UK - Gresham backs £110m+ SBO of Betts

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 ТЃ110m. CIT Capital Finance has arranged and underwritten the ТЃ75m 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 ТЃ45m from the divestment. Permira acquired Betts for ТЃ82m in 1998.