A number of private equity firms are lining up to buy trust and corporate management services company Intertrust from Netherlands-based private equity firm Waterland, according to Reuters, citing “banking sources”.
Banking group ING is leading the sale, with private equity firms including Blackstone, Carlyle, Cinven, Bridgepoint, CVC and 3i considering bids when the auction process begins on 12 September.
Waterland bought out Intertrtust back in 2009 from banking and financial services firms Fortis Bank Nederland and BGL.
The report said that a debt package could be between €400m of €500m could provide leverage of up to 4.5 times Intertrust’s €75m EBITDA, with mezzanine debt pushing that as high as 5.5 times.
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