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Charterhouse plans £165m Card Factory dividend recap following scrapped sale

12 Sep 2013

news_springcard_lrgUK private equity firm Charterhouse is reportedly looking to raise £165m through a dividend recapitalisation of portfolio company Card Factory following a failed sale process earlier this year.

Earlier this month it emerged that Charterhouse had dropped plans to sell the greetings card maker after  receiving bids it believed undervalued the business, which is estimated to be worth more than £500m including debt.

The firm will now focus on refinancing The Card Factory rather than hold another sale or attempt to list on a stock market according to Reuters, which cited baking sources.

Bidders in the previous sale process were thought to include Cinven, Advent International, KKR and Clayton Dubilier & Rice according to a previous report in the Telegraph newspaper.

Earlier this year AltAssets reported that Charterhouse was considering a 12 month extension to the investment period of its €4bn ninth fund.

The firm has until next March to finish investing the vehicle, which has about £1.6bn left to draw down.

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