Apax Partners acquires Rhiag
Apax Partners, the global private equity fund had agreed to enter into definitive agreements to acquire Rhiag-Inter Auto Parts Italia SpA. The acquisition would be done through Apax Funds in partnership with Alpha, the European hedge fund firm.
Rhiag is the leading after sales automotive spare parts distributor for Italy and Eastern Europe. The agreement would bolster the consolidation efforts of the parts company to become one of the largest in Italy, Switzerland and Eastern Europe.
The transaction's details were not disclosed and would be subject to customary cloging conditions. The said transaction is expected to be completed by 2013's end.
According to Rhiag Group CEO Luca Zacchetti, "We look for ward to continuing to develop the Rhiag business across Europe with the support of our new shareholders."
For its part, Apex Partners Partner Frank Ehmer said, "We are delighted to be partnering with Luca Zacchetti and the entire Rhiag team and are very pleased to have secured this attractive investment opportunity. We have been following the asset closely over the past years and we look forward to working together with management to accelerate the growth of the business."