RLPC-Intertrust sale attracts private equity interest-bankers

LONDON, Sept 3 Mon Sep 3, 2012 5:14pm IST

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LONDON, Sept 3 (Reuters) - Private equity firm Waterland has attracted a number of potential buyers for Dutch trust and corporate management business Intertrust Group, banking sources said on Monday.

ING is leading the sale process, which has attracted private equity interest and is expected to involve a number of players submitting first-round bids in an auction which kicks off on Sept. 12, the sources said.

Blackstone, Carlyle and Cinven are buyout houses looking at the deal and could submit bids. Bridgepoint, CVC and 3i have also considered the deal, the banking sources added.

Blackstone, Bridgepoint, Carlyle, Cinven and 3i declined to comment. CVC was not immediately available to comment.

Bankers are putting together debt packages of between 400 million euros ($504.2 million) and 500 million to back a buyout should the company go to a private equity bidder, bankers said.

The financing could either be through all-senior leveraged loans, which would give the deal a leverage of around 4.5 times the company's approximate 75 million EBITDA, or could include mezzanine debt as well, which would bring leverage on the deal to around 5.5 times EBITDA, bankers said.

Intertrust Group was put up for sale earlier this year and information memorandums were sent to potential buyers in August.

Waterland bought Intertrust in September 2009, backed with around 140 million euros of debt. Intertrust then acquired Walkers Management Services (WMS) earlier this year, at which point the company refinanced its debts and got an additional acquisition loan, bringing Intertrust's total debt to 250 million euros.

Waterland is expected to make a profit on the sale, after Intertrust's earnings grew in part from the acquisition of WMS and also due to a good company performance, bankers said.

Founded in 1952, Intertrust has over 1,000 employees in over 20 countries worldwide. Its core business is to set up and manage holding companies, Waterland said on its website.

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