Dutch buyout firm Taros Capital and private equity firm Advent International are planning to exit their investments in Raet, a Dutch provider of payroll and human resources software, Reuters reported. An auction could begin as soon as April, and the price is expected to reach 400 million euro ($542 million) or higher, Reuters said.
(Reuters) – The private-equity owners of Raet, the biggest Dutch provider of payroll and human resources software, are planning a 400 million euro-plus ($542 million) sale, people familiar with the matter said. Raet’s owners, Dutch buyout firm Taros Capital and global private equity firm Advent International, have interviewed banks recently in preparation for a sale, the people said. An auction could begin as soon as April, one added.
The firm could be worth about 400 million euros, or roughly 8 times its earnings before interest, tax, depreciation and amortisation (EBITDA), two of the people said — although any buyer will have to overcome concerns about the growth profile of a company that already enjoys 35 percent market share.
Advent and Raet referred requests for comment to Taros. A Taros official declined to comment. ($1=.7381 euro) (Reporting by Quentin Webb and Simon Meads; editing by Douwe Miedema)