Sun European Partners, the European arm of US buyout firm Sun Capital Partners, sold LDV, the UK van business it bought from the brink of bankruptcy seven months ago to GAZ International, a Russian automotive group.
Under the deal, LDV will become a part of the GAZ Group’s development plans for international expansion. GAZ is Russia’s second largest automotive company and the seventh largest manufacturer of commercial vehicles worldwide. The terms of the transaction were not disclosed.
Sun European Partners acquired the trade and assets of LDV in December 2005 when it led, advised, and structured a major refinancing package to rescue the business.
Since that date, the business has been substantially restructured and continues to show performance improvements each month.