AgriBriefing sale draws bid from Five Arrows-backed Mintec

The food pricing data and analytics provider is understood to have placed a higher offer for Horizon Capital-owned AgriBriefing than other prospective buyers, the sources said. Mintec’s bid landed at north of GBP 220m (USD 264m), one of them said, adding that most of the other initial offers were below vendor expectations.

The auction, which is being run by Houlihan Lokey, attracted a mix of private equity and strategic interest ahead of the first-round bid deadline, one of the sources said. US information giant S&P Global initially showed interest in the business but has since dropped out of the process, another of the sources added.

Non-binding offers for the company, which is being marketed off EBITDA of roughly GBP 10m-GBP 12m, were collected on 24 November, the sources said.

Mintec has the financial wiggle room through Five Arrows to offer a generous price for the business without diluting the company’s future exit multiple, one of the sources said. Five Arrows, the European corporate private equity arm of Rothschild, acquired Mintec from UK-based sponsor Synova in February.

Established in 2012, AgriBriefing generated revenues of around GBP 24.7m for the year to December 2021, down from GBP 27.7m recorded in the same period the year before, according to company filings. Adjusted EBITDA fell to GBP 6.5m from GBP 7.6m in the period. AgriBriefing’s management completed a buyout of the company with financing from funds managed by Ares Management and Horizon in June 2019.

A representative for AgriBriefing declined to comment. Horizon, Houlihan Lokey, S&P Global, Mintec and Five Arrows parent Rothschild did not respond to requests for comment.

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• Topics
• Exits
• Media
• UK / Ireland
• Horizon Capital (formerly Lyceum Capital)
• Houlihan Lokey
• United Kingdom