Sydney-based buyout house CHAMP Private Equity has reportedly agreed to sell the Australian operations of its printing and communications portfolio business Blue Star Group to a consortium including Wolseley Private Equity and CaxtonWeb.
The Wall Street Journal reported the news, citing unnamed people familiar with the matter.
CaxtonWeb’s executive chairman Geoff Selig was CEO of Blue Star’s Australian division until CHAMP bought a more than 80 per cent stake in the company in 2006, in a deal that gave the business an enterprise value of NZ$385m ($318m), the report said.
Blue Star is also understood to be in talks with Goldman Sachs, its advisor, and potential buyers for its New Zealand operations, the report added.
CHAMP hired Goldman to sell Blue Star in July.
Copyright © 2012 AltAssets