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.