EQT and Ardian in final round for Schülke – report

PAI is also one of the remaining bidders in the final round, according to the report.

The auction for the Air Liquide-owned asset is primarily targeting financial sponsors after trade bidders including Lanxess left the process.

The company is being marketed on an EBITDA of €50-70m and is aiming for a 13x EV/EBITDA multiple, implying an EV of €750m-1bn.

Morgan Stanley is running the sale process.

As reported by Unquote sister publication Debtwire, JP Morgan has issued a staple in the range of 6.25x to 6.5x, which is considered to be aggressive due to Schülke's substantial pension liabilities.

Schülke was established in 1889 and is headquartered in Norderstedt, Germany. The company employs 1,200 staff and reports sales of €335m. The business produces hygiene and cleaning products including disinfectants, antiseptics, preservatives and biocides.

Click here to read the full report on Mergermarket.

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• Topics
• Buyouts
• DACH
• Industrials
• people moves
• EQT
• Ardian (formerly Axa PE)
• PAI Partners