Apax sells Groupe Hubert for E105m

Apax Partners France has sold its majority stake in Groupe Hubert, the French distributor of products for the bakery, confectionery and food services sector, to the Irish group IAWS for €105m.

Apax Partners acquired Groupe Hubert from its founding family in September 1999 and set up a new management team (LBI). Since then, the group has expanded rapidly. Hubert has pursued an active acquisitions strategy of its exclusive regional distributors, taking it from 3 integrated platforms in 1999 to its current 11.

Turnover has risen from €35m to €120m, and its profitability has more than quadrupled with operating income of €10.9m (year ended 30 September 2004).