The saga of beleaguered waste management company Biffa was finally brought to an end last week with the agreement of a debt-for-equity swap. Such a classic tale of an over-leveraged private equity deal going sour is, as ever, popular with the papers, but how did things get so bad at Biffa?
Montagu Private Equity and Global Infrastructure Partners (GIP) bought Biffa back in May 2008, at the height of the buyout boom and just months before the global economic meltdown that proceeded the collapse...
Noble is currently CEO of CDC, and is a former partner at Schroder Ventures (now Permira)
Sale of utility service provider follows an eight-year holding period
New fund is almost double the size of Montefiore III, closed on €240m in 2013
Acquisition will bring IPC's revenues to €200m, up from €170m in 2013