FRANKFURT/LONDON May 13 Buyout group General
Atlantic has chosen bidders to submit final offers for German
laboratory services company Amedes by a mid-June deadline, three
sources familiar with the matter said.
Private equity firms such as BC Partners, which
already owns Amedes peer Synlab, is among the suitors. Advent
and Onex Corp are also in the race, the people said.
Amedes rival Sonic Healthcare, as well as investors PAI and
CVC, had also shown initial interest, but are not among
the final contenders, the sources added.
The seller is hoping to attract bids that value the
company's equity and debt at between 600 million euros ($822.4
million) and 700 million, one source familiar with the
In information sets handed to potential buyers, Amedes's
annual earnings before interest, tax, depreciation and
amortization were put at more than 80 million euros, sources
Some potential buyers are, however, using their own
estimates of an EBITDA of 50 to 60 million euros and are
offering to buy Amedes at a valuation of 9 times this figure,
sources familiar with the suitors said.
General Atlantic, which bought Amedes in 2007 for an
undisclosed sum, declined to comment. Goldman Sachs, which is
organising the auction, declined to comment. The potential
buyers also declined to comment, except for Onex, which was not
immediately available for comment.
Hamburg-based Amedes employs 2,600 at its 35 laboratories
and has 150 hospitals as customers.
Bankers are working on debt financing packages or around 500
million euros, banking sources said.
($1 = 0.7296 Euros)
(Additional reporting by Alexander Hübner; Editing by David