QuotedData’s morning briefing 2 June 2023:

  • Apax Global Alpha (APAX) has announced that it expects to invest approximately €1.7m in Swing Education on a look-through basis, via the Apax Global Impact Fund (AGIF). APAX Partners describes Swing Education as “a pioneering online marketplace that connects schools and substitute teachers”. Founded in 2015 by former K-12 educators and administrators, Swing’s platform is designed to make it easier for schools to find reliable, qualified substitute teachers when they need them and has filled over 300,000 absence days to date. AGIF invested in Swing Education as part of a $38m Series C funding round. In March 2022, APAX made a commitment of $60m to AGIF.
  • Murray International (MYI) has repaid its maturing £60m five-year fixed rate loan with The Royal Bank of Scotland International Limited, London Branch. MYI says that, following the repayment of this loan, its borrowings are expected to total £140m, which represents a net gearing level of 8.5%, based on its NAV.
  • Augmentum Fintech (AUGM) has exited its investment in Cushon, the workplace savings and pensions fintech, via the acquisition of a majority shareholding in Cushon by NatWest Group. The transaction completed on 1 June 2023 following approval from the Financial Conduct Authority. Augmentum led Cushon’s Series A fundraising in June 2021 with an initial investment of £5m and since that date the company has invested a further £5.8m. Augmentum will receive proceeds of £22.8m from the completion of the transaction, representing a 46.2% uplift on the unaudited 30 September 2022 holding value of £15.6m, an IRR of 61.7% and cash multiple of 2.1x on cost. This transaction is Augmentum’s fifth portfolio investment exit, all of which have been at or above the last reported holding value.

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