Norwest aiming for 11x EBITDA exit through Becker Underwood sale

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Norwest Equity Partners could sell agricultural chemicals company Becker Underwood for more than $1bn, it is understood.

Investment bank Greenhill & Co has been hired to advise on the deal according to Reuters, which said Norwest hopes to make a sale at more than 11 times the company’s 2012 EBITDA.

Norwest picked up a majority stake in Iowa-based Becker Underwood in 2004.

The company supplies non-pesticide chemical and biological products for the agriculture, landscape, turf and horticulture industries to improve crop sustainability and enhance yields.

Last month mid-market buyout house Norwest made a $50m investment in health insurance technology company GoHealth.

The company works with more than 100 health insurance carriers and says over 10,000 licensed agents use the GoHealth quote engine platform.

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