September 21, 2012 / 12:55 PM / in 5 years

RLPC-PE firms prep for next round of Intertrust sale

LONDON, Sept 21 (Reuters) - Blackstone, Carlyle and Cinven are among those through to the next round of bids to buy Dutch trust and corporate management business Intertrust Group from Private equity firm Waterland, bankers said on Friday.

The sale, run by ING, has attracted a number of private equity buyers and second round bids are due next month after tentative bids for the company were received on September 12 , banking sources said.

US buyout house General Atlantic - which part-owns industry rival Citco - is also thought to have joined the second round.

Bankers are putting together debt packages of between 400 million euros ($518.08 million) and 500 million euros to back a buyout, bankers said.

Bridgepoint, CVC, 3i, Goldman Sachs Private Equity and Pamplona all looked at the company in the early stages of the process, the sources added.

Blackstone and Cinven were not immediately available to comment and Carlyle and General Atlantic declined to comment.

Those through to the next round of the auction process will be given access to Intertrust Group’s data and sellside due diligence and will be in talks with banks to get committed debt financing in place before bids are due in October, bankers said.


The financing could either be through all-senior leveraged loans, which would give the deal a leverage of around 4.5 times the company’s approximate 75-80 million EBITDA, or could include mezzanine debt as well, which would bring leverage on the deal to around 5.5 times EBITDA, bankers said.

Mezzanine lenders have already spoken to the company’s management regarding the supply of debt.

“There are different financial packages that will be put together varying from sponsor to sponsor. It will attract a lot of interest as it is a good business with high cash conversion and a strong management team,” a banker said.

Waterland bought Intertrust in September 2009, backed with around 140 million euros of debt. It acquired Walkers Management Services (WMS) earlier this year, at which point the company refinanced its debts and got an additional acquisition loan, bringing Intertrust’s total debt to 250 million euros.

Founded in 1952, Intertrust has more than 1,000 employees in over 20 countries worldwide. Its core business is to set up and manage holding companies, Waterland said on its website.

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