MC role over for Candover

Candover has announced the sale of MC International, the group’s first direct French investment, via a secondary buyout backed by Charterhouse and CDC Participations. Terms of the deal were undisclosed, but Candover director Christopher Spencer said the investment in MC International performed extremely well, producing very satisfactory returns for investors’.

Candover led the FFr300 million buyout of MC International in 1997, investing alongside Chevrillon Phillipe – which later became an affiliate of the UK group – and Generale des Eaux (now Vivendi). Through the secondary buyout, the original MC International management team has acquired a controlling stake in the company.

MC International is the fifth realisation from Candover’s 1994 Fund. Previous realisations include Albion Automotive, sold to American Axle and Manufacturing; Eversholt, acquired by Forward Group; and European Rail Catering, sold to SAir Services. Castle Transmission International, the BBC’s home transmission business, merged last year with its US sister company Crown Castle International, later achieving a Nasdaq IPO.