Britax plays it safe as banks overbid

Nordic Capital, backed by Commerzbank and Bank of Ireland, won the bidding war for Britax despite offering a smaller debt package than other parties. Commerz and BoI estimate that their £260m debt financing will put leverage at 4.5 times ebitda, below the 5.8 times others had offered. Bankers call Britax “sensible”, but market participants question the actions of the more aggressive banks. To find out more, read EuroWeek this Friday.