On December 13, 2019, Wendel and other Allied Universal shareholders finalized the sale of a majority stake in Allied Universal to Caisse du dépôt et placement du Québec and to a new investment group headed by Warburg Pincus and a subsidiary of the J. Safra Group.
Under the terms of the transaction, Wendel sold 79% of its holding in Allied Universal for net proceeds of $721 million and retained a 6% ownership interest in the company.
The transaction values Wendel’s investment in Allied Universal at around $920 million, including both realized and unrealized portions, or 2.5 times total invested capital in dollar terms. The valuation represents a $670 million uplift from the most recent figure in Wendel’s net asset value, which dates to November 16, 2018.
This transaction gives Wendel additional resources to grow its portfolio over the long term and seek out new high-quality assets