Spice Private Equity Ltd. has had a fairness opinion conducted on a public tender offer by GP Investments

September 2022 — On 14 July 2022, GP Swiss Ltd., a subsidiary of GP Investments, published a public tender offer for all publicly held registered shares of Spice Private Equity Ltd. (Spice). The independent members of the Board of Directors of Spice have had a fairness opinion conducted on the financial adequacy of this public tender offer. The offer price for each Spice share was US$16.25 net in cash. Following a successful offer, GP Investment intends to delist the stock from the SIX Swiss Stock Exchange.

Spice is a Swiss firm focused on global private equity investments. At the end of May 2022, the company had four main direct investments in the US and Brazil, as well as a portfolio of older legacy fund of funds investments.

GP Investments is an investment company domiciled in Bermuda and listed on the Luxembourg Stock Exchange. GP Investments already owned a majority of Spice’s voting rights and share capital prior to the launch of the tender offer.

Our role in the transaction

Oaklins’ team in Switzerland was mandated by the independent members of the Board of Directors of Spice to provide a fairness opinion in order to assess the financial adequacy of the public tender offer. The work included the valuation of each individual investment using the appropriate valuation methods, as well as the consideration of various case-specific circumstances.

The fairness opinion is publicly available and can be downloaded from the website of the Swiss Takeover Board.