Kohlberg & Company eyes Singer exit


needle-thread-sewingPrivate equity firm Kohlberg & Company is reportedly looking to sell the Singer sewing machine company for more than $500m.

Kohlberg has hired investment bank Harris Williams to work on the potential sale, said Reuters, citing three people familiar with the matter.

Singer is part of SVP Worldwide, which has an annual EBITDA of around $65m, said the people.

SVP sells its products in more than 170 countries and has a market share of over 30 per cent both in terms of units sold and dollars.

The company operates manufacturing facilities in South America and Asia.

Last August Kohlberg pulled out of the bidding war for Steinway Musical Instruments after rival Paulson & Co topped its offer with a $475m bid.

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