Bridgepoint reported a turnaround in the fortunes of two of its high-profile portfolio companies this week, including the first narrowing of losses at its Leeds Bradford International Airport since buying the asset at the peak of the market in 2007.

The buyout firm had raised eyebrows in the industry when it bought LBIA for £145m in May 2007 - a price that was equivalent to 27x the companies' earnings before interest, tax, depreciation and amortisation for the financial year 2006-07. The deal was highly leveraged, with debt package that was equivalent to 18x ebitda.