Create a free account to continue

3i Buying Global Garden Products

Private equity fund acquiring European manufacturer and distributor of powered garden equipment for $1.03 billion.

LONDON (AP) — Private equity fund 3i PLC said Thursday it agreed to acquire Global Garden Products, a European manufacturer and distributor of lawn mowers and powered garden equipment, from ABN Amro Capital and AAC Capital Partners in a deal worth euro730 million (US$1.03 billion).
3i was not immediately available to say how much debt was included in that figure.
Existing management, led by Chief Executive Pierluigi Tosato, will invest alongside 3i, the company said.
''With the financial and strategic support of 3i, we see tremendous opportunities to continue driving the business forward in the future,'' 3i Italy partner Lorenzo Salieri said in a statement.
GGP was put up for sale in July by ABN Amro Capital, after which an auction was held.
The deal remains subject to regulatory approval.
3i shares gained 0.6 percent to 1,099 pence (euro15.87; US$22.43) in London.