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Cinven plots Wyevale bid

Article Date:  Oct 11 2005 Elliott Davis


European buyout specialist Cinven has confirmed it is mulling over a possible £325 million offer for London-listed Wyevale Garden Centres, having secured the provisional backing of the group’s largest shareholder.

Preliminary negotiations with Isle-based investment manager Laxey Partners, which currently owns 27.6 per cent of Wyevale, have seen Cinven agree a price of at least 580p per share for its holding. This marks a 20p per share premium to present value.

In order to proceed under this agreement, however, Gnome Acquisitions (the buyout vehicle Cinven has established) must make a formal offer prior to Monday 2 December.

Completion of a bid for Wyevale, which is the UK’s largest garden business, would cap a hectic 12 months for Cinven. Already this year the private equity group has completed a number of investments, sold its interests in health clubs business Fitness First and car park operator NCP for significant returns, and made a substantial partial realisation on its stake in gaming group Gala.

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