Sanne raises £79.5m in placing to push ahead with acquisition strategy
Sanne said on Thursday that it has raised £79.5m in a placing to push ahead with its acquisition strategy.
The company, which provides administration services to alternative asset managers, placed 12.43 million new ordinary shares - around 8.4% of the existing issued share capital - at 640p each, which is a 4.2% discount to the closing price on Wednesday.
Sanne had announced the placing late on Wednesday, alongside news that it has agreed to buy Texas-based STRAIT, a private equity and hedge fund administration business, for up to $45m.
It said proceeds from the placing will be used to "better position Sanne to continue its disciplined acquisition strategy, enhancing the group's financial flexibility and competitiveness".
"Acceleration of growth through selected acquisitions is an integral part of the group’s strategy and has provided a meaningful contribution to the company's financial performance and strategic development since IPO," Sanne said.
"In line with this strategy, over the last 12 months, Sanne has acquired six businesses, including the acquisition of STRAIT, announced separately today and the recent acquisitions of Private Equity Administrators and Alternative Assets Accounting Software Inc."