(Reuters) – A handful of potential buyers have submitted bids in excess of 500 million euros ($662.58 million) for private equity firm Quadriga Capital‘s Austrian refrigeration manufacturer AHT Cooling, three sources familiar with the matter said on Friday.
Quadriga acquired AHT in 2007 backed with 225 million euros of debt, according to Thomson Reuters LPC records and is now looking to sell the company, having hired Macquarie and William Blair as advisers [ID: nL6N0FT25T]
AHT attracted a number of potential buyers which submitted second round bids this week in an auction process, including private equity firms Bridgepoint, EQT, Nordic Capital and Ontario Teachers as well as strategic buyers Carrier Refrigeration and Dover Corporation, the sources said.
Final round bids are due September 20, one of the sources said.
Bridgepoint, EQT and Nordic Capital declined to comment. Quadriga, Ontario, Carrier and Dover were not immediately available to comment.
Bankers are arranging debt packages of around 320 million euros or around 5.75 times its approximate 56 million euro earnings before interest, taxes, depreciation and amortisation (EBITDA), that will include a mixture of senior leveraged loans and subordinated debt, to be offered to potential buyers to help fund a buyout, three other sources, all bankers, said.
AHT traces its roots back to a 15th century iron manufacturer and specialises in commercial retail refrigeration units for supermarkets. The company, which was listed on the Austrian stock exchange from 1998 to 2003, posted sales of 292 million euros in 2012 and employs 1100 people, according to the company. ($1 = 0.7546 euros)