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.