On the blocks

30 June 2009 By John Foley Follow @johnsfoley

Nappymaker Ontex hit the skids after the LBO was loaded up with too much debt twice. Now it s on the block and trade buyers are interested. But even if Ontex achieves its mooted E950m valuation, this is one deal that private equity will be happy to kiss goodbye.

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Candover, the UK private equity firm, received expressions of interest in Ontex, one of its portfolio companies, according to the FT. Candover estimated the maker of nappies and other absorbent products could be worth E950m, the report said.

Ontex was taken private in early 2003 after Candover bought a majority stake from the Belgian firm's controlling family, the Van Malderens, in a deal valuing the company at E1bn. It was refinanced in 2007 after warning it would breach its loan covenants.

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