Moelis Capital sale of NAPA Management in final stages: sources

Moelis Capital Partners’ auction of NAPA Management Services Corp has hit the final stages, four sources said.

NAPA, an anesthesia and preoperative management company, is expected to sign a deal to sell itself in the next two weeks, two of the sources said.

Buyout shops that made it to the auction’s advanced stages include KKR, Leonard Green & Partners, and Apax Partners, sources said.

NAPA, which is based in Melville, New York, generates $75 million in annual EBITDA, one of the sources said. The company could fetch a low-double digit multiple, or $800 million or more, two of the sources said.

Dow Jones reported in January that NAPA could sell for $600 million.

Moelis & Co and Harris Williams are advising on the auction, sources said.

Mednax Inc showed early interest in NAPA but didn’t make the final round, one of the sources, a banker, said.

In April 2011, Moelis Capital Partners invested in NAPA Management Services Corp through a recapitalization. Moelis Capital, the PE arm of Moelis & Co, has a controlling stake in NAPA, a different source said.

Moelis and Apax declined comment. KKR, Leonard Green, NAPA and Harris Williams could not be reached for comment.

Action Item: Contact NAPA at 516-945-3000

Correction: An earlier version of this story incorrectly stated that Advent International made it to the final stage of the auction. 

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