Vasanta secures a crucial cash injection from Endless
OFFICE supply giant Vasanta has announced it has secured lifeline funding from turnaround group Endless Investments, in return for handing a 79 per cent stake to the private equity house.
The group has avoided collapse through a £30m cash injection from an Endless-led syndicate.
The deal will also see 29 per cent of the firm’s equity handed to its bankers RBS, Alliance & Leicester and Bank of Ireland.
Debts at the firm, which employs 1,500 people, will be slashed from £200m to £50m under the refinancing, after weeks of talks led by Deloitte Corporate Finance finally came up trumps.
Electra Partners, the firm’s previous private equity majority owner, has been left with almost no value from the group after its key credit insurance was withdrawn and its value plummeted.