Apax France acquires EPF Partners

Named Apax Partners Development and headed by the current EPF team, the new platform will invest primarily as a majority investor in companies valued at up to €100m, based mostly in France, though occasionally in other European countries.

Apax Partners Development's investment strategy will complement that of Apax France's, which instead focuses on businesses with an EV in excess of €100m.

Subject to approval by the Autorité des Marchés Financiers (AMF), the acquisition should be completed by the end of the month, and will be followed by the launch of a €200-250m vehicle around September. Named Apax Partners Digital Development III, the vehicle should reach a first close by year-end, will provide equity tickets of €10-30m, and will place a strong focus on the digital sector.

Of EPF's nine-strong team, seven investment managers will remain in place, and new recruits will be brought in over time. Apax Partners Development will operate as a subsidiary of Apax Partners Mid-Market, but should remain relatively independent, according to the GP.

Established around 20 years ago and hitherto managed by its partners, EPF has closed 82 acquisitions since inception for an estimated €350m, and completed 67 disposals. Its current portfolio include Consort NT, Global Media Santé, Globe, JVS, Nelite, RC Concept and Thermo Technologies in the TMT sector; B'Plast, Garella and Rautureau in the consumer sector; Teknimed in the healthcare sector; and Silvya Terrade Group and Sylpa in the business services sector.

Triago provided due diligence to Apax on the deal, and Hoche & Associés was the firm's legal adviser. Villechenon & Associés was EPF's legal adviser.

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• Topics
• France
• GPs
• France
• Apax France SA
• EPF Partners