| NEW YORK
NEW YORK Nov 7 Private equity firm Crestview
Partners has called off the sale of Munder Capital Management,
four sources told peHUB, a private equity news website owned by
High price expectations scared many bidders away, two
private equity sources said. Crestview asked for bids of more
than 10 times earnings before interest, taxation, depreciation
and amortization (EBITDA) for Munder, but ended up receiving
only 7 times EBITDA, one of the PE sources said.
"Crestview is going to keep the business for now and recap
it," the PE executive said.
Founded in 1985, Birmingham, Michigan based Munder is an
asset manager with $15.5 billion in assets under management.
Crestview, a New York private equity firm, acquired Munder
from Comerica in January 2007, in a deal valued at $302 million.
Crestview put Munder up for sale earlier this year with
Goldman Sachs tapped to advise on the auction. The private
equity firm was seeking bids of $350 million to $400 million,
The auction for Munder was dominated by private equity
firms. Buyouts firms including Thoma Bravo, Blackstone and
Flexpoint Ford were vying for the asset manager, Reuters said.
Blackstone was reportedly partnering with Advent
International to jointly buy Munder as a way to create a
multi-boutique investment manager similar to Affiliated Managers
Officials for Crestview and Goldman declined comment. Munder
did not immediately return calls for comment.