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AXA Private Equity acquires majority stake in FLEX Group AXA Private Equity acquires majority stake in FLEX Group

04 Apr 2007. Source: AltAssets.
AXA Private Equity has acquired a majority stake in FLEX Group, a German manufacturer of hand-held power tools, from New York-based investment advisor GSO Capital Partners. The remaining stake has been bought by the current management team.

Founded in 1922, FLEX is a developer and manufacturer of professional-grade power tools used primarily in metal-working, stone-working, masonry and concrete. FLEX employs 230 people and had a turnover of around €60m in 2006, according to a statement. The company recently set up an additional sales entity in the US.

Prior to its acquisition by GSO Capital Partners in November 2005, FLEX was part of the Black & Decker Group.

AXA Private Equity is an AXA Investment Managers company that manages and advises private equity funds with assets in excess of €10bn. AXA Private Equity has offices in Paris, Frankfurt, London, Milan, New York and Singapore.

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