Lloyds sells private equity stakes to Coller Capital
Lloyds Banking Group has become the latest bank to cut its private equity exposure, selling its £480m portfolio of UK private equity stakes to a newly created joint venture, Cavendish Square Partners LLP.
Lloyds will jointly own the venture with Coller Capital, which has agreed to pay £332m for 70% of the venture while the bank maintains 30% stake.
The deal will see a transfer of 40 UK trading companies, to the new vehicle, currently managed by the Bank of Scotland Integrated Finance (BOSIF) unit. Coller won the deal through an auction process, with the agreement subject to regulatory approval.
Lloyds expects to complete the transfer of the assets and existing BOSIF management team to the new vehicle by the third quarter of 2010.
The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.
If you have any information regarding this transaction, please contact Gail Mwamba on +44 20 7 968 4505 or gail.mwamba@incisivemedia.com
More on UK / Ireland
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater