Comdata sponsor Carlyle Group taps Citi to prepare auction

The sale will kick off in the coming months, and teasers will be sent to both private equity firms and industry players, three sources close to the situation said.

Carlyle, Comdata and Citi declined to comment.

As reported in June, Carlyle intended to arrange informal meetings with advisers in the autumn, and to assign a mandate by November.

Comdata forecasts EBITDA of EUR 70m-80m in 2021. It generated EUR 39m EBITDA in 2020, according to a report by ratings agency Moody's.

Comdata confirmed in early June that it and Carlyle had reached a restructuring agreement with its creditors, as reported by Unquote sister publication Debtwire.

Carlyle acquired Comdata from Altair in December 2015, in a deal valuing Comdata at 4x EBITDA. The company reported EUR 39.4m EBITDA from EUR 297m in revenues for the year to June 2014.

Established in 1987, Milan-based Comdata provides CRM business-process outsourcing for industries including telecoms, energy utilities, banking and finance. Its 36,000 employees serve more than 400 clients, including Vodafone, Telecom Italia and Sky.

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