In 2002, Apax Partners had to decide whether to accept a less than ideal offer for one of its portfolio companies or refinance it. The company, a manufacturer of consumables and paper industry with a global presence, was bought in 1999 and performed very well since then. Although solid, cash-generative operation, it does not excite much interest in the market. Early exit on a good number would be useful for the current fund Apax and future fundraising efforts, while Apax will refinance to take money off the table and share in the future upsides. What's the best choice? "Hide
by G. Felda Hardymon, Josh Lerner, Ann Leamon Source: Harvard Business School 21 pages. Publication Date: February 24, 2004. Prod. #: 804084-PDF-ENG
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