Advent selling Moeller to Doughty for 1.1 billion euros

Advent International reports that it's selling Moeller Group to U.K.-based Doughty Hanson & Co. for 1.1 billion euros, including pension liability and financial debt. The transaction is subject to regulatory approval and is expected to close in August 2005. Advent and Doughty Hanson are private equity firms.

08/01/2005


Advent International reports that it's selling Moeller Group to U.K.-based Doughty Hanson & Co. for 1.1 billion euros, including pension liability and financial debt. The transaction is subject to regulatory approval and is expected to close in August 2005. Advent and Doughty Hanson are private equity firms. Advent will consider reinvesting a portion of its sale proceeds in Moeller following the close of the transaction.

Moeller is one of Europe's largest suppliers of low-voltage electrical distribution and automation components for industrial, commercial, and residential use. It reportedly has undergone a successful corporate turnaround since Advent acquired it December 2003. Though it traditionally had strong market positions, a portfolio of high-quality products, and an excellent customer base, Moeller reportedly had experienced frequent management and strategy changes, a lack of financial transparency, and over-diversification, leading to significant losses.





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