Arle loses ETG in debt-for-equity swap

Arle declined to comment on the matter, but a source close to the situation confirmed that the GP had written off its investment in December last year. The source added that an agreement with ETG's lenders couldn't be reached despite Arle offering to inject €30m of equity in the business.

The GP (then Candover) acquired ETG from HM Capital Partners for an enterprise value of €480m in 2006. Debt was arranged by Bank of Scotland, now part of Lloyds Banking Group.

Founded in 1933, ETG collects and supplies automotive market data in printed, electronic and web formats. The company specialises in valuing vehicles.

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• Arle Capital Partners
• Debt-for-equity swap