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Over the weekend Ardagh Glass announced a transformative acquisition of another well known packaging name in Impress Cooperative U.A. The deal left me with mixed emotions and came as something of a surprise because an IPO had been considered the most likely exit for sponsor Doughty Hanson.

The purchase of Impress sees the departure of a European high yield market stalwart. The company’s inaugur…

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LBOs and IPOs: have European equity investors woken up?

Back in January at our Annual Investment Forum I focussed on the changing face of the European Leveraged Finance markets – those companies financed with significant levels of debt. My belief is that the current, somewhat forced reinvention, will ultimately result  in an increasingly deep and liquid European High Yield market (EHY), more akin to that of the USHY market.

This change, which is alr…

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