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Specialist warranty company Domestic & General has been snapped up in a £750 million joint takeover by private equity firm CVC and its own management.

DAG provides millions of warranties for electrical appliances in the UK as well as in Europe, Australia and New Zealand.

The London based group is being sold by investment group Advent, which bought the group in 2007 for £524 million.

DAG provides cover for 22 million products for 15 million customers, generating annual sales of £600 million. These include 13 million appliances in the UK covered for eight million customers.

The group has long-standing arrangements with major retailers such as Argos and others as well as deals with many manufacturers and brands to provide warranty services for domestic appliances, and employs around 2,500 staff.

Teh company has its headquarters in Wimbledon as well as centres in Nottingham, Brighton and Bedworth, Warkickshire.

Chief executive John Pearmund, who led the senior management investment, said: "We very much welcome the support, opportunities and resources which CVC will bring to D&G to enable us to build further on our success to date in the UK and internationally."

CVC partner Pev Hooper said: "John Pearmund and his team have built a great business, with real long term growth potential."

The transaction is subject to regulatory clearance and is expected to take place during the fourth quarter of this year.

Figures from D&G show underlying earnings up 32% to £72.7 million for the year to the end of March 2012. Profits before tax were £31.3 million, after a £33.9 million loss the year before.

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