TPG to exit Vita Group

Strategic Value Partners (SVP), a US-based distressed investor that already owns a stake in the company, is thought to be the acquirer. SVP acquired a minority stake in the company earlier in 2017.

Vita reported €58.3m of EBITDA from €604m in sales in 2016 despite supply pressure on raw materials, according to its annual report.

TPG took the company private in 2005, drawing equity from TPG Partners IV, a $5.3bn global buyout fund that held a final close in June 2003 and is now fully invested. The GP had three bids rejected before management agreed to a price of 360 pence per share, valuing the company at approximately £668m.

LDC was reported to be in advanced talks to acquire Vita from TPG in a deal that valued the equity at £300m, but the deal fell through due to concerns over the funding of the pension scheme. The scheme is now self-sufficient and in surplus, according to a source close to the deal.

Vita was founded in 1949. It processes polymers to make foam for a variety of industrial and consumer products. Its main product is mattress foam.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• UK / Ireland
• Consumer
• TPG Capital