Apax starts Hit sale process, says Daily Mail

Private equity firm ready to sell all or part of the business; but no sale likely this year.
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According to a report in the Daily Mail, Apax Partners has set the ball rolling to sell all, or part, of Hit Entertainment.

The story states that the private equity firm has called in the banks ahead of an expected trade sale of either the Thomas & Friends division or the whole business.

Sources close to Hit have told Licensing.biz that it is unlikely that a formal sales process will commence this year.

Apax Partners acquired Hit in 2005 for £489.4 million.

In April this year, Hit reached a new agreement with its creditors to amend and extend its credit facilities. This followed an agreement with lenders to waive a scheduled covenant test on its $579 million debt.

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