Italy's Octo Telematics looks for a buyer - source

MILAN, March 27 Wed Mar 27, 2013 3:51pm EDT

MILAN, March 27 (Reuters) - Octo Telematics, an Italy-based company that makes vehicle recording devices for the auto insurance market, is looking for a buyer and will send information to potential bidders in the second part of April, a person close to the matter said.

"The bigger private equity funds are interested because it's a company that is doing well in a high-growth sector," said the source who requested anonymity.

Octo Telematics, present in 26 countries, makes "clear boxes" which measure and report back on the mileage and how well a car is driven. Installing a clear box can help reduce auto insurance costs.

Octo Telematics declined to comment.

The company, 65 percent controlled by Italian investment fund Charme II, had sales of 72 million euros ($92 million) in 2011 and is expected to post revenues of almost 100 million euros in 2012.

Amadeus Capital Partners and R Capital Management of Rothschild together hold 25 percent of its capital.

"The financial shareholders should sell all their shares," the source said, adding that the advisor was Goldman Sachs .

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article