| LONDON, July 23
LONDON, July 23 The sale of Austrian
refrigeration manufacturer AHT Cooling, owned by Quadriga
Capital, has attracted interest from a clutch of bidders, with
private equity firms Bridgepoint and EQT having made it through
to the second round, banking sources said.
Quadriga acquired AHT in 2007 backed with 225 million euros
($296.85 million) of debt, according to Thomson Reuters LPC.
It now wants to sell the company, which has a price tag of
around 500 million euros ($659.67 million), and has hired
Macquarie and William Blair as advisers.
Private equity firms Bridgepoint, EQT and Ontario
Teachers are among the handful of potential buyers that have
made it through to the second round of an auction process in
mid-August after first round bids were submitted in mid-July.
Trade buyers have also expressed an interest in the company,
Other private equity firms that have been close to the
process include IK Investment Partners and TPG, bankers added.
All of the potential private equity buyers either declined
to comment or were not immediately available to comment.
Quadriga was not immediately available to comment.
"A couple of companies have expressed interest in buying AHT
Cooling Systems," AHT's Chief Executive Hans Aage Joergensen
recently told Reuters.
Bankers are arranging debt packages of around 350 million
euros that will include a mixture of senior leveraged loans and
subordinated debt, to be offered to potential buyers to help
fund a buyout, bankers said.
Rottenmann-headquartered AHT traces its roots back to a 15th
century iron manufacturer and specialises in commercial retail
refrigeration units for supermarkets.
The company, which was listed on the Austrian stock exchange
from 1998 to 2003, posted sales of 292 million euros in 2012 and
employs 1100 people, according to the company. AHT's CEO said
the company is profitable, declining to be more specific.