European private equity major Apax Partners has agreed to buy Rhiag-Inter Auto Parts Italia to help the business consolidate its position in the parts aftermarket across Italy, Switzerland and Eastern Europe.
Rhiag said it had decided to pull the launch of €195m of senior secure notes and €155m of senior PIK toggle notes in the wake of the deal, which is expected to close by the end of the year.
Apax partner Frank Ehmer said, “We are delighted to be partnering with Luca Zacchetti and the entire Rhiag team and are very pleased to have secured this attractive investment opportunity.
“We have been following the asset closely over the past years and we look forward to working together with management to accelerate the growth of the business.”
Apax closed its Apax VIII buyout fund on $7.5bn in June, fifteen months after its first close in March 2012.
The fund is split 51 per cent between euros and 49 per cent US dollars, with 43 per cent coming from North America, 25 per cent from Europe, and the remainder from Asia, the Middle East and Latin America.
That fundraise increased Apax’s total committed capital to more than $40bn across all funds.
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