UK - Candover loses interest in ALcontrol restructuring

As part of the deal, new debt financing will be provided by GSO to provide the company with significant liquidity. The new funding will be put towards laboratory and customer service related investment, as well as working capital.

ALcontrol is a European laboratory testing business specialising in environment and food testing. It has an operational focus in the Netherlands, UK and Sweden and has sales and service capabilities in nine other European countries. Headquartered in Flintshire, ALcontrol has over 2000 employees, 30 laboratories and service centres and over 100 logistics points for collection of samples in 11 countries.

In 2004, Candover acquired ALcontrol from Bridgepoint. Dresdner Kleinwort Wasserstein and Bank of Scotland provided the debt to support the transaction. Earlier this year, Candover wrote down the company in its portfolio by close to 90%.

Separately, the private equity firm has extended the standstill agreement on its 2008 fund to allow for continued discussions with investors over the future of the vehicle. The suspension will now continue until December 4, 2009 after being announced in March of this year. The firm is now considering alternative ownership structures, but any change is dependent on talks with investors.

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