* EQT bought Securitas AB unit for 10.1 bln SEK in 2008
* Bidders now getting books, first bids due in May -sources
* EQT hopes alarm firm could fetch 20 bln SEK -sources
* Stanley B&D, Tyco, UTC of U.S. may consider bids -sources
(Adds background on EQT, Tyco, private equity bidders for ISS)
By Sven Nordenstam and Quentin Webb
STOCKHOLM/LONDON, April 20 EQT [EQTPRK.UL], the
private equity firm backed by Sweden's Wallenberg family, has
begun the $3 billion-plus sale of burglar alarm firm Securitas
Direct, people familiar with the matter said.
Securitas Direct could interest both rival private equity
investors and large listed companies with security operations,
including Stanley Black & Decker Inc (SWK.N), Tyco TYC.N and
United Technologies Corp (UTC) (UTX.N), some of the people said.
Bidders are now receiving information memorandums on the
business and must submit indicative bids next month, the people
said. EQT hopes the business could as much as 20 billion Swedish
crowns ($3.3 billion), or more, two of the people added.
The auction comes three years after EQT acquired Securitas
Direct, which claims a fifth of Europe's monitored alarm market,
selling security systems to homes and businesses in nine
European countries. The potential sale was reported by the Wall
Street Journal in March.
The business achieved earnings before interest, tax,
depreciation and amortisation (EBITDA) of 1.32 billion crowns in
2009 on revenue of 5.49 billion.
EQT took Securitas Direct private in 2008 for 10.1 billion
Swedish crowns, two years after the unit was demerged from
parent Securitas AB (SECUb.ST), the world's second-biggest
security services firm.
Securitas Direct and Tyco declined to comment. EQT, Stanley
and UTC did not immediately respond to requests for comment.
While Tyco's ADT business is already a heavyweight in the
alarm industry, Tyco's management may be too preoccupied dealing
with a potential bid from France's Schneider Electric (SCHN.PA)
to focus on sizeable external deals.
Schneider is serious about buying Tyco, people familiar with
the matter said last week, even after media reports of a $30
billion preliminary bid prompted the French company to say it
was "not currently" in talks with Tyco. [ID:nLDE73C0AG]
EQT, which last month sold its German cable operator Kabel
Baden Wuerttemberg [KBWHL.UL] to Liberty Global Inc (LBTYA.O),
is among Europe's biggest private equity firms. It raised $12.6
billion of funds over the last decade, Preqin data show -- more
than any other European buyout house outside Britain.
Private-equity bidders for Securitas Direct could include
several of the deep-pocketed buyout houses that last year
considered buying Denmark's ISS [ISSHG.UL], one of the world's
biggest facility services providers.
Three bid teams -- Blackstone Group (BX.N), Bain Capital,
Nordic Capital and Clayton Dubilier & Rice; CVC [CVC.UL] and
Apollo Management [APOLO.UL]; and Apax [APAX.UL] -- worked on
bids for ISS, people familiar with the matter said then.
ISS held exclusive talks with Apax before opting for a
flotation which it pulled in March, blaming volatile markets.
($1=6.128 Swedish Crown)
(Reporting by Quentin Webb in London and Sven Nordenstam in
Stockholm; additional reporting by Nick Zieminski in New York;
Editing by Douwe Miedema and David Holmes)