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Electra and Candover to exit UK boiler investment03/12/2003. Source: AltAssets. 
 Private equity firms Electra and Candover are to exit their investment in UK-based boiler manufacturer Baxi. The sale is expected to raise up to £720m.
Seven financial and trade buyers initially expressed an interest in the company. Merrill Lynch is to decide upon a short list by the end of this week.
Preliminary bids have come from private equity firms Bain Capital, BC Partners and Carlyle Group. Carlyle Group already owns Italian boiler manufacturer Reillo Group. Trade buyers include US industrial group UTC and another Italian boiler manufacturer Merloni Termosanitari.
Baxi has operations in the UK, Denmark, France, Germany, Italy and the Netherlands, and generated a turnover of E1bn in 2002. The company was formed in 2000 by the merger of Baxi Holdings with Newmond, which Electra and Candover acquired for £360m in 1996.
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