3i loses control of Global Garden Products

The agreement sees lenders –including Crédit Agricole, Halcyon, Intesa Sanpaolo, Lloyds, Nordea, SEB, BNP Paribas, and Royal Bank of Scotland – reduce the company's debt to €257.1m from €487.7m previously.

Senior lenders reportedly wrote off 40% of their debt while second lean holders wrote off €43m in claims; they will jointly own an 85% stake in the business.

3i acquired GGP, from ABN AMRO Capital and AAC Capital Partners (the former Dutch, Nordic and UK buyout teams of ABN AMRO Capital) in October 2007.The transaction, valued the business at €730m with 3i having invested €260m in equity.

Headquartered in Castelfranco Veneto, the company manages 15 subsidiaries in Europe, China and Russia.

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• Topics
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