This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Apax Sells Advantage Sales to Leonard Green, CVC

LONDON (The Deal) -- London private equity shop Apax Partners LLP is selling it majority holding in outsourced sales and services company Advantage Sales & Marketing LLC to New York peer Leonard Green & Partners LP and European buyout house CVC Capital Partners Group for more than $4 billion, according to a source familiar with the situation.

The deal announced late Monday, June 16, did not disclose terms. But Apax, which bought the business for an enterprise value of $1.8 billion in December 2010, made a return of 4 times its money on the investment and an internal rate of return percentage "in the high forties."

The deal comes at the end of what the source said was a highly competitive auction process, run by Bank of America Merrill Lynch and JPMorgan Securities LLC. Members of ASM's senior management will maintain a significant equity interest.

ASM, of Irvine, Calif., serves manufacturers of consumer goods and retailers across multiple channels and is expected to have 2014 revenue of about $1.6 billion. It has grown significantly since Apax acquired it from J.W. Childs Associates LP and BAML Capital Partners through M&A and international expansion. Among its acquisitions were food industry specialists Waypoint LLC and Tri-Venture Marketing Inc, Program Sales Inc. and Pryority Food Marketing Inc.

BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, and Deutsche Bank Securities Inc. are providing financing for the deal, which is expected to close in the third quarter of this year. Bank of America Merrill Lynch, JPMorgan and a Skadden, Arps, Slate, Meagher & Flom LLP legal team, led by Ann Beth Stebbins advising ASM. CVC is advised by Morgan Stanley and law firm Simpson Thacher & Bartlett LLP. Leonard Green's legal advice is from Latham & Watkins LLP.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $124.43 0.00%
FB $82.22 0.00%
GOOG $548.00 0.00%
TSLA $188.77 0.00%
YHOO $44.44 0.00%


DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs