UK - Cerberus acquires Focus for £225m

Cerberus has acquired struggling DIY chain Focus. Unable to reach a debt restructuring agreement with its creditors, Focus has been the subject of negotiation since earlier this year. The sale of the company to US hedge fund Cerberus represents an exit for backers Apax and Duke Street Capital. Although the two investors will receive just £1 for their equity, they had already made substantial realisations from Focus through the £950m sale of its Wickes division to Travis Perkins in 2005 and a refinancing that same year.