Centerbridge Partners, the buyout firm launched by a former head of Blackstone's private equity group, has made its first investment by stepping in to save a $1.7bn (€1.3bn) management buyout that lost its previous backer.

Centerbridge was set up by Mark Gallogly, formerly of The Blackstone Group, and Angelo Gordon veteran Jeffrey Aronson. The firm raised $3.2bn for its first find.

Heidi Moore in New York

Blackstone Group

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Centerbridge makes investment debut

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