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3i Private Equity Announces Massive Workforce Cuts
3i private equity has announced that it will cut more than a third of its workforce. The move comes on the back of the appointment of Simon Borrows, a former Greenhill banker hired as CEO last month. In trying to lower the firm's annual costs to below £45 million over the next two years, it was also announced that it will close offices in Spain, England, Holland, Hong Kong, Italy and China. Operations at some of 3i's other offices will also be scaled back; New York and Mumbai among the ones affected. 3i has undergone an intense transition since the financial crisis...
Permira to Refinance Iglo
The private equity group Permira will cancel plans for a sale and will instead go ahead with a recapitalisation of the frozen foods business Birds Eye Iglo. Blackstone and BC Partners have long been attempting to use Iglo as part of a larger purchase in an attempt to create synergies with other frozen foods businesses. However, Permira's valuation of the business ranged from between €300 million and €500 million above what buyers were said to be willing to pay. The recapitalisation will see investors receive the majority of capital back, and will increase Birds Eye's debt by nearly €2 billion. Permira will...
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