One of the most controversial private equity practices of the boom-era, a dividend recapitalisation, has been carried out by a US private investment firm, despite the difficult lending conditions.

ICV Partners, a mid-market private investment firm added $95.5m of debt to casino resort retailer Marshall Retail Group, which operates shops in casino resorts. The debt increase was carried out to fund a refinancing of its existing facilities and pay a dividend to themselves, returning about 53% of their initial investment.