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Apax attempts to put Israel fund to work with Tambour paint purchase

4 Mar 2014

paint-arts-crafts_sqLondon-headquartered private equity firm Apax Partners has reportedly entered advanced talks over a $229m buyout of paint Israeli business Tambour from the Azrieli Group.

Around 37 per cent of that value covers Tambour’s debt according to Israel-based news source Globes.

It said that Apax was planning to make the investment using a new fund it established specifically for dealmaking in the Middle Eastern country.

AltAssets reported in December that Apax Partners was looking to raise up to $300m for an Israel-focused fund.

While the firm has previously made venture capital and growth equity investments, the latest vehicle will target mid-market buyouts.

Apax was said to expect a first closing in the first quarter of 2014.

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