Lloyds Banking Group has carried out what is believed to be the largest underwriting of a buyout deal in Europe since Lehman Brothers collapsed, after providing about £300m (€335m) of debt for the acquisition of UK clinical logistics company Marken.

The bank has provided the debt to Apax Partners for its buyout of Marken, which was bought at the beginning of this month with £1bn of equity, a person close to the deal said. Apax bought the company from Intermediate Capital Group and management. The deal effectively refinances the company so that there is two-thirds of equity and around one-third of debt.