Terra Firma is bidding for Northgate |
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Mon, 12 Sep 2005 19:05
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LONDON: Private equity group Terra Firma Capital Partners, owned by Guy Hands, is understood to be eyeing Britain's largest van hire company Northgate for a possible buy-out. However, no firm offer has yet been made although there are news reports that the offer value could be around 800 million pounds.
Northgate confirmed it had indeed been approached with an offer, but refused to name the company. Hands said "I cannot say anything for obvious reasons."
Terra Firma is also understood to be looking at buying the vehicle-leasing unit of bus and train operator Arriva. The company has, however, clarified that it is not interested in selling its division at this moment. It has been in news recently when it withdrew from an attempt to acquire East Surrey Holdings, a gas and water utility, for 453 million pounds.
Earlier reports had suggested that GE Capital, which owns European transport company TLS, is behind the offer to buy Northgate, which has a fleet of more than 50,000 vehicles. Its customers include TNT and Parcelforce.
Hands was at one time Britain's highest paid financier. Terra Firma has always been interested in infrastructure companies. Hands had recently acquired Viterra, housing arm of utility giant Eon paying 4.6 billion pounds. The buy-out has hiked Terra Firma's German property portfolio to 230,000 flats.
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