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Charterhouse could cancel Ista, Elior sales amid limp bidding

16 Apr 2013

stopsign_lrgUK buyout firm Charterhouse could scrap two of the biggest private equity sales in Europe after lacklustre bidding, it is understood.

BC Partners and the Ontario Teachers’ Pension Plan have made the only offer for German metering technology specialist Ista according to the FT, which cited three people with knowledge of the matter.

Buyout house BC is also said to have provided the only interest for the firms’ exit of French catering company Elior, with Charterhouse hoping to pick up at least €6bn for the pair.

But those sales could now both be pulled as the offers are expected to fall short of that figure, the FT said.

Charterhouse acquired Ista for €2.4bn including €2.1bn of debt in 2007 from CVC, which later reacquired a 24 per cent stake.

It bought Elior in a €2.5bn take-private deal in 2006 alongside founder Robert Zolade, who created the company with Francis Markus in 1991.

Cancelling the exits would come at a bad time for Charterhouse, which is attempting to recoup capital ahead of an expected fundraise this year.

The buyout firm last raised a €4bn vehicle in 2009, and is believed to be considering a similar target this time around.

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