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 £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.
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