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...It wrote off its €450m investment in Marken, the UK pharmaceutical logistics company, following a breach of its debt covenants....
...Nick van Marken of Deloitte says: “There is a capex overhang that is accumulating.”...
...Apax, which bought US shoe designer Cole Haan this year, is expected to lose its €450m investment in Marken, a UK clinical logistics company, which is to be seized by its lenders after breaching its debt...
...Three of its investments – UK retailer New Look, healthcare logistics group Marken and General Healthcare Group, the UK’s largest private hospital group by revenues – have struggled to cope with debt...
...“It feels like someone has flicked a switch,” Mr van Marken says....
...Apax Partners’ £975m purchase of Marken from Intermediate Capital Group was a tertiary buy-out, with the company passing to its third private equity owner....
...ICG, the UK -listed mezzanine lender that owns a large minority stake in Marken, is expected to earn £170m from the sale, of which £68m is profit....
...Marken is ICG’s second-biggest asset after Médi-Partenaires, the French group. The mezzanine investor valued its stake in Marken at £91.4m at the end of March....
...In December, Apax Partners agreed to pay £975m for Marken, a pharmaceuticals distribution company, from Intermediate Capital....
...In December Apax Partners agreed to pay £975m for Marken, a pharmaceuticals distribution company, from Intermediate Capital....
...Apax Partners this week unveiled the UK’s biggest buy-out for more than a year with the £975m ($1.6bn) acquisition of Marken, a pharmaceutical logistics company....
...TPG and the Canada Pension Plan agreed last month to pay $5.2bn for IMS Health, the US drug research group, and Apax Partners this week unveiled the £975m takeover of Marken, the UK-based pharmaceutical...
...Nick van Marken, leisure analyst with Deloitte, said operators should avoid building hotels because of big sporting events....
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