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Private equity firm Apax Partners said on Monday it has agreed to sell its majority stake in Advantage Sales and Marketing to two other private equity firms, Leonard Green & Partners and CVC Capital Partners.

Although Apax did not reveal the price tag on the deal, Reuters reported it to be more than $4 billion, citing sources familiar with the negotiations.

Both Apax and ASM sought legal counsel on the deal from Skadden, Arps, Slate, Meagher & Flom. ASM also turned to Willkie Farr & Gallagher for advice.

Leonard Green tapped Latham & Watkins for representation while CVC Capital turned to Simpson Thacher & Bartlett.

Financial terms of the deal were not disclosed. The transaction is subject to customary closing conditions and is expected to close in the third quarter of this year.

Irvine, Calif.-based ASM provides outsourced sales and marketing services for a variety of industries, including retail and food service. The company, which expects to earn $1.6 billion in revenue this year, has worked with many large chain stores, including Walmart, Walgreens and Target.

“ASM is an exceptional company with an incredible track record, strong brand equity and tremendous opportunities for growth,” said Jonathan Sokoloff, managing partner at Leonard Green.

ASM has been controlled by Apax since 2010. ASM’s management will retain a significant equity interest in the company upon completion of the stake sale, according to Apax.

Advising Apax and ASM from Skadden was a New York-based team led by M&A partner Ann Beth Stebbins that also included banking partner Steven Messina and counsel Mark Ramsey, corporate finance partner Michael Zeidel, executive compensation and benefits partner Erica Schohn, intellectual property and technology counsels Oren Epstein and Andrew Woodard, labor and employment partner David Schwartz and tax partner Victor Hollender. Associates Kevin Adams, Shalom Huber, Catherine Matloub, Russell Petrella and Benjamin Schreiner also worked on the case.

Representing ASM for Willkie Farr were corporate finance partner Mark Cognetti, executive compensation and employee benefits partner Michael Katz and tax partner Chris Peters.

Latham provided counsel for Leonard Green with a team that included New York- based M&A partners Howard Sobel and Paul Kukish.

Latham & Watkins has represented Leonard Green in various transactions, including last year’s $1.6 billion sale of landscaping company The Brickman Group as well as the private equity firm’s $195 million acquisition of the intellectual property of casual clothing retailer Juicy Couture.

CVC Capital turned to Simpson Thacher on the deal with Apax, with a team led by M&A partner Gary Horowitz. Corporate partner Mark Pflug, executive compensation and employee benefits partner David Rubinsky, finance partner James Cross, tax partner John Creed and associates Kevin Lehpamer, Taylor Smith, Adam Shapiro, Jeannine McSweeney, Joo Hyun Lee, Eric Wolf and SeoJung Park were all involved in the deal.

Simpson Thacher advised CVC Capital on the formation of a $3.5 billion Asian fund, which will invest in the consumer industry in East and Southeast Asia. The fund closed last month.

Apax had been a part owner of ALM Media LLC, the parent company and publisher of The Am Law Daily, which was recently sold to Wasserstein & Co. for a reported $417 million.