Deal Profile | Gadens advises The Citadel Group on sale to Pacific Equity Partners
15 September 2020
Gadens has advised the Board of The Citadel Group (Citadel) (ASX: CGL) on its entry into a binding Scheme Implementation Deed with Pacific Group Bidco Pty Ltd, an entity owned by funds advised by Pacific Equity Partners (PEP), under which it is proposed that PEP will acquire 100% of the shares in Citadel by way of a scheme of arrangement. The transaction has an enterprise value of A$503.1m, valuing Citadel’s equity at A$448.6m. The transaction is subject to customary conditions with a scheme meeting to approve the transaction expected to be held in early December 2020.
Gadens has advised Citadel, an enterprise software and service company, for a number of years and was pleased to continue to do so on their sale to Australian private equity investment firm, PEP. The sale gives further opportunity for Citadel to grow and expand their operations in the technology sector with the option for its current shareholders to retain an indirect interest in the business.
Gadens Chairman and head of the corporate team, Jeremy Smith, says:“We are delighted to have had the opportunity to advise Citadel on this transaction. Following its recent acquisitions of the Wellbeing Software Group and Noventus, Citadel has been on a phenomenal growth journey and has positioned itself as one of Australia’s leading software companies. We are extremely proud to have supported Citadel on its journey through an IPO in 2014 and subsequent growth initiatives.”