It is reported that the secondary buyout of Education & Adventure Travel Group is set to go ahead after the process stalled last month. Sources report that DLJ Merchant Banking, the private equity business of Credit Suisse, is close to sealing the deal.
Education & Adventure Travel Group was close to being acquired by European Capital when the integrated debt and equity provider pulled out at the eleventh hour.PricewaterhouseCoopers was managing the sale and restarted it earlier this month.
It is understood that Bowmark Capital is due to receive close to Gbp100m (US$196m) for the asset it has built up through acquisition since it purchased School Travel Group in 2004. Education & Adventure Travel Group arranges adventure trips for schools.
European Capital is reported to be working with DLJ Merchant Banking on its acquisition and will provide mezzanine financing to support the acquisition.
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