Apax and Duke Street Capital portfolio company Focus DIY is believed to be on the brink of a rescue deal with Apollo Management. The DIY retailer has struggled with its debt load for the last two years following worsening conditions in the home improvement market and was put up for sale earlier this year. Apax and DSC appointed Rothschild to dispose of the business. Apollo is understood to be in advanced talks regarding a rescue package.
GP also announced the refinancing of online gardening retailer YouGardem, scoring a 60% cost return
CDP Venture and Tim Ventures take part in the round, alongside Club Digital and Club Italia Investimenti 2
Deal is the second from Bid Equity II, which held a close in November 2019 and targets B2B software
Early-stage investor Italian Angels for Growth and Swiss holding company Brahma also take part in the round