HIG to collect first-round bids for Conet next week

Bids are due by Wednesday 15 September, the sources said, adding that mid-cap private equity firms are taking an interest in the asset.

GCA Altium is advising on the process, in which Conet is marketed based on EBITDA of around EUR 25m, as previously reported by Mergermarket.

The company reported EUR 18.1m EBITDA from revenues of EUR 148.2m in the financial year to 31 March 2020, according to its latest available filings. It forecast EUR 19.8m EBITDA and EUR 170.5m in revenues for the following year, to 31 March 2021, and said it expected the coronavirus pandemic would have a "noticeable but not significant influence" on its performance, the filings state.

Founded in 1987, Conet is an IT consultancy, IT systems integrator and software developer offering services including SAP consulting, IT infrastructure and IP-based communications, according to HIG's website.

HIG acquired a majority stake in Conet in 2017 for an undisclosed sum. The company has completed a number of add-on acquisitions under HIG's ownership, including German IT service providers Procon IT in 2019 and Act IT Holding in 2018.

Comparable companies to Conet include fellow SAP-focused IT system integrators such as DPE-backed Valantic and All for One.

Headquartered in Hennef in the state of North-Rhine Westphalia, Conet has around 1,000 employees, and offices in Germany, Austria and Croatia, according to its website.

HIG declined to comment. GCA Altium and Conet did not return requests for comment.

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