PRINT THIS PAGE German group Nanno and two US groups buy Agfa-Gevaert photo business20/08/2004. Source: AltAssets. 
 German private equity firm Nanno and two US groups have reportedly joined forces to back the management buy-out of the troubled consumer photo business from Belgian-based Agfa-Gevaert for a reported E175m.
The business has been on the market for some time but poor performance has made it difficult for counterparties to reach agreement on price.
Nanno has been joined by US firms Abrams Capital and Highlands Capital, both of whom have acquired a ten per cent stake in the business, according to Financial News. Their participation is yet more evidence of the growing importance of US firms in the European private equity market.
AgfaPhoto, the newly renamed business, has been suffering from intense competition in the market for traditional photographic equipment and products and the shift among consumers towards digital products.
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