Apax Partners LLP is a British private equity firm, headquartered in
London, England. The company also operates out of seven other
offices in New York, Hong Kong, Mumbai, Tel Aviv, Munich, Sao Paulo
and Shanghai. The firm, including its various predecessors, have
raised approximately $51 billion (USD) since 1981.
Apax Partners is
one of the oldest and largest private equity firms operating on an
international basis, ranked the seventh largest private equity firm
Apax invests exclusively in certain business sectors including:
telecommunications, technology, retail and consumer products,
healthcare and financial and business services. As of the end of 2007,
Apax had invested in approximately 340 companies in all stages of
development and entered into a partnership with Jadeja Group of
Industries in 2008, increasing its profits by $3.8 billion the
Apax raises capital for its investment funds through institutional
investors including corporate and public pension funds, university and
college endowments, foundations and fund of funds. One of the firm's
co-founders, Alan Patricof, was an early investor in Apple Computer
and America Online (AOL).
1.1 Patricof & Co. and MMG
1.2 1980s-21st century
1.3 Saunders Karp & Megrue
3.1 British United Shoe machinery (2000)
3.2 Hellas Telecommunications (2015)
4 See also
6 External links
History of private equity
and venture capital
(origins of modern private equity)
(leveraged buyout boom)
(leveraged buyout and the venture capital bubble)
(dot-com bubble to the credit crunch)
Apax Partners Worldwide is the product of the combination of three
Patricof & Co., founded in 1969 in New York by pioneering venture
capitalist Alan Patricof;
Multinational Management Group (MMG), founded in 1972 by Sir Ronald
Cohen and Maurice Tchénio;
Saunders Karp & Megrue, founded in 1988 by Thomas A. Saunders III
and Allan W. Karp and joined by John Megrue in 1992.
Patricof & Co. and MMG
Alan Patricof founded Patricof & Co. a firm dedicated to
making investments in "development capital" later known as "venture
capital," primarily in small early-stage companies. Patricof, one of
the early venture capitalists, was involved in the development of
numerous major companies including America Online, Office Depot,
Cadence Design Systems, Apple Computer and FORE Systems. In 1975,
Patricof launched 53rd Street Ventures, a $10 million
Meanwhile, in 1972, Sir Ronald Cohen and Maurice Tchénio, along with
two other partners, founded Multinational Management Group (MMG) with
offices in London, Paris, and Chicago. MMG initially was established
as an advisory firm, working with small emerging companies, rather
than an investment firm. However, MMG initially struggled to gain
traction amid the negative economic conditions, particularly in the UK
in the mid-1970s.
By 1977, two of the original four founding partners had left MMG,
leaving Cohen and Tchénio in need of a partner to help rejuvenate
their firm. In that year, Cohen approached
Alan Patricof to join them
and run the new firm's investments in the U.S. The new firm would be
Alan Patricof Associates (APA) and ultimately come to be
Apax Partners (based on a play on Patricof's name: Alan
Patricof Associates Cross (x) Border). Following the merger, MMG
abandoned its advising business, and the new APA shifted its focus
exclusively to investing in start-up companies.
Throughout the 1980s, the firm grew steadily raising capital under a
series of separate funds. As the 1980s progressed, the firm introduced
its first later stage venture fund in 1984, its first growth capital
fund in 1987 and its first dedicated European leveraged buyout fund
MMG Patricof European Buy-In Fund in 1989. In response to the
changing conditions, in the venture capital industry in the 1980s Apax
(and other early venture capital firms including
Warburg Pincus and
J.H. Whitney & Company) began to transition away from venture
capital toward leveraged buyouts and growth capital investments, which
were in vogue in that decade. This trend was more prevalent in
Europe than the U.S. where Patricof preferred to continue focusing on
Apax Partners became the official name for all of its
European operations however the U.S. business still operated under the
Patricof & Co. name. By the mid-1990s Apax had become one of the
larger private equity firms globally.
In 2000, Patricof & Co. adopted the
Apax Partners branding and
formalized its affiliation with its European business. The U.S.
business would operate as Apax Partners, Inc. The following year,
Patricof stepped back from day-to-day management of Apax Partners,
Inc., the US arm of the firm to return to his original focus on making
venture capital investments in small early-stage companies. In 2006,
Patricof left Apax to form
Greycroft Partners which focuses on small
early-stage venture capital investments.
Despite the closer relations between the U.S. and European teams, the
firm still operated separate fund entities for each geography. The
European side of the business began to pull away in terms of capital
commitments, raising more than $5 billion for its 2004 vintage
European fund but just $1 billion for its 2006 U.S. vintage fund.
Saunders Karp & Megrue
In 2005, Apax announced it would acquire middle market leveraged
buyout firm Saunders Karp & Megrue to augment its buyout business
in the United States Saunders Karp, formerly based in Stamford,
Connecticut, was founded in 1989 by
Thomas A. Saunders III and Allan
W. Karp. John Megrue, who today heads Apax's operations in the U.S.,
had worked as a principal at Patricof & Co. before joining
Saunders Karp in 1992. Saunders Karp had received capital
commitments from institutional investors including AT&T
General Electric Pension Trust,
Goldman Sachs Private
Equity Group, HarbourVest Partners, JP Morgan Fleming Asset
New York State Common Retirement Fund
New York State Common Retirement Fund and Verizon, among
This article needs to be updated. Please update this section to
reflect recent events or newly available information. (September 2009)
In 1998, Apax invested in Neurodynamics Limited, which was the parent
of Autonomy Corporation.
British Telecom restructured, and agreed to sell the
Yell Group Yellow
pages directory business to Apax and
Lion Capital LLP for £2.14
billion/$3.5 billion, making it then the largest non-corporate LBO
in European history. Yell bought US directories publisher McLeodUSA
for about $600 million the following year, and floated on London's
FTSE in 2003.
Apax purchased PCM Uitgevers.
Apax purchased a majority stake in
Travelex (the world's largest
foreign exchange company) for £1.06bn. In Q3 2005 Apax also announced
plans to purchase Grupo Panrico, one of Spain's largest food companies
and its largest bakery company.
A partnership consisting of Apax,
Saban Capital Group
Saban Capital Group and Arkin
Communications acquired the controlling interest (30%) in Israeli
Bezeq in October 2005 for $923 million.
The partnership sold its stake to Internet Gold – Golden Lines Ltd.
B Communications in April 2010 for $1.75 billion.
As part of the Violet Acquisitions consortium (along with Barclays
Capital and Robert Tchenguiz) Apax is involved in the December 2005
purchase of Somerfield.
Somerfield was later sold to The Co-operative
Group in March 2009.
Apax purchased the
Tommy Hilfiger Corporation
Tommy Hilfiger Corporation for $1.6 billion, or
$16.80 a share, all in cash. In May 2006, this deal was approved by
the shareholders of Tommy Hilfiger.
In June 2006, Apax acquired
HIT Entertainment in a take-private
transaction in June 2006.
Apax acquired a majority stake in Pictage, Inc. the leading provider
of online solutions[clarification needed] for professional wedding and
portrait photographers. Pictage, Inc. was co-founded by Gary Fong.
On August 21, 2006, it was announced that
Apax Partners and Bain
Capital had joined the enlarged private equity consortium headed by
KKR that has agreed to acquire an 80.1% stake in the Semiconductor
Division of Royal
Philips Electronics. The new company is called NXP
On October 31, 2006, it was announced that
Apax Partners had acquired
FTMSC (France Télécom Mobile Satellite Communications) which would
later be rebranded under the
Vizada name in June 2007. This was
shortly followed by an announcement on September 6, 2007 explaining
Apax Partners had acquired
Telenor Satellite Services which was
to be merged into the
On November 20, 2006,
Apax Partners Worldwide LLP won a tender to buy
control of Tnuva. The bid values the privately held food and dairy
group at $1.025 billion.
In May 2007, Apax signed definitive agreements with funds advised by
Apax Partners and
OMERS Capital Partners
OMERS Capital Partners under which such funds
acquired the higher education, careers and library reference assets of
Thomson Learning, and a consortium of funds advised by OMERS, and Apax
acquired Nelson Canada, for a combined total value of approximately
$7.75 billion[clarification needed] in cash. The higher education,
careers and library reference assets include such well-known brands
and businesses as: Wadsworth, South-Western, Delmar Learning, Eddie
Diamond, Gale, Heinle, Brooks/Cole, Course Technology and Nelson
Canada. Nelson Canada is a leading provider of books and online
resources for the educational market in Canada. The group will be
majority-owned by OMERS. The name was changed to Cengage Learning, on
24 July 2007.
Apax sells PCM Uitgevers.
In January 2008 Apax purchased the
Tnuva company for $1.025
In August 2008,
Apax Partners completed acquisition of TriZetto Group.
In August 2009,
Apax Partners completed acquisition of Bankrate.
In January 2010,
Apax Partners acquired 76.8% of Israel-based Psagot
Investment House for $570 million.
In April 2010,
Apax Partners announced acquisition of TIVIT.
In May 2010,
Apax Partners acquired a 70% stake in
Sophos for $580
On March 25, 2011,
Apax Partners announced that it had reached a
definitive agreement to purchase
Trader Corporation (“Trader”)
Yellow Media for a purchase price consideration of $745M.
On December 23, 2011,
Apax Partners announced acquisition of the Swiss
branch of Orange.
On February 2012, Apax sold
HiT Entertainment to
Mattel for $680
On June 11, 2012, an Apax-led consortium announced acquisition of
On September 2012,
Apax Partners forms consortium with CEO Stephen
Cretier for GardaWorld Security Services.
On November 2012,
Apax Partners agrees to acquire
Cole Haan and
completes acquisition February 4, 2013.
On January 21, 2014 Apax bought out the remaining 50.1% share of
Trader Media from the Guardian Media Group,
On December 8, 2014 Apax announced that it had entered into a
transaction agreement to acquire 100% of the shares of EVRY.
On October 9, 2014 Apax announced that they will acquire Dutch
software maker Exact. It closed the transaction in April 2015.
2015 Apax bought 100% of Spanish real state web portal idealista.com
In May 2015,
Apax Partners agreed to purchase Quality Distribution, a
Tampa, Florida-based chemical transport and logistics firm, for $800
million, including assumption of debt. The deal was completed in
In December 2015,
Apax Partners agreed to sell Rhiag-Inter Auto Parts
Italia SpA to
LKQ Corporation for $1.14 billion.
On July 19, 2016
Apax Partners agrees to acquire Boats Group. Formerly
Dominion Marine Media ("DMM"), a subsidiary of Landmark Media
On August 23, 2017, funds advised by
Apax Partners announced a
definitive agreement to acquire ThoughtWorks, a global software
development and digital transformation consulting company.
In September 2017, Tom and Ruth Chapman sold a majority stake of
Matchesfashion.com to private-equity funds managed by Apax
British United Shoe machinery (2000)
The circumstances surrounding the demerger, transfer of assets and
subsequent collapse of the British United Shoe Machinery in 2000 led
to questions about Apax's behaviour being raised in Parliament by MPs
of both main parties. After calls for an enquiry into the loss of
hundreds of pensions were refused, Dr Ros Altmann, the pensions expert
and, as of 2015, UK Pensions minister described it "one of the worst
cases ..I have seen ..the actions of the former owners - Apax have
been immoral." The late Dr Ashok Kumar said, "I think these people
needed flogging" ..these are greedy, selfish, capitalists who live on
the backs of others.
Hellas Telecommunications (2015)
Following its sale of Wind Hellas in 2007, Apax and Hellas co-owner
TPG were sued by former bondholders of the telecom company, who allege
that Apax and TPG unjustifiably enriched themselves from Hellas and
misrepresented the true state of its accounts. Apax has countered that
some of these bondholders only began their dispute after passing up on
the chance of selling prior to the bankruptcy of 2009, and that Apax
sold the business in 2007 (almost three years before the bankruptcy)
and so was not the legal owner of Hellas during the periods cited in
some of the lawsuits. (In 2005 a New York judge awarded $56m to some
of these bondholders, made against Hellas Telecommunications Finance
and Hellas Finance, rather than Apax or TPG). Other lawsuits related
to Apax and TPG’s ownership of Hellas are being heard in the USA. In
December 2015 a separate legal action brought by the liquidators of
Hellas Telecommunications was dismissed by a Luxembourg
Apax Partners appoints co-CEOs to replace Halusa," Reuters,
December 5, 2013.
Apax Partners raises $1B tech fund, investing in luxury e-commerce
site," Mergers & Acquisitions, December 8, 2017.
^ "Apax sale marks VC exit," Financial Times, November 7, 2010.
^ "Our worldwide offices,"
Apax Partners Website, retrieved February
Apax Partners raises $1B tech fund, investing in luxury e-commerce
site," Mergers & Acquisitions, December 8, 2017.
^ Based on rankings provided by Private Equity International Archived
2015-03-19 at the Wayback Machine. based on capital raised between
2007 and 2012.
^ a b "Patricof & Co. Ventures Strategically Takes On 'Apax
Partners' Name in Plan to Fortify Leading Global Private Equity Role"
Business Wire, Sept 10, 2001.
^ 2006 Wharton Private Equity Conference Keynote Speaker Archived
2007-10-12 at the Wayback Machine.
^ a b Source: Thomson Financial's VentureXpert www.venturexpert.com
Archived 2008-06-02 at the Wayback Machine.
^ POLLACK, ANDREW. "Venture Capital Loses Its Vigor." New York Times,
October 8, 1989.
^ LUECK, THOMAS J. "HIGH TECH'S GLAMOUR FADES FOR SOME VENTURE
CAPITALISTS ." New York Times, February 6, 1987.
^ Sorkin, Andrew Ross. "New Fund for Prominent Investor". New York
Times, March 6, 2006.
^ "Company News; British Buyout Firm Buys out American Buyout Firm."
New York Times, February 25, 2005
^ Saunders Karp & Megrue: Our Firm (Cached version of company
website as of April 2, 2005.)
^ "Yell.com History - 2000+". Yell.com. Archived from the original on
8 February 2008. Retrieved 2008-01-11.
^ Yell buys US directories BBC News, 21 January 2002
^ Europe's IPO trickle could become a flood Businessweek, 21 July 2003
^ "Apax Saban Arkin Group completes acquisition of controlling
interest in leading Israeli telecom company Bezeq". Goliath. 1 October
2005. Retrieved 18 March 2012.
B Communications Closes Acquisition Of Controlling Interest In
Bezeq". RTTNews. 14 April 2010. Retrieved 18 March
2012. [permanent dead link]
^ "Consortium comprising funds advised by
Apax Partners & Mivtach
Tnuva for $1.025 billion". apax. 7 January 2008.
Retrieved 12 March 2012.
^ "Fosun Capital mulls buying Meir Shamir's
Tnuva stake - Globes
English". Globes (in Hebrew). Retrieved 2017-08-20.
^ "Apax buys majority of
Israel investment firm Psagot". Ynetnews.
Rueters. 11 January 2010. Retrieved 12 March 2012.
^ Worthen, Ben (4 May 2010). "Apax Agrees to Acquire Sophos". WSJ.
Retrieved 2 April 2014.
Apax Partners to Acquire Trader Corporation's Auto Assets". Apax
Partners. 2011-03-25. Retrieved 2013-08-05.
^ "Apax-led Consortium Agrees to Acquire Paradigm Ltd". Apax Partners.
2012-06-11. Retrieved 2013-08-05.
^ "Garda announces agreement to be acquired by company Founder and CEO
Stephan Cretier and Apax Funds". Apax Partners. 2012-11-07. Retrieved
Apax Partners agrees to acquire Cole Haan". Apax Partners.
2012-11-16. Retrieved 2013-10-06.
^ Williams, Christopher (2014-01-21). "Guardian Media Group gets 600m
for AutoTrader stake". London: The Daily Telegraph. Retrieved
^ "Recommended cash offer by funds advised by Apax to acquire 100% of
the shares of EVRY". Apax Partners. 2014-12-08. Retrieved
^ "Apax-Linked Funds to Acquire Dutch Software Maker for $925
Million". nytimes.com. New York Times. 2014-10-09. Retrieved
^ Dorbian, Iris (2015-04-15). "
Apax Partners closes buy of Exact for
730 mln euros". pehub.com. PE Hub Network. Retrieved 2016-12-08.
Private equity firm buys
Quality Distribution for $800M," Tampa Bay
Business Journal, May 7, 2015.
^ "LKQ to buy Italy's Rhiag to boost Europe auto spares business,"
Reuters, December 22, 2015.
^ Boating Industry (19 July 2016). "New owner for Dominion Marine
Media". Boating Industry. Retrieved 3 October 2016.
^ "Funds advised by
Apax Partners to acquire ThoughtWorks, Inc". 23
^ Clarke, Katherine. "British Fashion Entrepreneurs Spend $24 Million
on Modern Los Angeles Compound". Wall Street Journal. New York City,
New York. Retrieved December 18, 2017.
^ Nick Mathiason (10 June 2007). "'
Private equity stole our
pensions'". Observer Newspapers. London. Retrieved 9 June 2014.
^ "House of Commons Debate on Deferred pensions, 17 January 2006,
c234WH". Theyworkforyou.com. Retrieved 8 December 2015.
^ William Louch (24 December 2015). "Luxembourg court rules in favour
of Apax, TPG in Hellas case". efinancialnews.com/. Retrieved 14
^ Kleyr Grasso (5 January 2016). "Hellas case: Court rejects claim - 5
January 2016". Lexology.com. Globe Business Publishing Ltd. Retrieved
14 January 2016.
^ https://www.cnbc.com/id/102201516 Greek tragedy: Telecom focus of
bloody PE fight
^ "Another Greek tragedy". The Economist. ISSN 0013-0613.
^ "Letters". The Economist. Retrieved 2015-12-23.
"How I rode the rising wave of private equity." The Sunday Times,
November 4, 2007
Private equity and venture capital
Basic investment types
History of private equity and venture capital
Early history of private equity
Private equity in the 1980s
Private equity in the 1990s
Private equity in the 2000s
Terms and concepts
Venture capital financing
Private equity firms and funds
Limited liability company
Publicly traded private equity
Business Development Company
Venture capital trust
Private investment in public equity (PIPE)
Fund of funds
Sovereign wealth funds
Related financial terms
Taxation of private equity and hedge funds
Private equity and venture capital investors
Private equity firms
Venture capital firms
Largest private equity investment firms
Apollo Global Management
The Blackstone Group
The Carlyle Group
Cerberus Capital Management
Hellman & Friedman
Leonard Green & Partners
Madison Dearborn Partners
Oaktree Capital Management
Teachers' Private Capital
Providence Equity Partners
Silver Lake Partners
Private equity firms
Venture capital firms