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Candover to sell Get to Quadrangle and GSCP-led group in NOK5.8bn deal20/11/2007. Source: AltAssets. 
 European buy-out firm Candover has agreed to sell Norwegian cable TV operator Get to a syndicate of investors led by Quadrangle Capital Partners and GS Capital Partners for NOK5.8bn ($1.07bn). The deal is Candover's first exit from its €3.5bn Candover 2005 Fund, representing a multiple of 2.2 times the original investment, generating an IRR of around 50 per cent, according to the firm.
Candover has retained an ownership stake in Get.
Quadrangle will finance its part in the deal from its QCP II fund, which closed in 2005 on $2bn. The Quadrangle and GSCP-led investor syndicate are backing the current management team, led by CEO Gunnar Evensen.
Get supplies cable television, telephony and broadband internet services to 370,000 homes in Oslo and the major cities of Southern Norway. The company is headquartered in Oslo and employs 350 people.
Candover and the management of Get bought UPC Norway from American cable operator Liberty Global in January 2006 for NOK3.6bn ($666.4m), rebranding it as Get in October of that year.
Candover managing director John Arney said, 'We have every confidence that, with the support of its new shareholders, Get will continue to grow strongly under Gunnar Evensen's leadership and consequently, we have retained partial ownership of the business.'
In a separate transaction, the Candover 2005 Fund recently agreed to buy European cost reduction and tax recovery services business Alma Consulting Group in a deal believed to be worth around €800m.
GSCP is the private equity vehicle of financial services group Goldman Sachs Group. It held a final closing on its GS Capital Partners VI on $20bn in spring.
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