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CVC to cede control of Autobar to creditors

13 Jun 2014

vendingPrivate equity firm CVC is reportedly set to lose control of UK food and drink vending machine company Autobar to its creditors.

A consortium of creditors led by York Capital Management and Angelo, Gordon & Co will convert part of their debt into equity, said the Financial Times, citing people familiar with the matter.

The restructuring is set to reduce Autobar’s debt pile to €450m from €950m.

CVC bought the company from Charterhouse in 2012 for €1.2bn including debt.

The firm invested in Autobar from its €11bn 2008-vintage fund, which was generating a return of around ten per cent, according to CalPERS data.

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