Apax Pays Partners $177 Million; Ex-CEO Gets $18 Million

Apax Partners LLP, one of Europe’s biggest private-equity firms, paid its employee-owners 25 percent more in the last fiscal year as income from asset sales jumped.

Profit available to members of the partnership rose to 109 million pounds ($177 million) from 87 million pounds in fiscal 2013 according to filings at the U.K.’s Companies House. Revenue rose to 189 million pounds in the 12 months through March from 165 million pounds in the year-earlier period.

The single largest payment to any partner rose to 11.2 million pounds from 9.8 million pounds, the filings show. The recipient this year was Martin Halusa, according to a person with knowledge of the matter, who asked not to be identified because the information is private. Halusa became chairman in December after stepping down as chief executive officer.

The firm, which owns the Cole Haan shoe brand, has sold investments including digital marketing and operations software group Dealer.com to Dealertrack Technologies Inc. and insurance group HUB International Ltd to Hellman & Friedman LLC, another buyout firm, in a transaction valued at $4.4 billion

Halusa, who co-founded Apax in Germany in 1990, will remain at the firm until the end of the investment period for its latest pool, the firm said in a statement at the time.

Revenue at Apax is made up of fee income charged to investors for the funds it manages and the profits it receives from selling companies. Private-equity firms typically pool money from pension plans and endowments with a mandate to buy companies within five to six years, then sell them and return the money and a profit after 10 years. The firms usually charge a management fee of as much as 2 percent and keep 20 percent of the profits from investments.

An Apax spokesman declined to comment.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE