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Swiss UBS Capital seeks E500m buyer for lawnmower business28/04/2003. Source: AltAssets. 
 Swiss UBS Capital is looking to sell its lawnmower manufacturing business, Global Garden Products, for around E500m. Morgan Stanley has been appointed to advise on the sale.
French buy-out firm PAI and US private equity house Bain Capital are thought to be on the list of potential bidders, according to the Times.
UBS has determined to reduce its commitments to private equity following a series of write-downs, including CHF389m in the fourth quarter of 2002, and is focusing on managing existing assets and capitalising on exit opportunities as they arise.
UBS Capital's private equity investments, including fund investments, stood at CHF3.1bn at the end of 2002, a 38 per cent decline from CHF5bn the previous year.
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