Buyout firm Bridgepoint has agreed a deal that will give the lending banks a 49% stake in its German portfolio company Rodenstock in return for recommitting to its existing debt and providing an additional €40m debt facility, said sources close to the deal. Unusually, the banks will not have to write off any of their debt in return for the equity stake.

In return, Rodenstock's lending banks, which include the Royal Bank of Scotland and Société Générale, have agreed to new financial covenants on their €300m debt holding in addition to the extra €40m debt facility to the company for working capital purposes, the sources said.