Investcorp, the multinational private equity firm, sought to sell Accuity Inc. separately from parent company SourceMedia, but did not sell the asset, according to sources familiar with the auction process.
Accuity sells payment solutions services, risk management optimization tools and marketing products to its customers.
SourceMedia is a financial services reporting company, with little synergies to Accuity.
It remains unclear when another sale process for Accuity could initiate. SourceMedia refinanced its debt, maturing in 2011, when it placed a $170 million credit facility last month, which is set to mature in 2017. Citigroup was the lead arranger and GE and BMO Capital Markets also worked on the transaction.
The loan is secured by both Accuity and by SourceMedia, according to news service Debtwire. Accuity will be the borrower of up to $130 million of the credit facility, according to a Moody’s Investors Service report.
One source, from a company that would have had synergies with Accuity, said the company was shopped in 2010. A second source confirmed Accuity was shopped by Investcorp, but did not offer specifics on the auction’s participants.
Rick Antoneck, CFO of SourceMedia, said the company is not for sale, when contacted by peHUB.com. He also denied our sources’ comments.
peHUB writer Luisa Beltran contributed to this report.