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Kronos buyout owners reject $4.5bn-plus Advent, Blackstone, Bain Capital bids

13 Feb 2014

human team networkThe private equity owners of human resources software business Kronos have reportedly rejected buyout bids valuing the company at more than $4.5bn.

Advent International, Blackstone and Bain Capital made binding offers last week according to Reuters, which cited people familiar with the matter.

But they added that owners Hellman & Friedman and JMI Equity rejected the advances by telling the firms the offers were too low, and offered the interested parties a minority stake instead.

That offer has also been rejected, the people added.

Hellman & Friedman and JMI paid $1.8bn for the company back in 2007.

Kronos currently boasts EBITDA of around $350m. Buyout firms said to be interested include KKR, TPG Capital and Bain Capital.

Hellman & Friedman and JMI have extracted dividends of over $1.5bn over their six-year ownership according to a previous Reuters report, having invested only $753m in equity.

Kronos arranged a $490m dividend recapitalization three months ago.

JMI Equity raised its largest fund to date in 2010, netting $875m from investors for its seventh fund and exceeding its $800m target.

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