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UK - BC Partners to back EUR 1.7bn Baxi merger

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It is understood that BC Partners- and Electra Partners-owned boiler manufacturer Baxi is closing in on a EUR 1.7bn merger with its Dutch counterpart De Dietrich Remeha Group, with the private equity backers thought to be likely to invest a further EUR 100m to support the deal.

In February 2004 BC Partners backed the refinancing of Baxi Group, in a deal valuing the business at £662.5m. The deal provided an exit for previous private equity owners Candover and Electra Partners, with the latter reinvesting £15m of the proceeds to retain a minority interest in the business. A debt package totalling £480m was arranged and provided by the Royal Bank of Scotland.

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