Apax Partners - Investments

Investments

In 1998, Apax invested in Neurodynamics Limited, which was the parent of Autonomy Corporation. Apax's investment in Autonomy created one of the largest returns in European Venture Capital history with the conversion of around a $3M investment into $900M.

British Telecom restructured, and agreed to sell the Yell Group Yellow pages directory business to Apax and Lion Capital LLP for £2.14 billion/$3.5 billion, making it then the largest non-corporate LBO in European history. Yell bought US directories publisher McLeodUSA for about $600 million the following year, and floated on London's FTSE in 2003.

Apax purchased a majority stake in Travelex (the world's largest foreign exchange company) for £1.06bn. In Q3 2005 Apax also announced plans to purchase Grupo Panrico, one of Spain's largest food companies and its largest bakery company.
A partnership consisting of Apax, Saban Capital Group and Arkin Communications acquired the controlling interest (30%) in Israeli telecommunications company Bezeq in October 2005 for $923 million. The partnership sold its stake to Internet Gold – Golden Lines Ltd. subsidiary B Communications in April 2010 for $1.75 billion.
As part of the Violet Acquisitions consortium (along with Barclays Capital and Robert Tchenguiz) Apax is involved in the December 2005 purchase of Somerfield, the UK's fifth largest supermarket chain (with around 700 stores). Somerfield was later sold to The Co-operative Group in March 2009.

Apax purchased the Tommy Hilfiger Corporation for $1.6 billion, or $16.80 a share, all in cash. In May 2006, this deal was approved by the shareholders of Tommy Hilfiger.
In June 2006, Apax acquired HIT Entertainment in a take-private transaction in June 2006.
Apax acquired a majority stake in Pictage, Inc. the leading provider of online solutions for professional wedding and portrait photographers. Pictage, Inc. was co-founded by Gary Fong.
On August 21, 2006, it was announced that Apax Partners and Bain Capital had joined the enlarged private equity consortium headed by KKR that has agreed to acquire an 80.1% stake in the Semiconductor Division of Royal Philips Electronics. The new company is called NXP Semiconductors.
On October 31, 2006, it was announced that Apax Partners had acquired FTMSC (France Telecom Mobile Satellite Communications) which would later be rebranded under the Vizada name in June 2007. This was shortly followed by an announcement on September 6, 2007 explaining that Apax Partners had acquired Telenor Satellite Services which was to be merged into the Vizada brand.
On November 20, 2006, Apax Partners Worldwide LLP won a tender to buy control of Tnuva. The bid values the privately held food and dairy group at $1.025 billion.

In May 2007, Apax signed definitive agreements with funds advised by Apax Partners and OMERS Capital Partners under which such funds acquired the higher education, careers and library reference assets of Thomson Learning, and a consortium of funds advised by OMERS, and Apax acquired Nelson Canada, for a combined total value of approximately $7.75 billion in cash. The higher education, careers and library reference assets include such well-known brands and businesses as: Wadsworth, South-Western, Delmar Learning, Eddie Diamond, Gale, Heinle, Brooks/Cole, Course Technology and Nelson Canada. Nelson Canada is a leading provider of books and online resources for the educational market in Canada. The group will be majority-owned by OMERS. The name was changed to Cengage Learning, on 24 July 2007.
Apax abandoned PCM Uitgevers.

In January 2010, Apax Partners acquired 76.8% of Israel-based Psagot Investment House for $570 million.
In April 2010, Apax Partners announced acquisition of Tivit.

On March 25, 2011, Apax Partners announced that it had reached a definitive agreement to purchase Trader Corporation (“Trader”) from Yellow Media for a purchase price consideration of $745M.
On December 23, 2011, Apax Partners announced acquisition of the Swiss branch of Orange.

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“In youth, love and art. In age, investments and antiques.”
—Mason Cooley (b. 1927)