Apax, Altamir exit financial services firm

The pair has sold Buy Way Personal Finance to Chenavari Investment Managers.

Apax Partners and Altamir Amboise have entered into an agreement to sell consumer credit business, Buy Way Personal Finance, to Europe- and Asia-focused asset manager Chenavari Investment Managers, according to a joint statement.

An Apax spokeswoman declined to provide any additional financial details.

Buy Way serves customers in Belgium and Luxembourg, and is a portfolio company of Apax France VII Fund.

Historically a subsidiary of BNP Paribas, Buy Way manages about €400 million in outstanding credit and employs around 250 people, according to the statement. The business is divided into credit card services and personal loans.

Apax has been active recently, with the firm buying France-based snack company Europe Snacks from IK Investment Partners in November, Private Equity International reported earlier.

Also this week, the firm acquired Align Networks from The Riverside Company, providing a 15x exit for the mid-market firm.

Apax has also seen turnover in its top management, when earlier in December, the firm’s current chief executive officer, Martin Halusa, said he will step down from his current role to become chairman.

Halusa, who became chief executive of Apax in 2004, will be replaced by Andrew Sillitoe and Mitch Truwit, according to an earlier statement.

It remains unclear whether Apax informed investors that Halusa would take up the chairman role while it raised Apax VIII, which closed on $7.5 billion in June. Apax has a compulsory retirement age of 60, but Halusa, who will turn 60 in 2015, agreed to stay on until the end of Apax VIII’s investment period, he told PEI last year.