| LONDON, Sept 3
LONDON, Sept 3 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
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.