Carlyle Group LP (CG:US) pulled plans to sell IMO Car Wash Ltd. to TDR Capital LLP after rejecting a bid for the world’s largest car-wash company as too low, The Sunday Telegraph reported, without saying where it got the information.
TDR made an offer based on the “worst-case scenario” of company earnings, citing increased market volatility, according to the newspaper. The London-based private-equity firm was in exclusive talks with IMO after winning an auction run by Rothschild.
Carlyle will now try to refinance IMO’s 185 million pounds ($291 million) of buyout loans in the debt market, the newspaper said.
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