Apax co-founder reportedly sues firm for withholding profitsMaurice Tchenio, co-founder and partner of buy-out firm Apax Partners, has sued the firm, claiming that profits have not been distributed the right way since 2001, according to reports.
Tchenio filed a lawsuit in London in which he is believed to claim that the UK-based arm of Apax owes him an undisclosed sum in profits and management fees relating to five European investments in the Netherlands, Italy and Sweden.
Tchenio, one of three who founded the private equity firm in 1976, is the chairman of Apax's French affiliate, Apax Partners SA.
Apax merged its US, UK, Swiss, German and Spanish operations into a single group in 1999, with Apax in France remaining separate.
Apax typically invests in companies with values between €1bn and €5bn. The firm has refused to comment on the lawsuit.
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