On the back of a £50m increase in sales to £705m in 2003, Baxi Group announced a refinancing deal at the start of this year, valuing the company at £663m. The group was formed by the merger of Baxi and Newmond in 2000 in a deal backed by Candover and Electra. With Candover exiting, BC Partners has invested to become the main shareholder. The company is one of Europe’s leading makers of home and office heating systems, employing more than 5,600 people at manufacturing sites in Britain, Denmark, France, Germany and Italy.
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