CVC set to buy Advent's Domestic & General

Advent took home appliance insurer Domestic & General private in 2007 for £523.9m. The business has been circled by private equity houses since the end of last year when Advent kicked off a sale of the London-based company for up to £1bn. The process reportedly stalled in the following months, however. Last month, private equity houses such as Blackstone, CVC and Clayton Dubilier & Rice were reported to be in the second round of bidding.

Advent is said to have loaded the business with debt worth 10x EBITDA following the original buyout.

CVC was not available for comment, while Advent declined to comment.

Domestic & General was founded 1912 in Australia. Its founder, Samuel Copley, moved the business to the UK in 1914. It was listed on the London Stock Exchange in 1988. In 2007, Domestic & General was bought by Advent and taken private. It employs almost 2,500 staff worldwide and operates in 11 countries. It posted revenues of £750m in 2012.

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• Topics
• UK / Ireland
• Exits
• Consumer
• CVC Capital Partners Ltd
• Advent International