Missing in Auction: TMT sale processes that went quiet [UPDATE]
18th April 2024 10:50 AM
Missing in Auction (MIA) identifies M&A sale processes reported to be underway that have not resulted in an announcement or update.
The following edition of MIA identifies North American companies that attempted a sale process in 3Q23 that have not traded year-to-date.
For all Missing in Auction situations in TMT and additional sectors, click here to start a trial.
NEW ADDITIONS SNAPSHOT
| Company/Asset for Sale | Owner | Advisor | Size | Last Reported Intel |
|---|---|---|---|---|
| EdgeUno | Privately Held | Bank Street | N/A | 24 July 2023 – INFRALOGIC first to report sale and advisory mandate. The company is an Infrastructure as a Service (IaaS) provider serving Latin America and emerging markets.NOTE: In July 2023, Fernando Cersossimo joined the company as CFO,according to his LinkedIn profile. |
| Excelligence Learning | Brentwood Associates | Baird, William Blair | USD 70m to USD 75m EBITDA | 07 August 2023 – MERGERMARKET reports the sale process is seeing lukewarm interest, with one source pointing to a valuation gap between buyers and the seller’s expectations. The report notes that when asked if the process was pulled, a spokesperson for Excelligence said “our process is still active.” MERGERMARKET reported in May 2023 that the sale had launched. MERGERMARKET first reported sale and advisory mandate in April 2023.POSSIBLE BIDDERS: Costco [NASDAQ:COST], Office Depot [NASDAQ:ODP], Sam’s Club, School Specialty.COMP: Lakeshore Learning (Leonard Green & Partners) |
| KinderCare Education | Partners Group | Harris Williams | USD 325m EBITDA | 08 August 2023 – MERGERMARKET reports first-round bids will be collected in September. The process has attracted a large number of financial sponsors, and the company would consider a majority sale. MERGERMARKET reported in June 2023 the company was working with advisor Harris Williams. MERGERMARKET first reported the company was exploring a 50% stake sale in May 2023.NOTE: In March 2024, the companyannounced that effective 1 June, Paul Thomson will succeed Tom Wyatt as CEO, with Wyatt remaining as chairman. |
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