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Bregal Capital acquires Ideal Stelrad in £230m deal despite opposition from RBS

19 Aug 2013

pound_coin_macro_170sqPrivate equity firm Bregal Capital has reportedly acquired British boiler and radiator maker Ideal Stelrad for £230m despite Royal Bank of Scotland’s efforts to block the deal.

Bregal needed 75 per cent of shareholders to approve the deal and secured the required voted on Thursday according to Sky news, which cited people close to the deal.

Warburg Pincus and Bank of Ireland, which previously opposed the sale, agreed to vote in favour of the deal.

RBS, which owns a 15 per cent interest in the business, has been trying to block the deal, saying that the company had not undergone a proper marketing process.

Earlier this year Bregal and fellow private equity firm Quadriga bought German direct marketing specialist LR Health & Beauty Systems from buyout firm Apax Partners.

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