Permira Holdings’ deal to acquire Ergomed is being funded with support from Blackstone’s credit unit in the latest sign that that private lending firms are taking buyout business from traditional lenders including banks, according to a report by Bloomberg.
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Private equity firms are increasingly looking to the $1.5tn private credit sector to provide funding for buyout deals which as little as five years ago, were almost exclusively bank business.
In June, private debt funds at Blackstone and Goldman Sachs Asset Management beat banks to a £1.25bn deal to support EQT AB’s acquisition of Dechra Pharmaceuticals Plc, the biggest European take-private of the year.
Source: Private Equity Wire
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