A UK buyout fund backed by Kaupthing, the recently-nationalised Icelandic bank, has been taken over by administrators, according to The Daily Telegraph.
Administrators Smith & Williamson have appointed per centE Investors as the new fund managers of KCPII Master fund.
per CentE will now be in control of the fund’s portfolio of companies which includes a 22% stake in listed cash and carry group Booker, as well as stakes in fashion retailer Phase Eight, ADP Healthcare, a chain of dentists and DLG, a marketing business.
Kaupthing raised the £500m fund in 2007 providing some of the capital itself and also attracting investments from external parties.
Source: Thomson Merger News
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