Exclusive Networks’ shares have leapt following a report that its largest shareholder is mulling over a move to take it private again.
Private equity house Permira first invested in the Paris-based cybersecurity VAD in 2018, and remained its largest shareholder following its IPO in September 2021.
According to a Reuters report yesterday afternoon, Permira is weighing up taking Exclusive off the Euronext Paris.
Exclusive has doubled gross sales in the last three years, with the total hiking 14% to top €5.15bn in its most recent fiscal 2023 period, CEO Jesper Trolle emphasised last month.
“What 2023 really shows is that our model is scalable,” Trolle said on the earnings call, as he noted that all financials topped its outlook.
Despite this, the global VAD’s share price has struggled to make headway since the IPO.
Earnings misses over the last 12 months from key vendors including Fortinet and Palo Alto Networks may not have helped its cause.
The Reuters report propelled Exclusive’s share price by more than 12% to reach its highest level for almost a year. It is currently valued at €1.85bn.
Permira’s investment in Exclusive six years ago was hailed as evidence of private equity’s growing interest in IT distribution, with larger broadline rival Ingram also now being PE backed.
Closer to home, Stockport-based cybersecurity VAD Distology secured private equity backing from NorthEdge in 2021.
Exclusive Networks declined to comment when contacted by IT Channel Oxygen.
