Cognetas Sees Bid for PE Portfolio

An unnamed European financial investor has made a proposal to buy out the portfolio of companies in a fund of private equity group Cognetas, Reuters reported, citing news in the Financial Times. The group’s current portfolio includes Morrison Utility Services, a UK infrastructure maintenance provider for utility groups; Tokheim, a French maker of fuel dispensing equipment; and Arcaplanet, an Italian pet food retailer, Reuters wrote.

(Reuters) – A European financial investor has made a proposal to buy out the portfolio of companies in a fund of private equity group Cognetas, the Financial Times reported on Wednesday.

The newspaper cited people close to the situation as saying the unnamed European financial investor sent a letter to Cognetas’ key investors offering to buy the entire portfolio.

The institution would allow existing investors in Cognetas’ fund to reinvest in the portfolio in a new vehicle as part of its approach, which was described as friendly in the article.

The group’s current portfolio includes Morrison Utility Services, a UK infrastructure maintenance provider for utility groups; Tokheim, a French maker of fuel dispensing equipment; and Arcaplanet, an Italian pet food retailer.

This year, it has sold three of its four remaining German portfolio companies — Oase, a maker of equipment for garden ponds, Commarco, an advertising agency, and KSM Castings, a car parts supplier. (Reporting by Stephen Mangan; Editing by Steve Orlofsky)