The saga of beleaguered waste management company Biffa was finally brought to an end last week with the agreement of a debt-for-equity swap. Such a classic tale of an over-leveraged private equity deal going sour is, as ever, popular with the papers, but how did things get so bad at Biffa?
Partial exit follows the company's MBO in 2016, backed by a consortium led by Duke Street
Investment in IT consultancy firm is the third from the Munich-based GP's debut fund
P101 invests €3.5m in the company from two vehicles, Programma 102 and co-investment fund ITA500
Fund targets mid-market European companies generating EBITDA of at least €3m and revenues of €30-150m