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Apax buys into Wickes.

The Daily Deal

| November 30, 2002 | COPYRIGHT 2003 The Deal LLC. (Hide copyright information)Copyright

Byline: Joshua Jaffe in London

London-based private equity firm Apax Partners said Friday, Nov. 29, it bought a 28.9% stake in Focus Wickes Ltd., the U.K.'s second-largest home improvement chain, from competitor Duke Street Capital and other investors as part of a recapitalization of the company.

Duke Street had planned to launch an IPO for Focus Wickes in July worth up to pound sterling1,15 billion ($1.79 billion) but cancelled this because of equity market weakness. It is now seeking to lock in part of the gain on the pound sterling150 million it has invested in the company in 14 years. It said the recapitalization would net it proceeds of pound …

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