Bowmark Capital is looking to sell Education & Adventure Travel Group, a UK-based provider of school holiday trips. The company is believed to be worth between $200 million and $300 million, with PricewaterhouseCoopers managing the process. Bidders reportedly include European Capital, Graphite Capital, AAC Capital, Advent International, Bank of Scotland Integrated Finance and CCMP Capital.
Catterton Partners has agreed to sell Frederic Fekkai & Co. to Procter & Gamble Co. for an undisclosed amount. Fekkai is a New York-based operator of hair salons and maker of high-end hair care products.
Merrill Lynch Global Private Equity has completed a full exit from UK department store chain Debenhams PLC, two years after floating the business with fellow private equity investors CVC and Texas Pacific Group. Merrill Lynch sold the shares at a discount of 16% to yesterday’s price of 71.5 pence. Merrill Lynch and co-investors CVC and Texas Pacific Group de-listed Debenhams in 2003 for £1.72 billion, and were able to recoup some money via a pre-IPO refinancing. Both CVC and TPG are retaining their positions for the time being.
NBGI Private Equity has sold Hamworthy Heating, a UK-based commercial heating equipment business, to French engineering conglomerate Altantic. No financial terms were disclosed, although NBGI disclosed that it had generated a 6x IRR on its original investment of £11.2 million in January 2002.
Permira has completed its $1.2 billion sale of Aearo Technologies Inc., an Indianapolis-based manufacturer of personal protective equipment and energy-absorbing products, to 3M. Aearo last year had agreed to a leveraged recap that included a senior secured first-lien facility and a senior secured second-lien facility worth a combined $735 million. Lenders included Bank of America, Bear, Stearns & Co. and Deutsche Bank.