Apax Partners are to acquire a majority interest in Advantage Sales & Marketing LLC (ASM) from J.W. Childs Associates, L.P. and BAML Capital Partners (Merrill Lynch Global Private Equity). Terms of the transaction were not disclosed.
ASM, which provides outsourced sales, marketing and merchandising services to manufacturers, suppliers and producers of consumer packaged goods, has 2010 revenues of approximately $1 billion. Upon completion of the transaction, ASM’s senior leadership team will continue to manage the Company’s day-to-day operations.
“ASM has established an impressive track record of generating value for its clients and customers through its operational excellence in both Sales and Marketing,” said John Megrue, Chief Executive Officer of Apax Partners U.S., and co-head of the Apax Retail & Consumer team. “We look forward to partnering with the Company’s outstanding management team led by Sonny King and Tanya Domier.”
Alex Pellegrini, Partner in the Retail & Consumer Group at Apax Partners, commented: “We believe that ASM operates in a favorable industry that features strong secular growth trends, including more outsourcing by CPGs and a greater focus on in-store marketing. Advantage is well positioned to further build brand value for its clients and customers through its industry-leading sales and marketing capabilities.”
“I am very excited to embark on our new partnership with Apax Partners. Their global reach and large network of relationships will not only drive value for ASM but also create opportunities for further growth,” said Chairman and Chief Executive Officer Sonny King. “Apax is an ideal partner for our company given their deep expertise in Retail & Consumer Products.”
“This transaction marks a new chapter in the growth of our business,” said Tanya Domier, President and Chief Operating Officer. “We look forward to pursuing our growth strategy with the support of Apax.”
The transaction, which is subject to customary approvals, is expected to close prior to the end of 2010.
Sawaya Segalas & Co., LLC acted as exclusive financial adviser to the Company in connection with the transaction.
USA, New York, NY & Irvine, CA
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