Grand Cayman – Vita Group is a step closer to a new owner, with the European Commission's approval.
VitaCayman is holding company which ultimately owns Vita Group. Strategic Value Partners (SVP) made a cash offer to buy Vita Cayman, and notified the EC of its plan in early March. The EC approved it on 3 April 2018.
SVP is privately owned. It manages hedge funds and private equity funds. The European Commission approved the merger because there is no link between Vita Group and any of Strategic Value Partners' other companies.
SVP said it focuses on 'deep-value opportunities, where we typically take an active role'. The company added that this could be 'by driving the strategic and operational direction of companies'.
Vita Group's previous majority owner was TPG. This is also a private equity fund.
SVP will repeat the offer to Vita Group's minority shareholders, according to financial newspapers.