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Crestview caves on Munder Capital sale amid failure to agree price

8 Nov 2013

dollar large_sqUS private equity firm Crestview Partners has reportedly called of the sale of fund manager Munder Capital Management over a failure to reach a deal on the value of the business.

High price expectations scared many bidders away according to peHUB, which cited two private equity sources as saying Crestview had asked for bids of more than 10-times EBITDA.

One of the sources said Crestview only received bids of seven-times EBITDA.

A separate source claimed Crestview planned to recapitalise the business rather than attempt to revive the sale process.

In September Reuters reported that buyout firms Thoma Bravo, Blackstone in partnership with Advent and Corsair in partnership with Flexpoint Ford had submitted offers for the company which could value it at up to $400m.

Crestview Partners hired Goldman Sachs to help sell the business after a seven year holding period.

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