BC Partners puts CeramTec on exit radar

The private equity firm has begun conversations to sound out market interest for a sale of its stake in the business, which produces advanced ceramic materials for industrial and medical purposes, the sources told Mergermarket.

While a formal process is yet to launch, Goldman Sachs is seen to be in a strong position for the mandate, two of the sources said. The bank declined to comment.

Interested parties, which could include strategic players as well as sponsors, will be facing valuations of upwards of €3bn for the company, three of the sources said.

Any process is also likely to include the option of a dual track given the size of the business and the desire to create competitive tension, the first and second sources noted.

Should BC Partners pursue the IPO route, CeramTec is likely to fetch a higher multiple in New York than in Germany, one source added.

BC Partners acquired CeramTec in conjunction with Ontario Teachers' Pension Plan (OTPP) and Public Sector Pension Investment Board (PSP) from Cinven for €2.6bn in 2018.

Previous owner Cinven sought to raise €2bn by floating the firm under its ownership in 2015, according to earlier press reports.

BC Partners (which owns a minority stake in Unquote parent company Acuris), OTPP and PSP declined to comment. CeramTec did not return requests for comment.

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• BC Partners
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• Goldman Sachs