News 2004
BC Partners to support Baxi growth plans
Baxi Group Ltd today announced the successful completion of its refinancing project.
Under the terms of the agreement, funds advised by BC Partners will become the new shareholders of Baxi Group Ltd. Electra Investment Trust, previously a leading investor has also committed to reinvest in the Group. New bank finance has been arranged and provided by the Royal Bank of Scotland, currently one of the leading lenders to the Group. The Group was advised by Merrill Lynch International and BC Partners was advised by ABN Amro.
Commenting on the refinancing, Baxi Group chief executive Mark Edwards said: “These arrangements mark a new chapter for the Group. BC Partners is a leading European private equity firm keen to commit further funds to support the Group’s plans for growth. We welcome our continued involvement both with Electra and the Royal Bank of Scotland who have been shareholders in and bankers to the Group throughout the last seven years. I would also pay tribute to our previous shareholders, especially Candover, Kidde and NIB Capital who have supported us from the time of the original Newmond Buy-out in 1996. We now look forward to a new and exciting period of growth for Baxi.”
John Burgess of BC Partners commented: “We are delighted to be the new shareholders in Baxi Group. The management team have done a tremendous job since the merger of Newmond and Baxi in 2000, and have created a solid platform from which to grow. We believe that the business has good opportunities for growth, both organically and through acquisition, and intend to work closely with Mark Edwards and his team with the joint objective of strengthening further Baxi’s position as a major force in the European heating industry.”