Gresham Private Equity has backed the secondary buyout of toothpaste tube manufacturer Betts Global Ltd from Permira, Royal Bank of Scotland and the Bank of Scotland in a deal with a total funding package in excess of £110m. CIT Capital Finance has arranged and underwritten the £75m of debt facilities. The deal represents Gresham's second in a week following its acquisition of West Cornwall Pasty Company. It is widely reported that Permira has lost over £45m from the divestment. Permira acquired Betts for £82m in 1998.
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