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CPPIB buys into Apax Europe VII

Apax Europe VII invested in garden centre company Plantasjen and Sino-Mongolian restaurant operator Golden Jaguar.

The Canada Pension Plan Investment Board (CPPIB) has purchased a stake in Apax Europe VII, according to UK regulatory filings.

CPPIB purchased the stake from European fund of funds Standard Life Private Equity Trust. It is managed by SL Capital Partners, the private equity arm of Standard Life Insurance.

Standard Life declined to comment.

Apax Europe VII is a 2007-vintage fund that closed on €11.2 billion. It is Apax Partners’ largest fund to date.

Australian LPs Victorian Workcover Authority, the Transport Accident Commission and the Emergency Superannuation Scheme were investors in the fund but sold their stakes last month.

Fund VII invested in medium and large-sized pan-European buyouts. Targeted industries included consumer, financial and business services, healthcare, media, technology and telecom and retail.

Portfolio companies include garden centre company Plantasjen and Sino-Mongolian restaurant operator Golden Jaguar, according to documents from Scandinavian Private Equity AS.

In September, Fund VII sold heath information technology company TriZetto Corporation, generating a 3x return.

Oher recent portfolio exits include outsourced sales company Advantage Sales & Marketing to Leonard Green & Partners and CVC Capital Partners. Apax generated a 4x return on the deal.

Fund VII was generating a 1.2x net multiple as of 31 March, according to documents from Standard Life.

Earlier this year, CPPIB also bought into Apax Europe VI, a €4.31 billion 2005-vintage fund. The interest was purchased from Adveq, HarbourVest Partners, Pomona Capital and Dutch asset manager Robeco.

CPPIB declined to comment on the Apax transactions.