FRANCE - Former Apax portfolio company rescued by Beaumanoir

Apax originally invested in the business 1998 and held a 40% stake, with the founding families Bismuth and Barouch holding another 40% and the balance being held by a number of private investors. The company had been struggling under the strain of its substantial debt package, which it had tried unsuccessfully to renegotiate.

Morgan announced a 9% drop in turnover for 2008 to around EUR 140m and has 1,000 employees, 600 of whom are based in France. The firm has given itself 100 days to turnaround its fortunes.

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