ROSCOs roll at last

Article Abstract:

The winning deal leaders for Hambros' sale of the British Rail rolling stock companies (ROSCOs) were Candover and Charterhouse Development Capital (CDC). They were working for Eversholt and Porterbrook respectively. Candover made a 500 million pounds sterling bid, with 80 million pounds sterling deferred payment based on the company's performance. CDC made a bid of 527 million pounds sterling, underwriting 75 million pounds sterling of equity. The ROSCOs will lease rolling stock to train operating companies until as late as 2004.

Railroad Equipment, Railroad Rolling Stock Manufacturing, Railroad equipment industry, Mergers, acquisitions and divestments, Investments, Candover Investments PLC, Railroad holding companies, Charterhouse Development Capital Ltd.

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Betting their shirts

Article Abstract:

The UK management buyout industry was fiercely competitive in 1995, which meant that most major deals involved auctions between trade buyers and financial bidders. This in turn meant that while buyout financiers and advisers were kept buy it was often not productive, with firms putting months of work into deals they did not complete. There is also growing concern that buyouts may be getting overgeared, with some venture capitalists apparently now regarding a gearing level of at least 2:1 as acceptable, vs 1:1 previously.

United Kingdom, Industry Overview, Venture capital companies, Management buyouts

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CMBOR 10th anniversary

Article Abstract:

The Centre for Management Buy-out Research (CMBOR), established at the University of Nottingham in Mar 1986, has become much larger than had originally been anticipated. It has developed in line with the buyout market, and has taken on a significant role within academic study of management and finance at the university. It has tracked many buyouts, partly because it is able to offer total confidentiality to the advisers and financiers who supply it with information.

Research, Acquisitions and mergers

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