Funds advised by Apax Partners have announced that they have agreed to sell their majority ownership stake in Advantage Sales & Marketing LLC, North America’s leading provider of outsourced sales and marketing services to manufacturers of consumer goods and retailers across multiple channels, to affiliates of the private equity firms Leonard Green & Partners, L.P. (LGP) and funds advised by CVC Capital Partners.  As noted in the parties’ news release, below, the transaction is subject to customary closing conditions, and is expected to close during the third quarter of 2014

Latham & Watkins LLP advised LGP on the transaction with a corporate team led by New York partners Howard Sobel and Paul Kukish.