Wed, 04 Sep 2013 | BUSINESS SALE
Reports have suggested that Phoenix Equity Partners, a London-based private equity firm, is preparing Precise Media Group for sale.
Two people familiar with the situation informed Financial News that Phoenix is working with professional services firm KPMG to ready the business for sale.
A sale is unlikely to go ahead until the first or second quarter of next year, but when it does go through the sale could net Phoenix in the region of £60 million.
The firm is also selling off NFT, reports from Private Equity News has revealed. The business transports chilled food and drinks to outlets including Sainsbury's and Marks & Spencer. It is expected to net around £70 million at auction with a sales process due to kick off this autumn.
A sale of NFT at £70 million and Precise at £60 million would deliver a strong profit for Phoenix, which bought the companies for £51 million and £42 million respectively.
Earlier this year, Sachin Date, head of private equity for Europe, Middle East, India and Africa with Ernst & Young, commented on this level of deal: “When we look at the types of businesses that operate in this value bracket we can see why there are less deals. Typically, these businesses are less diversified, operating in a single market with single products and services offerings.
“Investors today are on the hunt for multi-sector, multi-product and multi-jurisdiction assets which are able to spread their exposure to fluctuating macro-economic conditions.”
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