KKR, Blackstone and Warburg Pincus are among suitors considering bids for windshield-repair company Cary, according to sources. First-round bids are expected in the coming weeks for the business owned by CVC Capital Partners and Nordic Capital. Bloomberg News reported in March that the owners are exploring options for exiting the business, which could be valued at €3 billion ($3.4 billion) or more. Jefferies Financial Group serves as financial adviser. Banks are actively circulating information to potential lenders to assist with financing decisions for the transaction. A deal would mark a significant move by private equity firms seeking to recover from a sluggish third quarter and achieve a record year of mergers and acquisitions.
Private equity firms have faced challenges transacting this year due to ongoing valuation gaps between buyers and sellers. Cary operates across Europe through brands including National Windscreens, Autoglass Clinic, Ralarsa and Dansk Busglas. In the Nordic region, the company also provides auto-body and SMART repairs targeting smaller damaged areas. Representatives for the involved firms have declined to comment on the process.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing