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Trilantic nears deal to sell MicroStar to Freeman Spogli & Co

7 Dec 2012

Trilantic, the buyout firm set up three years ago by five former dealmakers from the merchant banking arm of Lehman Brothers, is reportedly nearing a deal to sell MicroStar Solutions, a company that manages keg shipments for breweries.

The firm is understood to be close to selling the business to mid-market private equity firm Freeman Spogli & Co for as much as three times its initial investment, Dow Jones reported on Thursday.

The deal is expected to close before the end of the year, the report added.

Trilantic bought MicroStar Solutions from Macquarie Group in 2010, marking the firm’s first platform investment following its spin-out from Lehman Brothers the previous year.

The deal was made through Trilantic Capital Partners IV (North America), which is now almost fully invested, while the management team is understood to have reached a $923m first close in August for the fund’s $2bn successor.

Trilantic Capital Partners V (North America) has a hard cap of $3bn, according to disclosures from Pennsylvania Public School Employees’ Retirement System.

Last month two sources told AltAssets that Trilantic will launch its first independent European fund in January next year with a target of €700m.

The London team is in the process of hiring a placement agent for the vehicle after its most recent deal to invest in Spanish telecoms business Euskaltel took it over the 80 per cent mark for Fund IV.

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