BC Partners cleans up with Punch parent deal
VENTURE capital fund BC Partners has bought a controlling stake in Punch Industries following the sale of a majority stake in the Cork-based company's parent.
London-based BC Partners bought a two-thirds stake in Punch's parent -- the French cleaning products manufacturer Spotless Group -- from AXA Private Equity, AXA said in a statement. The remaining third of the company is owned by management and other minority investors outside Ireland.
Spotless bought Punch in November 2006, ending a 150-year link between the Punch family and brands such as Punch shoe polish.
BC Partners said yesterday that it was financing half the deal with a loan from Bank of Ireland, HSBC, Lloyds and Societe Generale. BC Partners declined to say how much it paid but the 'Financial Times' said the deal values Spotless at €600m. Spotless bought Punch from an investment vehicle part-owned by cousins John and Martin Punch, descendants of founder Abigail Punch who created the company in 1851.