Reuters: Private Equity: RLPC-Buyers battling it out for Global Blue - bankers

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

RLPC-Buyers battling it out for Global Blue - bankers May 14th 2012, 14:47 Mon May 14, 2012 10:47am EDT * Second-round bids due on Global Blue * Bankers arrange financing packages, HY-bonds considered By Claire Ruckin and Simon Meads LONDON, May 14 (Reuters) - Private equity firms and trade buyers are set to fight it out for Equistone Partners Europe's sale of tax-free shopping company Global Blue next week which could fetch up to 1 billion euros ($1.3 billion), banking sources said on Monday. Boston-based TH Lee Partners, BC Partners, EQT and Silver Lake Partners, which has teamed up with Switzerland's Partners Group, and one or two trade buyers were all due to put in bids in the second-round auction process, banking sources said. American Express has expressed interest during the process, the sources said. Equistone declined to comment. Headquartered in Nyon, Switzerland, Global Blue's tax-free shopping business helps overseas travellers into Europe reclaim VAT sales tax on their shopping and offers its service through more than 270,000 retail locations worldwide. In 2010, Global Blue handled more than 20 million transactions, according to its website. Bankers have raised concerns over how much debt should back Global Blue's buyout as its EBITDA has trebled in the past 2 years to 100 million euros ($129 million) in the year to April 2012. The company has benefited from Russian and Chinese shoppers attracted to Europe, bankers said. JP Morgan and independent investment banking advisory firm Evercore are advising Equistone on the sale process. Equistone was formed in November following a management buyout of Barclays Private Equity. It acquired Global Blue in 2007 when the business was valued at 360 million euros. JP Morgan has provided an all-senior leveraged loan staple financing package around 4 times EBITDA. Other banks are working on debt packages of around 450 million euros or 4.5 times EBITDA accessed via the high-yield bond market which is expected to receive a B+/Stable rating by S&P rating agency, bankers said. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions