
IK pre-empts Batisanté sale at the start of second round
The sale of Batisanté, one of the most hotly contested mid-market auctions in France, has been preempted by IK Partners, two sources familiar with the matter said.
First round bids were due earlier this month, as previously reported.
The LGT-owned business was being marketed off EUR 20m of adjusted EBITDA and EUR 16m of reported EBITDA. During the auction, a source said the asset was expected to be preempted.
IK has fended off competition from multiple sponsors including Chequers, Equistone, Latour, with Naxicap, Cobepa, Stirling Square, and Macquarie also circling the asset, as reported.
Last year, Batisanté acquired its competitor Bouvier, a specialist in safety services for collective housing. During the process, financiers were working out synergies between the two companies and the impact of the acquisition on Batisanté's adjusted EBITDA, as reported.
Founded in 1987, Batisanté is a specialist in health and safety services for real estate, asbestos and pest control, 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.
IK declined to comment. Rothschild, LGT, and Batisanté did not immediately respond to a request for comment.
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater