US private equity group Lone Star is thought to be interested in Northern Rock, the beleaguered Newcastle-based bank. Lone Star joins a host of US buyout firms also thought to be sniffing around. JC Flowers is already carrying out due diligence on the bank having secured £15bn of bank funding for a possible deal. Apollo and Blackstone are also interested but are yet to have access to management.
Deal will be the second add-on acquisition for Danoffice since Agilitas's buyout of the company in November 2017
Bowmark will provide additional funding of £100m to fund the company's add-ons acquisitions
Exit represents an 18x return on Octopus's initial investment and a 9x return on its total investment
Deal follows M&A litigation initiated after coronavirus uncertainty and financing difficulties