Siparex SPF III Middle Market fund, which is managed by Sigefi Private Equity, has sold its interest in Aixam group. Aixam group is a manufacturer of motor parts that produces 13,000 vehicles a year and generates sales of E100m.
Siparex invested in Aixam in May 2002 alongside the Financiere Norbert Dentressangle fund, which led the buyout. Financiere Norbert Dentressangle remains the lead investor in the deal and has been joined by Pechel Industries 2, which is new to Aixam. Upon its exit Siparex made a capital gain of E12m, which equates to an IRR of 63%.