LGT's Batisanté draws interest from multiple sponsors in hotly contested sale

Cobepa and Stirling Square are also among interested suitors, a fourth source said, and Macquarie is also circling the asset, this and a fifth source familiar said. The bidders are gearing up to submit first-round bids which are scheduled for this week, a sixth source said.

The LGT Capital Partners-owned business is sold off EUR 20m adjusted EBITDA and EUR 16m reported EBITDA, as reported.

While the business is not high-growth or a med-tech gem, but it is not affected by the war in Ukraine or inflation, so bidders and lenders are "really keen on it,” one of the sources said.

On the flip side, Batisanté is a large employer, something bidders and lenders are conscious about should salaries rise, another of the sources said, adding that, compared to other assets in the market, "it’s a pretty straightforward deal, with no huge EBITDA adjustments.”

Last year, Batisanté acquired its competitor Bouvier, a specialist in safety services for collective housing. Bidders and lenders are working on understanding synergies between the two companies and the impact of the acquisition on the adjusted EBIDTA of Batisanté, one of the sources pointed out. Bouvier was the Batisanté's main competitor, a seventh source added.

The strong appetite for the business might accelerate the auction. “Lenders are ready and motivated [to finance], so it will be easy to pre-empt,” one source said.

Founded in 1987, Batisanté is a specialist in health and safety services for real estate, asbestos and pest control, and safety systems for elevators and fire security. Based in Neuilly-Plaisance, the company offers its services to around 100,000 buildings, according to its website.

Stirling Square, Chequers, Equistone, IK and Macquarie declined to comment. Batisanté, LGT, sellside advisor Rothschild, Latour, Naxicap and Cobepa did not return requests for comment.

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