London-based Apax Partners has more than quadrupled its investment in Tommy Hilfiger after agreeing to sell the US clothing label to retail group Phillips-Van Heusen Corporation for about €2.2bn ($3bn).

Apax and its co-investors reaped about €1.9bn from the sale, or a 4.5 times return on their €426m investment, after four years of ownership, according to a source close to the matter. Apax declined to comment on the size of the return.