Candover, once regarded as one of the best buyout houses in Europe, could be about to have its phoenix moment.

Dogged by a crisis at its listed parent, the firm made no investments last year for the first time in its 29-year history. However, it was last night handed a potential new lease of life when an unexpected suitor emerged to buy the business. A fall from the heights it may be, but the deep pockets of a $70bn (€59.3bn) fund manager can't hurt. It may not be life as planned, but it is life.