Terra-Firma backed EMI, the struggling music group, has failed to secure distribution deals with Sony and Universal, and as a result, could lose control of the business to its lender Citigroup if its current private equity owners refuse to take part in a £120m rescue plan.
Charcoal and natural additives company saw final bids from two banks and one direct lender
VCs including the Swiss Entrepreneurs Fund, BtoV and Ringier Digital Ventures also participated
Around 40 existing and new LPs, including British Patient Capital and the EIF, participated
Fund will invest in buyouts, recapitalisations and carve-outs of both profitable and underperforming businesses