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Apax, Chequers to sell Alma to Candover19/11/2007. Source: AltAssets. 
 Apax Partners in France and Paris-based buy-out firm Chequers Capital have agreed to sell European cost reduction and tax recovery services business Alma Consulting Group to Candover. The deal is believed to be worth around €800m.
Alma employs over 1,000 people. Turnover in 2006 was €153m.
Candover is backing the management team led by Marc Eisenberg, founding chairman and CEO. The Alma management team will re-invest a proportion of their proceeds in the new equity structure.
This will be the eighth investment to be made from the €3.5bn Candover 2005 Fund, which will be 57 per cent drawn-down following this acquisition, according to a statement.
Monique Cohen, partner at Apax, said, 'We have been very pleased to back Marc Eisenberg and his management team. During the period of our ownership, Alma has enjoyed exceptional growth, both organically and through acquisitions, brought about by its professionalism and its capacity to innovate and develop new product offers. We remain confident about Alma's ability to continue its successful growth strategy.'
In summer, Apax agreed to sell tax free shopping service Global Refund to Barclays Private Equity in a transaction that valued the company at more than €360m.
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