AXA Private Equity in Spotless u-turn

AXA Private Equity has had a change of heart over the planned sale of its portfolio company the Spotless Group, a producer and distributor of homecare and cleaning products, opting instead to increase its shareholding in the company.

AXA PE had started the process of searching for a buyer for its stake in the company at the end of 2008, however it has now increased its interest in the business to 65.6% of the group's equity. AXA Private Equity took 50% of the Gualandi family's stake in the company, which constitutes 12.6%. The Gualandi family, which had been a shareholder since 2006, will therefore retain 12.6% of the capital while the management team holds a 6% stake and European Capital a 5.8% stake. AXA PE formed the Spotless Group in 2005 and since then it has made a number of external acquisitions Europe-wide. The most recent being the purchase of UK-based Dylon International Limited.

AXA PE also took a minority shareholding in Lusis this month, completing the purchase of a of 16.7% stake in the Paris-based software company. Lusis has clients in the financial, transport and telecoms sectors, and the investment will be used to finance its external growth, mainly focusing on Northern Europe.

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