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KKR, Blackstone among PE firms eyeing windscreen repair group Cary
KKR, Blackstone and Warburg Pincus are among the private equity firms weighing potential bids for European windscreen repair business Cary, according to a report by Bloom berg citing unnamed people familiar with the situation.
First-round offers for Cary are expected to be submitted in the coming weeks, with the company currently owned by CVC Capital Partners and Nordic Capital. The business could command a valuation of €3bn ($3.4bn) or more in a sale.
CVC and Nordic have been assessing strategic options for Cary, including a potential exit, since earlier this year. Jefferies has been appointed to advise on the process and has been approaching banks and private credit providers about financing options for prospective buyers, according to the people.
Banks are expected to compete aggressively with private credit lenders on financing terms, potentially offering lower pricing to win the mandate. Recent transactions have highlighted increasing competition between traditional lenders and private credit managers for leveraged buyout financing.
The sale process remains at an early stage and there is no guarantee that all of the firms considering Cary will ultimately submit bids. Representatives for Blackstone, CVC, Nordic Capital, KKR, Jefferies and Warburg Pincus all reportedly declined to comment.
Cary operates across Europe under brands including National Windscreens, Autoglass Clinic, Ralarsa and Dansk Busglas. Its Nordic operations also cover vehicle bodywork and SMART repairs, which focus on smaller areas of vehicle damage.
Source: Private Equity Wire