Carlyle Provides GBP 25 Million For IMO Car Wash

The Carlyle Group is to provide 25 million (€28 million) to keep control of portfolio company IMO Car Wash, provided creditors write off debt, according to the Financial Times. If the deal goes ahead, it will be the second time

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The Carlyle Group is to provide 25 million (€28 million) to keep control of portfolio company IMO Car Wash, provided creditors write off debt, according to the Financial Times.

If the deal goes ahead, it will be the second time Carlyle has had to inject capital into IMO Car Wash.

Last spring, Carlyle gave the company a 25 million loan so it could be afforded some leeway with regards to its covenants with lenders, according to the report.

IMO has a 355 million debt burden which it is struggling with, in part, because of a lack of sales.

This is a first offer from Carlyle and creditors have yet to accept it, the report said.

IMO describes itself as the world’s largest car washing company and has a global span that reaches 14 countries. Carlyle invested in the company in March 2006, and since the buy-out, IMO opened its first car washes in Poland and Australia and now has more than 930 sites.

D.C.

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