Astorg to buy Third Bridge

Astorg has agreed to acquire Third Bridge, a provider of primary research for clients that include private equity funds, hedge funds, mutual funds and management consulting firms.

Astorg has agreed to acquire Third Bridge, a provider of primary research for clients that include private equity funds, hedge funds, mutual funds and management consulting firms. No financial terms were disclosed. Third Bridge is backed by IK Investment Partners.

PRESS RELEASE

Astorg is pleased to announce that it has signed a definitive agreement with the founders and IK Investment Partners (“IK”) to acquire Third Bridge (“Third Bridge” or “the Company”). The founders will remain majority owners with Astorg taking a minority position.

Third Bridge was founded in 2007 and today employs a team of more than 1,000 across eight offices in North America, Europe and Asia. The Group’s primary activities focus on generating interview content and connecting experts with investors to help them make better investment decisions. As part of this, the firm conducts thousands of consultations and interviews every week, providing its clients with viewpoints on companies and markets across the globe. Since its inception, Third Bridge has become a leading player in the primary research market, serving over 1,000 of the world’s private equity funds, hedge funds, mutual funds and management consulting firms.

The Company’s three original co-founders Emmanuel Tahar, Joshua Maxey and Rodolphe De Hemptinne will be reinvesting the significant majority of their proceeds into the new transaction and will continue in their existing leadership roles. Astorg will join the co-founding shareholders to support the next stage of growth for Third Bridge as it continues to build on its established global position within the investment research market and further expand its content offering.

Emmanuel Tahar, CEO and co-founder of Third Bridge said: “We are delighted that Astorg has chosen to partner with us for the next chapter of our history as we work to make Third Bridge the number one research choice for investors. Astorg has a strong track record of investing in and supporting the growth of founder-led companies. We are very proud of what our management team has achieved since our founding and are appreciative of the support we have received from IK Partners over the past three years. Working with Astorg will help us leverage the decades of experience they bring in value creation and strengthening our brand.”

François de Mitry, Managing Partner at Astorg, commented: “As a significant user of primary research services, Astorg has witnessed first-hand the high growth that the market has experienced over the past five years and we are highly confident that the market will continue on its double-digit growth trajectory.” Benoît Ficheur, Partner at Astorg added: “We have been extremely impressed by Third Bridge’s track record of consistently outperforming market growth through ensuring outstanding quality of service. We are very excited to have the opportunity to partner with the founders and management through the next stage of the company’s journey.”

Arnaud Bosc, Partner at IK and advisor to the IK Small Cap I Fund said: “We are very proud of our partnership with the Third Bridge team. In just over three years, Third Bridge has achieved an impressive expansion in the US and has managed to significantly broaden its product offering. We wish Emmanuel and his team the best for the future.”

Financial terms of the transaction were not disclosed. The transaction is expected to close during the first quarter of 2021, subject to customary clearances. IK and Third Bridge were advised by Jefferies.