PRINT THIS PAGE CVC and Texas Pacific up bid for UK Debenhams and see off rivals23/10/2003. Source: AltAssets. 
 Baroness Retail, the bidding vehicle of private equity groups CVC Capital Partners and Texas Pacific Group, has increased its offer for UK retail group Debenhams to £1.72bn. Rivals Permira and Blackstone Group, the backers of rival bid vehicle Laragrove, have announced that they will not match Baroness's offer.
‘The price offered by Baroness is in excess of the price which Laragrove was prepared to offer,' Laragrove said in a statement. Laragrove lost the support of investment bank Goldman Sachs earlier this week, narrowing the likelihood it would be able to retaliate.
Large retail chains such as Debenhams have become popular targets for private equity firms in recent months because they generally have valuable property assets and are strongly cash-generative. Rival department stores Selfridges and House of Fraser have also attracted private equity interest.
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