Reuters: Private Equity: RPT-RLPC-Allianz Selecta sale kicks off

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RPT-RLPC-Allianz Selecta sale kicks off May 29th 2012, 15:16 Tue May 29, 2012 11:16am EDT By Claire Ruckin and Arno Schuetze LONDON May 29 (Reuters) - Allianz Capital Partners' anticipated sale of its European vending machine business Selecta has kicked off in a process which could fetch at least 700 million euros ($877.65 million), banking sources said on Tuesday. HSBC was mandated as sellside adviser last year but the sale process has only just started with the information memorandum sent to potential bidders this week, the banking sources said. Allianz declined to comment. The auction process is likely to attract interest from both private equity and trade buyers, although it is more likely to go to a private equity buyer, the banking sources added. First round bids are due by the end of next month. CVC has been regarded as a likely bidder as it owns rival vending machine operator Autobar Group bankers said, however one banker said CVC was no longer interested in Selecta. BC Partners has also been flagged up as a potential buyer, bankers added. HSBC could offer a staple financing package to back the buyout should it go to a private equity firm of around 600 to 700 million euros either through leveraged loans or high yield bonds, the bankers said. Allianz bought Selecta from Compass Group in 2007 for 772.5 million pounds ($1.21 billion) backed by 690 million pounds of debt, according to Thomson Reuters LPC data. Selecta is Europe's largest vending machine operator with more than 150,000 vending machines in 22 countries and 5,500 employees, generating 700 million euros in revenues according to the company's website. Link this Share this Digg this Email Reprints

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