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Vita Group, one of the big-three foam suppliers, is to have a new private equity owner, confirming takeover stories first reported earlier this year.

 

The multinational foam conglomerate said TPG Capital, its majority shareholder since 2005, had accepted an offer for its shares from Strategic Value Partners (SVP), a private equity fund.


It didn't immediately disclose any further details about the transaction value or its planned timing.


SVP already held a minority position in the circa €700 million turnover Vita group, which is a major supplier to Britain's furniture and bedding industries, and others worldwide.


Specialist financial publications, including Private Equity News, Unquote and Real Deals, first reported SVP's planned acquisition of TPG's shares in February, without confirmation from either party.


U.S. based SVP describes itself as a global alternative investment firm focused on distressed and deep value opportunities.


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