U.K. private equity firm, Bridgepoint, will give a 49% stake in its German portfolio company, Rodenstock, to its lenders, Financial News reports. RoyalBankofScotland and SociétéGénérale have agreed on their €300 million debt holding in addition to an extra €40 million loan to Rodenstock for working capital purposes.
Bridgepoint had previously offered the banks to invest equity into the business in return for changes to the capital structure, which was rejected by its lenders. As per the agreement, London-based Bridgepoint will retain a 51% controlling stake in Rodenstock’s equity.
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