A consortium of buyers, including a private equity unit of Goldman Sachs and new York-based Apollo Management International, has taken over the €300 million ($423.3 million) Change Capital Fund from the Halley Family of France.
No additional details about the transaction were provided.
The fund, which is focused on retail buyouts, has been managed by London-based Change Capital Partners, a private equity firm founded in 2003 by Luc Vandevelde, former chairman of French retail giant Carrefour. Principals of Change Capital Partners are also part of the buyout group.
The Halley Family, which once owned the largest stake in Carrefour, severed its relationship with Vandevelde after a reported dispute in 2007 over Carrefour’s strategic direction. Vandevelde resigned his chairmanship at Carrefour in March 2007. He was also forced out as head of the Halley family’s Citra holding company.
The family said at the time that Change Capital Fund held no strategic importance to the family and would be wound up. In May, 2007, Vandevelde said that there was no plan by Change Capital Partners to sell off its portfolio companies early, despite the dispute with the Halley Family.