Citigroup, which provided an eleventh-hour debt package that helped a private equity consortium acquire UK supermarket group Somerfield in 2005 in a deal that was beset by concerns over financing, has been appointed by the company to find a buyer.
Citigroup was lead adviser and provided debt financing and a payment in kind note to ensure Apax Partners, Barclays Capital, Icelandic bank Kaupthing and property magnate Robert Tchenguiz secured the protracted £1.8bn (â¬2.4bn) takeover of Somerfield in October of that year.
