Cinven

Cinven | Private Equity Profile

The following piece on Cinven is being published as part of our Private Equity Tracker Tool, our daily effort to track private equity firms in the industry. Cinven is a European buyout firm founded in 1977.

Resource #1:

Cinven, the private equity house based in London, faces one of its biggest losses after lenders seized control of its Spanish hospitals portfolio.

The firm lost most of the €175 million (£154 million) it invested in the buyout of USP Hospitales after Barclays and Royal Bank of Scotland took 90 per cent of the struggling hospital group in a debt-for-equity swap.

Cinven ruled out injecting more cash into the hospital operator as part of a debt restructuring. Barcap, the investment banking unit of Barclays, and RBS now own about two thirds of the business and in return have cut the group's debt from €500 million to €250 million.

The rest of the equity is owned by USP's management.

Source



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Link to This Resource: Cinven

http://privateequityblogger.com/2007/08/cinven.html