Triton prepares sale of damage restoration services firm Polygon: sources

FRANKFURT (Reuters) - Buyout group Triton is preparing the sale of its damage restoration services firm Polygon in a deal worth up to 1 billion euros ($1.21 billion), people close to the matter said.

The private equity group is working with Jefferies on the potential divestiture, which is expected to launch in the first half of 2021, they added.

Polygon, which was acquired by Triton in 2010 from Swedish engineer Munters, specialises in repairing buildings damaged by water or fire, as well as in leak detection and temporary humidity control.

Its key customers are insurers and property management companies, which seek to save costs by repairing rather than rebuilding damaged property.

Polygon is expected to post earnings before interest, tax, depreciation and amortization of 90-100 million euros this year and could be valued at around 10 times that, the people said.

Triton is one of a swathe of private equity assets coming to market as investors seek to take advantage of high equity valuations. In 2020, private equity deals accounted for a record 35% of all German mergers and acquisitions activity.

Triton and Jefferies declined to comment.

($1 = 0.8232 euros)

Reporting by Arno Schuetze