Bridgepoint lost the bulk of its minority stake in diagnostics company Alliance Medical as part of a restructuring agreement with Alliance’s senior lenders, led by Lloyd’s Banking Group, Commerzbank and M&G Investments, which together will own 85 percent of the company.
Following the restructuring, Bridgepoint's stake in Alliance Medical fell to .02 percent.
Dubai International Capital will see its stake reduced from 60 percent to just 2.5 percent in the deal. The Middle East investment firm purchased Alliance from Bridgepoint in November 2007 for approximately $1.2 billion. Bridgepoint, which retained a 16 percent interest in the business, generated a 4.2x return on the deal. It acquired Alliance in 2001 for about $133 million.
Alliance’s mezzanine lenders will own a 2.5 percent stake in the company, with management holding the remaining 10 percent.
In October, Bridgepoint acquired French jewellery retailers Histoire d’Or and Marc Orian in a transaction totaling over $790 million.
Bridgepoint is a generalist investor with a focus on the business services, consumer, financial services, healthcare, media and industrial sectors. The firm targets companies valued between €200 million and €1 billion, and has raised €11 billion of capital in its 25 year history.