Apax Partners France is to sell IEE to a consortium including Chinese strategic investors and an international financial investor. Apax Partners led the acquisition of IEE from ArcelorMittal in July 2004, alongside the management team, Altamir Amboise and two Luxembourg-based investment companies, Luxempart and BGL Investment Partners.
Apax Partners France has entered into a definitive binding agreement to sell IEE (International Electronics & Engineering) to a consortium including Chinese strategic investors and an international financial investor.
Apax Partners led the acquisition of IEE from ArcelorMittal in July 2004, alongside the management team, Altamir Amboise and two Luxembourg-based investment companies, Luxempart and BGL Investment Partners.
Over the last eight years, Apax Partners backed IEE’s organic growth and international expansion strategy. During Apax’s tenure, the number of employees grew to 1,600 from 750, revenues increased to €160m from €70m, and EBITDA tripled.
In addition, IEE demonstrated its ability to weather a difficult environment when the global automotive industry faced its worst crisis ever in 2008-2009. At the same time, the company continued to innovate and to respond to the ever-increasing safety requirements of automotive manufacturers worldwide.
“We are extremely proud to have contributed to the emergence of a world-class high-tech company and to have provided our support in good times as well as in bad”, said Bertrand Pivin, Partner at Apax Partners. “We worked hand in hand with management that was visionary in launching IEE’s Chinese operations back in 2006. Today, IEE is the leading provider of sensor-based electronic safety systems in the Chinese automotive market. This enviable position, together with the impressive innovation drive of IEE, has attracted considerable attention from investors worldwide. I believe that the new shareholders represent ideal partners to support IEE in its next development phase”.
“We thank Apax Partners for being a committed and stimulating partner over the past years. With the support of the new shareholders Apax helped us to identify, we will have even better access to the Chinese market, which offers tremendous opportunities for growth. We view this next phase as very positive for IEE and its employees”, said Hubert Jacobs van Merlen, IEE‘s President and CEO.
IEE S.A. is an innovative developer of specialized sensing systems. Founded in 1989 and headquartered in Luxembourg, the company has operations in Europe, the US and Asia. IEE is a global leader in automotive safety sensing systems for occupant detection and classification. The company’s solutions are dedicated to the following markets: Transportation & Automotive, Public & Commercial Infrastructure, Consumer and Medical & Healthcare. IEE employs 1,600 people worldwide and more than 10% of the company’s workforce is engaged in Research & Development.
About Apax Partners
Apax Partners is a Paris-based leading private equity firm in the French-speaking middle market. With 40 years of experience, Apax Partners provides long-term equity financing to build and strengthen world-class companies.
Funds managed and advised by Apax Partners exceed €2.5 billion. These Funds invest in fast-growing middle-market companies across six sectors of specialisation: Technology, Telecom, Media, Retail & Consumer, Healthcare, Business & Financial Services.
Agathe Heinrich – Communications
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