Impax Asset Management finalises acquisition of US-based Pax

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Impax Asset Management Group PLC (LON:IPX) has acquired the remaining 16.7% of Pax World Management LLC that it did not already own.

The acquisition of the New Hampshire-based business, now known as Impax Asset Management LLC, from members of the management team was finalised after paying a total consideration of US$3mln in cash and shares, net of loans.

Contingent consideration payments of US$270,000 will be made in cash later in February to the previous shareholders and management as relevant assets under management of the Pax World funds reached an average of US$5.52bn over three measurement dates and hit US$6.6bn at the end of December 2020, up from US$4.9bn over three years.

In 2017, Impax agreed to acquire 100% of Pax at an initial valuation of US$52.5mln, of which these are the final payments.

“Since our acquisition of Pax World Management LLC three years ago, the combined team has successfully integrated the two businesses and delivered significant growth,” said Ian Simm, chief executive of Impax Asset Management.

“Impax’s business in North America is well placed for further expansion as clients seek to increase their exposure to the transition to a more sustainable economy.”

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