(Bloomberg) -- Triton Partners is poised to hand over the keys of personnel provider Univativ to private credit fund Pemberton Asset Management, an existing lender to the company.
A spokesperson for Pemberton confirmed the transfer of ownership of Univativ. Triton will retain an economic interest in the German firm, which finds jobs for university graduates, according to the Pemberton representative. A spokesperson for Triton declined to comment.
Triton’s acquisition of Univativ was financed by a unitranche loan from Pemberton in 2017. The parties at the time did not disclose the overall size of the loan facility.
So-called debt-for-equity swaps, where a lender takes control of a business after the borrower fails to meet its financial obligations, are increasing during a prolonged period of higher interest rates and a slowdown in consumer growth.
©2024 Bloomberg L.P.