TowerBrook Capital Partners, a mid-market buyout firm, has sold French information business InfoPro Communications to Apax Partners. A banking source said TowerBrook, which originally invested in InfoPro in 2001, made a return of three times the initial investment from the deal.
InfoPro’s management team, led by chief executive and founder Christophe Czajka, will keep a 44 percent stake in the business. InfoPro has established a presence in the automotive and manufacturing sectors through its databases, multimedia products, trade exhibitions and trade publications.
TowerBrook has more than $2.5 billion (€1.9 billion) under management with offices in London and New York. The firm recently poached Joshua Schulman from Kenneth Cole to head luxury goods retailer Jimmy Choo. It bought Jimmy Choo in February from Lion Capital for £185 million (€280 million, $362 million), generating a return of 2.25 times the original investment for Lion.
Apax is currently raising an €11 billion ($15 billion) fund and has sold its 21 percent stake in Spanish airline Vueling Airlines, triggering rumours that it will use the proceeds to finance a rival bid for Iberia, which is being chased by a TPG-led consortium. The firm is also in the process of selling New Look, the UK fashion chain that it bought with Permira in 2004, and is thought to be seeking bids in the region of £2 billion.