Equity firms stalk BoSiF portfolio

THE former owner of Pets at Home is one of a number of leading private equity firms bidding for the porfolio of investments built up by Bank of Scotland Integrated Finance – BoSIF.

A number of high profile North West businesses – Ainscough Crane Hire, bedpan maker Vernacare of Bolton, Bifold Fluidpower and flooring group Gradus – were all part-owned by BOSIF.

Reports today said private equity firm Bridgepoint, flush from its success with Pets at Home, had combined with secondary buyout specialist Lexington Capital to bid for a bundle of equity stakes in about 60 companies which underwent buyouts backed by BoSIF.

An article in the Financial Times said 3i and Coller Capital were also interested.

The Bank of Scotland unit took debt and equity when it backed management buyouts but Lloyds does not favour this approach and wound down BoSIF soon after taking control of HBOS.

A number of the businesses in the portfolio have been refinanced in recent months, with Gradus and Vernacare among those.