Permira invests in Dunlop buyout

The firm has provided financing from two of its debt funds, facilitating a buyout for Liberty Hall Capital Partners.

Permira Debt Managers, the credit focused arm of Permira, has provided financing supporting the buyout of UK-based airline tyre manufacturer Dunlop Aircraft Tyres. The funding was provided from two of the firm’s private debt funds.

The financing has been provided to private equity shop Liberty Hall Capital Partners. According to a company announcement, Permira is acting as the sole senior lender for the transaction. 

As part of the financing package, Royal Bank of Scotland is providing a revolving credit facility. Further terms of the financing, including the size of the deal, could not be determined by time of publication. 

Permira provided the debt from its second Permira Credit Solutions fund (PCS2) and its recently-closed third Credit Solutions Fund (PCS3). The latter held a final close earlier this month on €1.7 billion, and employs a leverage facility giving it €2.1 billion in investible capital. 

Earlier this month, the firm transacted its largest ever debt deal, providing a facility worth £375 million ($481 million; €440 million) to private members club Soho House. Permira has also participated in several other deals this year, including €100 million worth of financing for Benelux-based medical supplier Duomed. 

Thomas Kyriakoudis, chief investment officer for Permira, previously told PDI the firm’s quick deployment of capital accounted for its speed of fundraising. The firm’s recent fund close came after holding a first close on €900 million at the end of 2016. 

A spokeswoman for Permira did not respond to requests for additional comment by time of publication.