http://findarticles.com/p/articles/mi_qn4158/is_20060131/ai_n16030540

Apax makes EUR280m from Q-Cells sale as interest rises in technology


Independent, The (London), Jan 31, 2006 by Andrew Dewson

Apax Partners, a London and New York-based private equity and venture capital firm, has made a 27-fold return on its 22-month investment in the German solar power cell company Q-Cells, after selling all but 0.5 per cent of its stake in the business at EUR68 per share.

Apax's return, EUR280m (pounds 190m) after costs and net of its original investment, is the largest single capital gain made by a European venture capital firm since the dot.com boom. It beats the $300m (pounds 170m) return Index Ventures made on the $4.1bn sale of Skype to eBay in September.