UK - Apax to acquire Marken in £975m deal

The deal, which is expected to complete in early 2010, will become the largest private equity deal in the UK for more than a year. Management, led by chief executive Bruce Craig, is expected to roll over a large share of the proceeds from the transaction to retain a significant minority stake in the company alongside Apax, who will hold approximately two thirds of the business.

The sale is expected to return proceeds of £170m to ICG, of which £68m is profit.

Apax is thought to be underwriting the entire acquisition cost, but is currently in discussions with banks over raising some debt to finance the transaction before it closes.

Brentford-based Marken is a specialised logistics and support services company for the biopharmaceutical industry. Its services include export of trial medication, vaccines and clinical trial material, protocol support and regulatory advice. The company was founded in 1980.

It has been reported that Apax beat off competition from rival private equity firms including Hellman & Friedman for the acquisition.

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• UK / Ireland