KKR mulls ATU exit

KKR is reportedly considering bids from potential buyers as well as proposed debt-for-equity swaps from the creditors' side, Reuters reported.

The private equity house, which acquired ATU nine years ago, is unlikely to pump any additional equity into the car-servicing chain.

In 2008, KKR and Doughty Hanson injected a further €140m in cash into ATU after the firm struggled with declining profits and sales. As part of the transaction, Doughty Hanson purchased an 18.5% stake in ATU.

However, Doughty Hanson reportedly handed the minority stake back to KKR in 2010.

KKR bought ATU from Doughty Hanson in 2004 in a secondary buyout. The transaction valued the business at around €1.45bn.

Doughty Hanson acquired ATU for an estimated €1bn in 2002 in a management buyout, according to unquote" data. A senior debt facility was provided by HypoVereinsbank and Japanese Mizuho Corporate Bank.

KKR and ATU declined to comment.

 

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