Lloyds’ private equity sell-off
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09 July 2010 Lloyds Banking Group has completed the sale of a portfolio of 40 private equity investments, including Lambert Smith Hampton, in its Bank of Scotland Integrated Finance business to a new joint venture, Cavendish Square Partners The new joint venture will be 70% owned by Coller Capital, a private equity secondary transactions specialist, and Lloyds will retain the other 30%. Lloyds said it held a competitive tender process before selecting Coller as its preferred bidder and will retain any associated corporate lending. This transaction is in line with Lloyds strategy of divesting assets that are not deemed core – over the last 12 months it has sold six businesses and has raised more than £750m. Coller has retained the existing Bank of Scotland integrated finance team, led by Graeme Shankland, which team took equity stakes in companies as well as providing debt. For LSH it
Source: Property Week (www.propertyweek.co.uk) |
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