News Column

Private equity firms acquire Advantage Sales of Irvine

June 18, 2014

By Mary Ann Milbourn, The Orange County Register



June 18--Funds advised by London-based Apax Partners have sold their controlling stake in Advantage Sales & Marketing LLC in Irvine to affiliates of two private equity firms.

Terms of the sale were not disclosed although in April, Reuters valued a sale at up to $4 billion. The deal is expected to close in the third quarter.

Leonard Green & Partners LP in Los Angeles and CVC Capital Partners of London will take over Apax's interest in ASM, which provides outsourced sales and marketing services to retailers and makers of consumers goods.

Members of ASM's senior management team will retain "a significant equity interest" in the company, according to a company press release.

ASM chairman Sonny King started the company in 1987 and grew it both organically and through strategic acquisitions. The firm now has more than 38,000 employees in the United States and Canada.

Apax, which in recent years concentrated on leveraged buyouts, bought ASM in 2010 from buyout firm J.W. Childs Associates LP and Bank of America Merrill Lynch's private equity division. ASM expects to have revenues of $1.6 billion this year.

"Apax Partners have added tremendous value to ASM over the past 3 { years," said Tanya Domier, ASM chief executive. "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."

Leonard Green and CVC said they want to build on Apax's success.

"ASM has earned an exceptionally loyal and growing base of clients by continually finding new ways to help them win in the marketplace," said Christopher Stadler, CVC managing partner.

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Contact the writer: 714-796-3646 or mmilbourn@ocregister.com

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(c)2014 The Orange County Register (Santa Ana, Calif.)

Visit The Orange County Register (Santa Ana, Calif.) at www.ocregister.com

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Source: Orange County Register (CA)


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