Charterhouse to sell Ista

The GPs hopes to start the sale of the business in H1 2013, igniting what could be one of the largest private-equity transactions in Germany next year, alongside Springer Science & Business Media, which could equally fetch around €3bn, reports claimed.

Banks are said to be offering staple financing of about 7x the business' EBITDA, which is around €315m. Reports also claimed that the banks offering the most attractive staple financing could be well-positioned for the advisory mandate, which could be awarded by the end of the year.

Charterhouse acquired Ista in a secondary buyout from CVC in 2007. The firm paid €2.4bn including debt. CVC reinvested a part of the sale proceeds for a minority stake in the business following the transaction.

Ista specialises in the sub-metering and billing of heat, water and ancillary costs and is active in 25 countries across Europe, North America and Asia. CVC acquired Ista, then named Viterra Energy Services, from Viterra, a subsidiary of utility group E.ON, in 2003. The deal was valued at €880.5m.

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• Topics
• DACH
• CVC Capital Partners
• Charterhouse Capital Partners
• Germany