Epiris Fund II L.P., Epiris Fund II (B) L.P., Epiris Fund II FFP L.P. and Epiris TC L.P. Funds managed by Epiris LLP reached an agreement to acquire IFG Group plc (ISE:IJG) from Crownway Investments and others for approximately £200 million on March 24, 2019. Epiris LLP will pay £1.93 per share of IFG Group plc. Epiris LLP received irrevocable undertakings from Crownway Investments and the Board of Directors of IFG Group plc to vote in favour of the acquisition. The acquisition will be funded through a combination of equity and debt. Ares Management Limited provided Facility B loan for the transaction. Buyer has raised a £120 million senior term and revolving credit facility from Ares. The transaction will also be financed with help of intra-group contributions, provided by buyer's parent holding company in the form of equity subscriptions and loans. IFG will become a wholly-owned Subsidiary of Bidco post completion. An application will be made to the London Stock Exchange and Euronext to cancel the admission of the IFG Group plc's ordinary shares to trading on the main market of the London Stock Exchange and Euronext respectively, and to the Financial Conduct Authority to cancel the listing of IFG Group plc's ordinary shares on the Financial Conduct Authority 's official list. IFG Group plc will pay £2 million in case of termination of the agreement. As of August 12, 2019, Financial Conduct Authority approved the acquisition.

Buyer expects the existing personnel of IFG to continue to contribute to the business following completion of the Acquisition, and does not intend to initiate any material headcount reductions within the current IFG organization. The Non-Executive Directors of IFG Group plc will resign on or after acquisition. In relation to IFG, buyer will consider changes to the location of the IFG Group headquarters, however, it does not intend to make any restructurings or changes in the locations of headquarters of either James Hay or Saunderson House. The deal is subject to approval of the High Court, shareholders of IFG Group plc and necessary regulatory and other approvals. The Board of IFG Group plc unanimously recommends the shareholders to vote in favor of the acquisition. As of April 9, 2019, the Scheme Document is published by IFG. The IFG shareholder meeting for the approval of transaction will held on May 9, 2019. As on May 9, 2019, the scheme was approved by the shareholders of IFG. As of August 27, 2019, the scheme was approved by the High Court. The transaction will be completed in the second half of 2019. The transaction is expected to complete no later than September 30, 2019, or a date decided otherwise by the parties. As of August 27, 2019, the transaction is expected to complete on August 28, 2019.

Lawrence Guthrie, Christian Kent, Yashin Mody and Sam Ward of Houlihan Lokey (Corporate Finance) Limited acted as financial advisors to Epiris LLP. Stephen Kane and Charlotte Craigie of Goodbody Stockbrokers and Ollie Clayton, Nick Chapman and Demetris Efthymiou of Evercore Partners International LLP and Jonny Allison and Alex Reynolds of Macquarie Capital (Europe) Limited acted as financial advisors to IFG Group plc. Padraic Roche of Matheson Ormsby Prentice acted as legal advisor for IFG. Deloitte acted as accountant for IFG while Macfarlanes and Arthur Cox acted as legal advisors for Epiris.

Epiris Fund II L.P., Epiris Fund II (B) L.P., Epiris Fund II FFP L.P. and Epiris TC L.P. Funds managed by Epiris LLP completed the acquisition of IFG Group plc (ISE:IJG) from Crownway Investments and others on August 28, 2019. Following the scheme becoming effective, David Paige, Peter Priestley, and Cara Ryan have resigned as non-executive directors of IFG, and Owen Wilson and Bill Priestley have been appointed as non-executive directors of IFG, with immediate effect.