Apax Partners leads second recap for IIE

Apax Partners has led a EUR265m recap of IIE, a sensing and electronic systems company, to optimise the company's balance sheet and distribute a EUR61m dividend to its shareholders. The financing was arranged and underwritten by Allied Irish Bank. This second recap was made possible owing to IIE's strong trading performance.

Apax led the LBO of IIE in July 2004, with the management team and two Luxembourg-based investment companies, BIP and Luxempart. In September 2005, a first recap enabled the debt service to be lowered and retire the shareholder loans.

Founded in 1989, IIE is a large developer of specialised sensing systems. Its headquarters are in Luxembourg, with operations in the US, China, Korea, Germany and Slovakia. Between 2003 and 2007 IIE revenues increased from EUR70m to EUR170m and EBITDA was multiplied by 3.5x. IIE employs 1,200 people worldwide.

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