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Private equity house Charterhouse has picked up one of the best-known City research houses Wood Mackenzie in a £553 million deal from its distressed rival Candover Partners.
The private equity subsidiary of Candover Investments is going through a fire sale of assets. Its holdings also include the deeply indebted gaming giant Gala Coral.
Today after a few days' delay, Candover said it had completed the deal to sell Wood Mackenzie, universally known as WoodMac and one of the most-respected names for analysis of the oil and gas industry.
The debt-led deal with backing from HSBC, Nomura and the Lloyds Banking Group will see Candover generate proceeds of £36.2 million.
Candover Partners first invested in WoodMac in 2005 and became the majority shareholder in 2007.
Gerry Grimstone, chairman of Candover said: "Candover's stabilisation programme continues to make progress. The proceeds from this sale bolster our cash reserves."
