Private Equity News & Analysis

Apax to sell Xerium

London-based Apax Partners is hoping to raise up to $1.25bn through the sale of Xerium, the firm’s US paper technology investment.

-

UK private equity firm Apax Partners is reported to be looking to sell the US paper technology business Xerium.

A report on eFinancialNews suggests that the company is looking to exit the company it acquired from Invensys for a fee in the region of $1-1.5bn, a healthy return on the $810m it paid for the business it acquired in October 1999.

Apax is believed to be discussing a sale of the business with private equity firms interested in launching a secondary buyout of Xerium. CIBC and Morgan Stanley provided the £630m of loans behind Apax's purchase of Xerium, which completed in early 2000.

A spokesperson for Apax declined to comment on a possible sale.