French private equity firm PAI Partners is losing its battle for control of roofing products maker Monier, Financial Times reports. PAI had bought Monier from Lafarge for €2.4 billion.
Monier’s lenders are led by distressed debt investors Apollo Management, TowerBrook Capital and York Capital. It would be one of the first private equity-owned companies in continental Europe to be acquired by its lenders.
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This article was originally published in Alternative Investment News.