Barclays Private Equity to divest Converteam

Barclays Private Equity is reportedly seeking to divest its power conversion portfolio company Converteam. At the time of going to press reports suggested that the auction process has led to seven bids of over EUR1.5bn being tabled. Barclays would record an impressive plus value considering it purchased the company, formerly called Alstom Power Conversion, from Alstom three years ago for EUR120m. Eurazeo, 3i, LBO France, Cinven, Emerson and General Electric are reported to be circling the company.

HSBC, Lehman Brothers, Natixis, Societe Generale and Royal Bank of Scotland are reportedly finalising a staple financing agreement; a pre-arranged debt package for the winning bidder.

Massy-based Converteam is a power conversion engineering company that manufactures rotating machines, converters and drives for the marine, oil and gas and offshore energy industries. The company has 4,600 employees worldwide and recorded an 80% increase in orders to generate a turnover of EUR1.43bn in 2007.

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