Apax nears closing on Rhiag deal

The deal would value the firm upwards of €500m, or 6.25x earnings, and could mark Apax's first foray into the Italian market since the GP closed its Milan office last year.

Alpha led a syndicate of investors including AlpInvest Partners in the secondary buyout of Rhiag in 2007, which saw CVC exit the company. A senior and mezzanine debt package of €275m was provided by ING. In 2010, the firm bolted on Czech car parts distributor Auto Kelly.

CVC bought the firm in 1998. The following year, the company bought components manufacturer Bertolotti Pietro & Figli from the US Federal Mogul group as part of an acquisitive growth strategy.

Apax Partners declined to comment. 

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• Southern Europe
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• Alpha Private Equity