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).
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