private equity venture capital founded 1969 headquarters london england key people andrew sillitoe co ceo mitch truwit co ceo martin halusa chairman products investments private equity funds leveraged buyouts growth capital total assets 20 billion number of employees 100 website www.apax.com apax partners llp is a british private equity and venture capital firm headquartered in london england . the company also operates out of eight other offices in new york hong kong mumbai tel aviv madrid stockholm milan and munich . the firm including its various predecessors have raised approximately 35 billion usd dating back to 1969 . apax partners is one of the oldest and largest private equity firms operating on an international basis ranked the seventh largest private equity firm globally . 1 apax invests exclusively in certain business sectors including telecommunications information technology retail and consumer products media healthcare and financial and business services . as of the end of 2007 apax had invested in approximately 340 companies in all stages of development . apax raises capital for its investment funds through institutional investors including corporate and public pension funds university and college endowments foundations and fund of funds . one of the firm s co founders alan patricof was an early investor in apple computer and america online aol . contents 1 history 1.1 patricof & co. and mmg 1.2 apax in the 1980s 1990s and the 21st century 1.3 saunders karp & megrue 2 investments 3 criticisms & alleged predatory practices 3.1 british united shoe machinery 2000 3.2 hellas telecommunications 2015 4 references 5 external links 6 see also history edit history of private equity and venture capital early history origins of modern private equity the 1980s leveraged buyout boom the 1990s leveraged buyout and the venture capital bubble the 2000s dot com bubble to the credit crunch v t e apax partners worldwide is the product of the combination of three firms patricof & co. founded in 1969 in new york by pioneering venture capitalist alan patricof ; multinational management group mmg founded in 1972 by sir ronald cohen and maurice tch nio ; 2 saunders karp & megrue founded in 1988 by thomas a. saunders iii and allan w. karp and joined by john megrue in 1992 . patricof & co. and mmg edit in 1969 alan patricof founded patricof & co. a firm dedicated to making investments in development capital later known as venture capital primarily in small early stage companies . patricof one of the early venture capitalists was involved in the development of numerous major companies including america online office depot cadence design systems apple computer and fore systems . 3 in 1975 patricof launched 53rd street ventures a 10 million vehicle . meanwhile in 1972 sir ronald cohen and maurice tch nio along with two other partners founded multinational management group mmg with offices in london paris and chicago . mmg initially was established as an advisory firm working with small emerging companies rather than an investment firm . however mmg initially struggled to gain traction amid the negative economic conditions particularly in the uk in the mid 1970s . by 1977 two of the original four founding partners had left mmg leaving cohen and tch nio in need of a partner to help rejuvenate their firm . in that year cohen approached alan patricof to join them and run the new firm s investments in the u.s. the new firm would be known as alan patricof associates apa and ultimately come to be known as apax partners based on a play on patricof s name alan patricof associates cross x border . following the merger mmg abandoned its advising business and the new apa shifted its focus exclusively to investing in start up companies . apax in the 1980s 1990s and the 21st century edit throughout the 1980s the firm grew steadily raising capital under a series of separate funds . as the 1980s progressed the firm introduced its first later stage venture fund in 1984 its first growth capital fund in 1987 and its first dedicated european leveraged buyout fund mmg patricof european buy in fund in 1989 . 4 in response to the changing conditions in the venture capital industry in the 1980s apax and other early venture capital firms including warburg pincus and j.h. whitney & company began to transition away from venture capital toward leveraged buyouts and growth capital investments which were in vogue in that decade . 5 6 this trend was more prevalent in europe than the u.s. where patricof preferred to continue focusing on venture investments . in 1991 apax partners became the official name for all of its european operations however the u.s. business still operated under the patricof & co. name . by the mid 1990s apax had become one of the larger private equity firms globally . in 2000 patricof & co. adopted the apax partners branding and formalized its affiliation with its european business . the u.s. business would operate as apax partners inc. 2 the following year patricof stepped back from day to day management of apax partners inc. the us arm of the firm to return to his original focus on making venture capital investments in small early stage companies . in 2006 patricof left apax to form greycroft partners which focuses on small early stage venture capital investments . 7 despite the closer relations between the u.s. and european teams the firm still operated separate fund entities for each geography . the european side of the business began to pull away in terms of capital commitments raising more than 5 billion for its 2004 vintage european fund but just 1 billion for its 2006 u.s. vintage fund . 4 saunders karp & megrue edit in 2005 apax announced it would acquire middle market leveraged buyout firm saunders karp & megrue to augment its buyout business in the united states saunders karp formerly based in stamford connecticut was founded in 1989 by thomas a. saunders iii and allan w. karp . john megrue who today heads apax s operations in the u.s. had worked as a principal at patricof & co. before joining saunders karp in 1992 . 8 saunders karp had received capital commitments from institutional investors including at & t corporation the general electric pension trust goldman sachs private equity group harbourvest partners jp morgan fleming asset management new york state common retirement fund and verizon among others . 9 investments edit this article needs to be updated . please update this section to reflect recent events or newly available information . september 2009 pre 2000 in 1998 apax invested in neurodynamics limited which was the parent of autonomy corporation . british telecom restructured and agreed to sell the yell group yellow pages directory business to apax and lion capital llp for 2.14 billion 3.5 billion 10 making it then the largest non corporate lbo in european history . yell bought us directories publisher mcleodusa for about 600 million the following year 11 and floated on london s ftse in 2003 . 12 2004 apax purchased pcm uitgevers . 2005 apax purchased a majority stake in travelex the world s largest foreign exchange company for 1.06 bn . in q3 2005 apax also announced plans to purchase grupo panrico one of spain s largest food companies and its largest bakery company . a partnership consisting of apax saban capital group and arkin communications acquired the controlling interest 30 % in israeli telecommunications company bezeq in october 2005 for 923 million . 13 the partnership sold its stake to internet gold golden lines ltd. subsidiary b communications in april 2010 for 1.75 billion . 14 as part of the violet acquisitions consortium along with barclays capital and robert tchenguiz apax is involved in the december 2005 purchase of somerfield . somerfield was later sold to the co operative group in march 2009 . citation needed 2006 apax purchased the tommy hilfiger corporation for 1.6 billion or 16.80 a share all in cash . in may 2006 this deal was approved by the shareholders of tommy hilfiger . in june 2006 apax acquired hit entertainment in a take private transaction in june 2006 . apax acquired a majority stake in pictage inc. the leading provider of online solutions clarification needed for professional wedding and portrait photographers . pictage inc. was co founded by gary fong . on august 21 2006 it was announced that apax partners and bain capital had joined the enlarged private equity consortium headed by kkr that has agreed to acquire an 80.1 % stake in the semiconductor division of royal philips electronics . the new company is called nxp semiconductors . on october 31 2006 it was announced that apax partners had acquired ftmsc france t l com mobile satellite communications which would later be rebranded under the vizada name in june 2007 . this was shortly followed by an announcement on september 6 2007 explaining that apax partners had acquired telenor satellite services which was to be merged into the vizada brand . on november 20 2006 apax partners worldwide llp won a tender to buy control of tnuva . the bid values the privately held food and dairy group at 1.025 billion . 2007 in may 2007 apax signed definitive agreements with funds advised by apax partners and omers capital partners under which such funds acquired the higher education careers and library reference assets of thomson learning and a consortium of funds advised by omers and apax acquired nelson canada for a combined total value of approximately 7.75 billion clarification needed in cash . the higher education careers and library reference assets include such well known brands and businesses as wadsworth south western delmar learning eddie diamond gale heinle brooks cole course technology and nelson canada . nelson canada is a leading provider of books and online resources for the educational market in canada . the group will be majority owned by omers . the name was changed to cengage learning on 24 july 2007 . apax sells pcm uitgevers . 2008 in january 2008 apax purchased the tnuva company for 1.025 billion . 15 in august 2008 apax partners completed acquisition of trizetto group . 2009 in august 2009 apax partners completed acquisition of bankrate . 2010 in january 2010 apax partners acquired 76.8 % of israel based psagot investment house for 570 million . 16 in april 2010 apax partners announced acquisition of tivit . in may 2010 apax partners acquired a 70 % stake in sophos for 580 million . 17 2011 on march 25 2011 apax partners announced that it had reached a definitive agreement to purchase trader corporation trader from yellow media for a purchase price consideration of 745m . 18 on december 23 2011 apax partners announced acquisition of the swiss branch of orange . 19 2012 on june 11 2012 an apax led consortium announced acquisition of paradigm ltd. 20 on september 2012 apax partners forms consortium with ceo stephen cretier for gardaworld security services . 21 on november 2012 apax partners agrees to acquire cole haan and completes acquisition february 4 2013 . 22 2014 on january 21 2014 apax bought out the remaining 50.1 % share of trader media from the guardian media group 23 on december 8 2014 apax announced that it had entered into a transaction agreement to acquire 100 % of the shares of evry . 24 criticisms & alleged predatory practices edit british united shoe machinery 2000 edit the circumstances surrounding the demerger transfer of assets and subsequent collapse of the british united shoe machinery in 2000 led to questions about apax s behaviour being raised in parliament by mps of both main parties . after calls for an enquiry into the loss of hundreds of pensions were refused dr ros altmann the pensions expert and as of 2015 uk pensions minister described it one of the worst cases . . i have seen . .