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Apax to sell LR Health & Beauty to Bregal, Quadriga Capital

2 Jan 2013

Heidi KlumGlobal buyout giant Apax Partners has agreed to sell German direct marketing specialist LR Health & Beauty Systems to private equity firms Bregal Capital and Quadriga Capital.

The firm first invested in Germany-headquartered LR in 2004 and gradually built up its holding to cover the majority of shares.

Apax’s ownership has seen the company expand outside of Germany to markets including Russia, Kazakhstan, Albania and Romania, and collaborate with celebrities including Bruce Willis and Heidi Klum, pictured.

LR’s sales have increased from €180m in 2004 to about €230m last year, while the number of employees almost doubled to about 1,000 in that time.

Quadriga Capital CEO Andreas Fendel said the company had a unique business model and high growth potential in foreign markets.

Apax Partners has reportedly called time on marketing its eighth buyout fund after taking the decision that its €9bn target is too high.

The firm told limited partners in an email in December that “it anticipates a final close at the end of March”, even though it has so far raised just half of its target following 19 months of fundraising, investors told the Financial Times.

London-based Apax has until June to finish fundraising, the report said, following an initial €4.3bn close back in March this year.

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