The sale process for Single Use Support has advanced to the second round, with the Austrian fluid-management solutions company drawing interest from financial sponsors and trade players, three sources familiar with the situation said.

TPG is among the private equity firms to have submitted a first-round offer for Single Use Support, the first two sources and a fourth source familiar said. EQT and Astorg also submitted bids, according to the first and fourth sources.

Indicative offers were collected towards the end of March, the second and third sources said.

Montagu was initially tipped to be looking at the asset but has since dropped pursuit, the fourth source said.

A handful of strategic players, including US-based trade buyers, are also circling the firm, the third and fourth sources and a fifth source familiar added.

Last year, local news reported that German laboratory equipment maker Sartorius, German life sciences firm Merck and US-based biotech firm Avantor were among the industry players looking at the firm, which develops and manufactures technology for freezing vaccinations.

Banks and debt funds have also been approached about supporting a buyout for the Tirol-based firm, although some lenders have already opting against providing financing, the first and fifth sources said.

While considered a good business, Single Use Support is also thought to have a “first mover” advantage in a market where entry barriers are otherwise not high, the fifth source noted.

Jefferies has been appointed as sellside advisor for the process, as previously reported by this news service. A majority stake in Single Use Support is expected to be up for grabs, with both its founders and majority owners, as well as minority shareholder Pall Corporation reviewing potential exit options, as reported.

US-based filtration specialist Pall Corporation – which is in turn owned by life sciences conglomerate Danaher [NYSE:DHR] – acquired a 40% stake in Single Use Support from Tübingen-based sponsor SHS in January 2021. Danaher has a right of first refusal, as reported.

Single Use Support could fetch an enterprise valuation of up to EUR 900m, implying an EV/EBITDA multiple of around 17.3x based off forecasted EUR 52m EBITDA for 2024, the first source said. The company is expected to post around EUR 120m sales for 2024, the same source added.

Single Use Support, which benefitted from a COVID-fuelled boost during the pandemic years, posted around EUR 40m-EUR 50m EBITDA in 2023, compared with around EUR 70m EBITDA in 2022, as previously reported.

The company has more than 170 employees and grew its “non-COVID business” by more than 70% in 2023, according to a statement from January. It is forecasting “strong non-COVID-related year-over-year growth in 2024” based on its order backlog and project tenders.

Revenue at the firm has ramped up considerably in recent years, with Single Use Support registering a 260% increase in sales to more than EUR 130m in 2021, up from EUR 50m in 2020 and EUR 3m in 2019, according to a statement on its website.

In 2022, the company generated EUR 101m sales, down from around EUR 134m in 2021, as a result of fewer people being vaccinated, local media reported last year.

Founded in 2016, Single Use Support develops innovative fluid-management products and services for single-use technologies for the pharmaceutical industry, which reduce product loss of liquid substances towards 0%, according to its website.

Its offering includes sterile single-use consumables, platform systems and end-to-end process solutions, as well as bioprocess containers, single-use assemblies, protective single-use bag shells, ultra-cold storage freezers, trackable cold-chain shipping boxes. Headquartered in Kufstein in the state of Tirol, it also operates a subsidiary in the US.

Jefferies, Montagu, TPG, Danaher and EQT declined to comment. Single Use Support, Pall and Astorg did not respond to requests for comment.