3i, the Swedish lower mid-market private equity firm Litorina Kapital, together with the founding families, have agreed to sell their stake in Q-Matic Holding, a queue management systems company, to Altor Fund II. Although the purchase price is undisclosed, the transaction represents a money multiple of more than 9x the owners’ original investment.
The Blackstone Group has completed its sale of Extended Stay Hotels to the Lightstone Group for $8 billion. Blackstone retained a 10 percent stake in Extended Stay, which it acquired in 2004 for approximately $3.13 billion (including $1.13 billion in assumed debt).
Focus DIY was sold to U.S. hedge fund Cerberus for a quid. Cerberus will pay a nominal £1 for the company, pay off its £174 million in debts and give £40 million to bondholders. The deal will see private equity houses Apax and Duke Street Capital exit the do-it-yourself shop, which they bought in 2002.