Partners Group to release IMs for Civica sale in mid-September

The Swiss buyout fund is expected to distribute information memoranda (IMs) to prospective bidders in the week starting 18 September, the sources said.

Partners Group, which is working with Arma Partners on the sale of the London-headquartered firm, is expected to complete a deal by the end of the year, a fourth source said. The private equity fund began hosting meetings with prospective investors in June when a sale teaser also circulated, as reported.

Civica, which provides business-critical software and outsourcing services, will be marketed off FY23 EBITDA of GBP 130m, as previously reported. Civica generated operating profit before depreciation, amortisation and exceptional charges of GBP 111.6m in the year ended 31 September 2022, according to company filings. Turnover in the period was GBP 476.5m, up from GBP 424.9m recorded in the same period the year before.

Partners Group in June secured a portable GBP 1bn private debt package from a club of lenders, which included Goldman Asset Management, CVC, KKR, Caisse de Depots et Placement du Quebec (CDPQ), Guggenheim Partners and GIC, as reported. The financing, priced at 625 basis points over Sonia, has a 97 initial issue discount and no covenants for maintenance.

Partners Group originally called off a Goldman Sachs-led auction in 2021 after the sale attempt stalled over valuation differences. The sponsor was said to have been holding out for offers in the region of GBP 2.7bn-GBP 3bn, while prospective buyers valued the company at GBP 2bn-GBP 2.2bn. BC Partners, CVC, CPPIB and KKR were among the private equity firms to have signalled interest in the previous sale attempt, as reported.

Representatives for Partners Group and Arma Partners declined to comment. Civica did not respond to requests for comment.

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