Steadfast Capital, formerly known as BHF Private Equity, has sold its majority interest in its August 2001 management buyout of Elaxy GmbH. The business, which is a software specialist selling to financial institutions in the German market, was sold to GAD eG, the IT service provider for German cooperative banks. GAD has been a long standing partner of Elaxy.
Steadfast Capital bough a 63% stake in Elaxy in August 2001 and upped this holding to 85% in September 2003 when it acquired the original vendor’s remaining minority shareholding.
Close Brothers advised Elaxy and Willkie Farr & Gallagher advised Steadfast Capital for the exit.