Apax Partners, the global private equity firm, has realised a roughly 26x return on an investment in Charlotte Russe, a retailer of clothing and accessories for young women.
According to a source close to the transaction, the exit event returned roughly $125 million (€99 million) to Apax. It is being the exit is being realised through a secondary offering of the retailer’s shares, announced today.
The original investment in Charlotte Russe was made by Saunders Karp & Megrue, a US buyout firm that last year was acquired by Apax.
Apax still owns 2.7 million shares in Charlotte Russe, which trades as CHIC on the Nasdaq. The shares closed today at $26.00.
Saunders Karp purchased the San Diego-based retailer in 1996 for an undisclosed amount.