KKR & Co pulled the process for Epicor Software after bids came in below expectations, sources familiar with the process told PE Hub sister title Buyouts.
KKR, advised by Barclays, was expected to fetch between $4 billion and $5 billion for Epicor, Buyouts reported in August.
The process, which kicked off in the summer, attracted the interest of both strategics and at least one PE firm, sources told Buyouts previously. None of the bidders could match KKR’s price expectation, the people said.
Hellman & Friedman, one of the bidders and the last party in talks with KKR about Epicor’s acquisition, pulled its bid too, one of the people said.
Epicor, which provides application software to companies in manufacturing, distribution, retail and the services industries, has seen its Ebitda grow to $330 million in 2019, from $280 million in 2016, the sources said.
The firm acquired Austin-based Epicor from Apax Partners in July 2016 for $3.3 billion, according to sources. Apax’s investment dates back to 2011 when the U.K. buyout shop took Epicor private. Apax merged Epicor with peer Activant Solutions Inc. The combined deal was valued at $2 billion, a press release from that time said.
KKR, Epicor and Hellman & Friedman declined to comment for the story. Barclays did not comment.
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