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FRANCE - CVC and Cognetas lose CPI investment

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CVC and Cognetas have lost their stakes in Chevrillon Philippe Industrie (CPI), a book printing group. The Paris-based company was taken over by its lenders led by Royal Bank of Scotland. RBS, 17 other creditors and management will now hold 100% of the company's equity.

CPI breached its banking covenants earlier this year and the two private equity groups had been in negotiations with creditors to reduce the firms debt pile. The negotiations saw the debt reduced from EUR 400m to EUR 123m and convertible bonds of EUR 40m being issued. Additionally, lenders will provide the company with EUR 30m to fund CPI's new development plans.

CPI is a monochrome book printer which prints two million books daily in five countries by authors such as Dan Brown and Wilbur Smith. The company had a turnover of EUR 300m in 2009.

CVC and Cognetas originally purchased CPI in 2005 for EUR 447m.
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