The Baxi Group supplies radiators, boilers and gas fires to European countries, including Britain, France, Italy, Denmark, Turkey and Spain. The group was formed in 2000 through the merger of Newmond and Baxi in a deal backed by Candover and Electra, the private-equity firms. In a refinancing deal last year worth £663m, BC Partners bought out Candover and now holds a majority stake. Sales at the Derby firm, run by chief executive Mark Edwards, former finance director of Newmond, grew £16m to £721m in 2004.
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