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...
Brenke first joined Ardian as managing director two years ago
Deal represents 44.5% IRR for the vendors, four years after their initial investment
Gimv invested in the Parisian tech company through its Smart Industries platform
As part of the strategy, the GP will consolidate its listing on the London stock exchange