Advantage Sales & Marketing will soon be under new ownership. Apax Partners announced on Monday that it would be selling its majority interest in the company to equity firms Leonard Green & Partners and CVC Capital Partners.
The terms of the agreement were not made public, but Reuters reported earlier in the week that the deal could exceed $4 billion. Advantage Sales & Marketing expects the company revenue to be $1.6 billion in 2014.
“Apax Partners have added tremendous value to ASM over the past three-and-a-half years,” said Tanya Domier, ASM CEO, in a media statement.
“This partnership has been a textbook example of how a private equity firm and a management team can create value together through collaborating on strategy, growth and vision, and being willing to work hard to take a good company to great! We set out with a clear vision, worked hard together, and focused on accelerating growth, and that is exactly what we accomplished.”
The sale is expected to close in the third quarter of this year. Apax has owned the majority ownership stake since 2010.
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