TPG Capital is still vying for Eze Castle, as well as Hellman & Friedman, sources say. Advent International, which had teamed up with Advent Software, has dropped out, sources say.
Eze Castle provides trading software mainly for hedge funds. The sale also includes RealTick, which provides an EMS platform used by more than 1,000 institutional clients.
The unit generates about $80 million EBITDA, sources have told peHUB. Price talk for Eze Castle is $900 million to $1 billion, an investment banker says. Goldman Sachs is advising on the process.
GTCR, the Chicago PE firm, and BNY Mellon each own roughly one-third of the ConvergEx business.
New York-based ConvergEx, a financial industry software company, was formed in 2006 when Eze Castle Software combined with BNY Mellon’s institutional businesses. GTCR and BONY invested at the time. GTCR has invested $150 million over time in ConvergEx, sources have told peHUB.
In September, after failing to sell itself to CVC Capital Partners, ConvergEx put Eze Castle on the block, peHUB previously reported.
Officials for GTCR, TPG and BONY could not be reached for comment. ConvergEx, Hellman & Friedman and Advent declined comment.
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