PE Firm Phoenix Grabs Lupus' Oil Unit For £75M

Law360, New York (March 14, 2012, 5:14 PM EDT) -- U.K. building parts supplier Lupus Capital PLC has agreed to sell its oil services division to private equity firm Phoenix Equity Partners for about £75 million ($118 million) in order to pay down debt and make further acquisitions, Lupus announced Tuesday.

Proceeds from the all-cash sale of Gall Thomson Environmental Ltd. to Phoenix subsidiary Copper Bidco Ltd. will first be used to chomp away about £30 million of Lupus' debt facilities, off-setting future scheduled repayments. The rest will then go toward a £4.5 million shareholder dividend,...
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