Advent and Bain Capital are close to win auction for German payment services company Concardis, Reuters wrote a few days ago adding that the company which is controlled by Deutsche Bank, Commerzank, German savings banks and Italy’s Unicredit, is being valued about 700 million euros.
This figure is quite higher than the one that was rumored to be valued Concardis last October (see here a previous post by BeBeez). At that time rumors were that sector multiples were 10-15x FY 2016 expected earnings which meant an enterprise value ranging between 360 and 550 million euros. Concardis actually reached 480 million euros in revenues in 2015 with 33.9 million euros of core earning and 24.2 millions in net earnings while FY 2016 is expected to close with earnings up by 7%. The sale process i managed by Kpmg and Deloitte.
The offer by Advent-Bain consortium is then said to prevail over the one put forward by CVC and Bridgepoint (see here a previous post by BeBeez).