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Lion, TDR, Pamplona reach second round in OGF bidding

2 Jul 2013

cross grave funeralA trio of private equity firms have reportedly made it through to the second round of bidding for Astorg Partners-owned French funeral service business OGF.

Lion Capital, TDR Capital and Pamplona Capital Management are all preparing to make second round bids by the end of July according to Reuters, which cited sources familiar with the matter.

Astorg looks set to make a substantial gain on the business it bought for an enterprise value of just over €300m in October 2007, having grown it to have an EBITDA of about €100m since.

That could see the company sell for between €800m and €1bn including debt, Reuters said.

Paris-headquartered Astorg put OGF on the block in April by hiring Goldman Sachs to fund a buyer.

It made the initial investment through its mid-market Astorg IV fund, which it closed on just over €800m in June 2008.

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