CVC considers sale of PLI

The management of Belgium-based Partners in Lighting NV (PLI) and its majority shareholder, CVC Capital Partners, have announced the appointment of Merrill Lynch to assist in a review of PLI's business and operations. The review is rumoured to include an evaluation of the sale of the entire business, although further acquisitions to add to the company are also being considered, according to sources. PLI is the product of a merger between two of CVC's portfolio companies, Massive, the lighting business acquired in 2002, and Modular Lighting Instruments, a specialist in architectural lighting, acquired in 2004. PLI has a leading position in the consumer lighting market in Europe, and, thanks to Modular, is active in the architectural lighting market. For the year ended 31 December 2004, PLI generated turnover of around €325m, employing over 3,500 staff. The evaluation and possible sale ties in with CVC's fourth buyout fund, with a sale returning cash to the group's investors ahead of the fund’s launch later this year.

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