Equistone exits APEM Group to ICG after seven year holding


big-switch-onEquistone Partners Europe has sold its stake in human-computer interface maker APEM Group to existing minority investor ICG.

The firm bought into APEM, which supplies switches, joysticks, keyboards and LED indicators, in early 2007.

It helped the business buy US-based CH Products in 2008 to boost its commercial footprint in North America.

The company generated €85m of sales last year and employs more than 1,200 people.

ICG has been a minority shareholder in APEM since 2006, and was the group’s lead mezzanine funding provider in the previous MBO.

Three months ago Equistone exited its investment in Yorkshire-based glass container manufacturer Allied Glass for a return of more than 2.5 times.

The business was reacquired by London based private equity firm CBPE Capital, which reportedly paid between £120m and £130m.

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