Apax Partners, the global private equity house, has sold its 77% stake in Socamel Rescaset, the French food distribution manufacturer, at a time when private equity firms are still encountering difficulties in trying to exit investments.

Apax has been a major shareholder in Socamel Rescaset since 1990, when its former parent company, HMI, was bought by Apax as part of a consolidation strategy in the kitchen equipment field. Socamel Recscaset was spun out of HMI and publicly listed in 1994.