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Bain, KKR to bid for PE-owned MYOB - report

  • Anita Davis
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Bain Capital and KKR are reportedly among the contenders to acquire Australian accounting software provider MYOB from owners Archer Capital and HarbourVest Partners. Bidding for the asset, which could reach A$1 billion ($1.03 billion), is slated to begin this week.

Citing sources close to the process, Reuters reported that Melbourne-based MYOB claims EBITDA of approximately $100 million. Its products and services are claimed to be used by more than one million small- and medium-sized enterprises (SMEs) and accounting firms in Australia and New Zealand.

MYOB's current private equity owners purchased the company in December 2008 for a reported A$450 million (then $296 million), which could equate to a sizable windfall for the firms if the business reaches the A$1 billion sale target.

Should the deal go through, MYOB would be the latest success for Australia-based Archer. The firm last month announced that it was on track to raise its A$1.4 billion fifth fund. In recent months, has been the most active player in Austrlaian private equity. It took controlling stakes in Quick Service Restaurant Holdings (QSRH) - the company behind local fast-food chains Red Rooster, Oporto and Chicken Treat - hospital group Healthe Care and V8 Supercars.

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