Bloomberg News

Carlyle Axes Sale of IMO Car Wash to TDR, Sunday Telegraph Says

July 29, 2012

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.

To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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Companies Mentioned

  • CG
    (Carlyle Group LP/The)
    • $30.44 USD
    • 0.72
    • 2.37%
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