Apax sells Buy Way Personal Finance

Altamir Amboise, a listed vehicle that invests in Apax funds, also sold its 38.3% stake in the company as part of the deal.

Apax and Altamir invested in Buy Way in July 2010 – back when Altamir acted as a co-investor with Apax funds – via the holding company Wallet. The business was carved out from BNP Paribas in line with meeting requirements set by the European Commission regarding the acquisition of Fortis.

At the time of the buyout, Buy Way was known as BNP Paribas Personal Finance Belgium. Apax invested in the business via its €900m Apax France VII fund, which was launched in March 2006 with a €700m target.

The management of Buy Way has retained a significant shareholding in the business following the acquisition by Chenavari.

Company
Headquartered in Brussels, Buy Way is a consumer credit institution serving the Belgium and Luxembourg markets, with the business being split between credit cards and personal loans.

The company employs 250 staff and manages a loan portfolio of approximately €400m. At the time of the Apax-backed carve-out, Buy Way employed 200 staff and managed approximately €500m in consumer credit for 300,000 clients, according to unquote" data.

People
Damien Guermonprez is the CEO of Buy Way.

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• Topics
• Exits
• Benelux
• Financials
• Belgium
• Apax France SA
• Trade sale