Wire manufacturer Coleman Cable explores sale -sources
NEW YORK Oct 30 (Reuters) - Coleman Cable Inc, a manufacturer of electrical and electronic wire and cable products, is exploring a potential sale, according to people familiar with the matter.
Coleman is in early-stage discussions with potential buyers before sending out detailed financial information about the company in the next several weeks, the people said on Wednesday, asking not to be named because the matter is confidential.
The Waukegan, Illinois-based company has roughly $90 million in annual earnings before interest, taxes, depreciation and amortization and may be valued at around 8.5 times in a potential sale, or more than $750 million, two of the people said. Coleman has a market capitalization of just over $400 million currently.
Investment bank Jefferies is advising Coleman on the sale process, which is expected to draw interest mainly from larger cable and wire manufacturers, the people said.
Representatives for Coleman Cable and Jefferies did not immediately respond to requests for comment.