KKR, PEP to make joint bid for Australia's Sai Global - report
KKR will reportedly team up with Australian private equity firm Pacific Equity Partners (PEP) to bid for risk management and standards compliance business SAI Global.
According to the Australian Financial Review, the joint offer is expected to be submitted ahead of the July 15 deadline.
In May, PEP offered to buy all outstanding shares in SAI via a scheme of arrangement, valuing the company at A$1.1 billion ($1 billion). SAI, which is listed on the Australian Securities Exchange, said that while it was open to engaging with PEP, it would launch a formal bidding process and make information available to other prospective buyers.
The company audits, certifies and registers products, systems and supply chains through independent assessment to help companies reduce risk and improve product and service quality. It has three business units: information services, which provides information required to comply with regulatory standards; compliance, which puts together technology-enabled business solutions and staff training; and assurance, which covers risk management, certification and related services.
SAI is headquartered in Australia and 61% of its revenues come from this market. North American customers account for 24%, with 11% coming from Europe, the Middle and Africa and 4% from other regions.
KKR's most recent disclosed private equity buyout in Australia was the acquisition of a majority stake in cancer and cardiovascular treatment specialist GenesisCare in 2012. Earlier this year, Treasury Wine Estates rejected a A$3 billion offer from the private equity firm.
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