Sponsors in race for Laird Thermal Systems

Private equity firms Bregal, Capvis, Inflexion and Stirling Square and an undisclosed strategic bidder have been selected to proceed to this interim round, according to two of the sources. First-round indicative offers were submitted in early July, as reported by Mergermarket earlier this month.

Advent-backed Laird Thermal Systems generates around EUR 20m EBITDA, as reported. However, given the company’s R&D needs, the structuring EBITDA could be closer to EUR 13m, the first source said. The business is expected to achieve an enterprise value in the region of EUR 220m, one of the sources added.

Rothschild is sell-side adviser, as previously reported. Laird Thermal Systems engineers a variety of active thermoelectric components and assembles temperature controllers and liquid cooling systems for sectors including medical, industrial, and transportation.

The business is a carveout from Advent’s portfolio company Laird, which the sponsor took private in a deal that valued Laird at GBP 1bn in 2018. Advent sold the Performance Materials division of Laird in March for USD 2.3bn to chemicals firm DuPont, as reported. The expectation has been that Advent would exit the remaining Connectivity and Thermal Systems businesses with combined revenues of about USD 165m.

Laird's Connected Vehicle Solutions (CVS) unit, which sells smart car antennas and car connectivity systems to large car makers, has also been up for sale previously, as reported.

Advent Bregal, Capvis, Inflexion and Stirling Square declined to comment. Laird Thermal Systems and Rothschild did not return requests for comment.

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• Topics
• Buyouts
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• DACH
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• Advent International
• Capvis AG
• Inflexion Private Equity
• Stirling Square Capital Partners
• Bregal Capital