CVC to cede control of Autobar to creditors


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.

Copyright © 2014 AltAssets