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CVC Capital Partners agrees Hozelock sale at third time of asking

17 Oct 2012

CVC Capital Partners looks set to finally offload gardening equipment manufacturer Hozelock after agreeing a sale to strategic buyer Exel Industries.

The deal is the third time in five years CVC has attempted to sell the UK company, having bought into the business way back in 1999.

It initially put Hozelock up for sale in 2007 for £100m and again in 2009, but both sales were scrapped.

Hozelock, which produces watering, spraying and other aquatic items for garden use, currently has a turnover of €117m according to CVC.

CVC was advised by Clifford Chance during the deal.

Earlier this month CVC named former Zurich Financial Services chairman Jim Schiro as a senior advisor to the firm.

Schiro will become a member of CVC’s US and global financial institutions advisory boards to support CVC’s investment activities in the and in the financial services sector globally.

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