The Deals Pipeline

UK

Exponent has kicked off the auction of Evergreen Garden Care with the distribution of sale documents in the last days of September, Mergermarket reported. Sell-side adviser Rothschild is expected to collect non-binding bids in the first half of October. The UK-based garden care product company generates around EUR 60m in EBITDA and could be valued between 10x and 12x EBITDA. KKR, CVC and Clayton Dubilier & Rice are seen as likely bidders. Bain and PAI had also indicated interest, but it is unclear if they are still keen.

Bridgepoint is planning to sell or list UK-based home builder Miller Homes at a valuation of GBP 1bn, Sky News reported. Rothschild has been appointed to advise on the potential sale or listing.

Unilever has shortlisted bidders for the second stage of the auction of its tea brands, Sky News reported. Unilever has shortlisted offers from The Carlyle Group, Advent International, and a joint bid from the Abu Dhabi Investment Authority (ADIA) and Cinven. Advent is making a joint offer, without naming the buyout group's bid partner. A report on 13 September said Advent and the Singapore sovereign wealth fund GIC were in discussions about submitting a GBP 4bn (EUR 4.68bn) offer for the tea business. Other interested parties including Clayton Dubilier & Rice and Bain Capital are believed to have withdrawn from the bidding.

Omers Private Equity has mandated DC Advisory to explore a sale of UK supported-living service Lifeways, Mergermarket reported. The process is in its early stages and is expected to unfold towards the end of the year. Omers acquired London-headquartered Lifeways in 2012 from August Equity for GBP 207m (EUR 255m).

France

The sale of French B2B home furnishings supplier JJA has kicked off with Natixis Partners advising, Mergermarket reported. CEO and founder Jacques-Olivier Abiteboul and sponsor Towerbrook, the majority and minority owners of the business, respectively, are on the lookout for a new financial sponsor. JJA is being marketed based on EBITDA in the EUR 130m-135m range. It has around EUR 1bn in sales. The sell-side have reached out to potential sponsors, with Ardian and PAI expected to bid for the business. Advent and BC Partners are also likely to participate in the auction.

Private equity house Carlyle has walked out of the bidding for Equans, the services subsidiary of listed French energy group Engie, Les Echos reported. The auction now comprises French construction groups Eiffage and Bouygues, French engineering group Spie, and investment fund Bain Capital. The offers value the business at about EUR 5bn-6bn.

Asmodee sponsor PAI Partners is said to have mandated Goldman Sachs and Natixis to organise the sale of the France-based board games business, L'Agefi reported. The sponsor has targeted an enterprise value of more than EUR 2bn. Advent International and CVC Capital Partners are among the potential suitors amid a Covid-19 pandemic-linked boom in the popularity of stay-at-home pastimes including puzzles.

DACH

Apax Partners is putting Swiss medical services firm Unilabs back on the block in a sale process that could value it at roughly USD 5bn, Bloomberg reported. Apax is collaborating with Rothschild and could begin the sale next month. Talks are underway, and no final calls have been made with regard to the disposal.

Nordic

Novo Holdings is set to launch a process to sell Xellia Pharmaceuticals, its Danish pharma and life sciences subsidiary, with Bank of America (BofA) and FIH Partners guiding the process, Mergermarket reported. The asset could be valued at around USD 1bn. The sell-side has started to engage with potential buyers, and information memorandums are expected to be circulated in the coming weeks.

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