Cinven dilutes stake in Jost with debt-for-equity swap

Cinven, a private equity firm based in London, is close to selling its stake in Jost, a German truck and trailer parts maker, to creditors. According to Reuters, an earnings slump prompted Jost’s management, its private equity backers, and holders of just under 400 million euros ($554 million) of loans to enter into a debt-for-equity swap. The arrangement could drop Cinven’s stake in Jost from 73 percent to 65 percent, while management, which holds the other 27 percent, would lose 7 percent.

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