AAC Capital Partners is expecting final round bids this month in the sale of portfolio company Volution, Reuters reported. Volution, a heating systems manufacturer, is expected to fetch around around 200 million pounds ($311.6 million), Reuters wrote. AAC Capital bought Volution in 2006 from Montagu Private Equity.
(Reuters) – European private equity firm AAC Capital Partners’ sale of ventilation and heating systems manufacturer and supplier Volution is gathering pace with final round bids due later this month, bankers close to the deal said.
A number of private equity firms and trade buyers are still in the running for the company, which has a price tag of around 200 million pounds ($311.6 million), after first round bids were due last month.
The deadline for final bids is October 27, the sources said.
DC Advisory Partners is running the sale process.
The leveraged buyout is likely to be backed by around 80 to 90 million pounds of debt financing, provided by a small group of banks, the sources added.
AAC is the UK team of the former buyout arm of ABN Amro which acquired Volution in 2006 from Montagu Private Equity, backed by 132.5 million pounds of debt, according to Thomson Reuters LPC data.
AAC currently has 1.7 billion euros ($2.3 billion)of funds under management.
AAC declined to comment. ($1 = 0.642 British Pounds) ($1 = 0.745 Euros) (Reporting by Claire Ruckin; Editing by Hans-Juergen Peters)