Unitas mulls buyout of PE-backed Infastech - report

Bank of America and Goldman Sachs have been mandated to run the sales process for the industrial fastener maker formerly known as Acument Global Technologies, sources told Reuters.

First-round bids are due on Wednesday and US-based power tool manufacturer Stanley Black & Decker is expected to make an offer.

CVC and SCPE bought the company, which has a turnover in excess of $500 million, for around $350 million-$400 million in mid-2010. Unitas was interested in the asset at the time, as was KKR, which also submitted a bid.

With a global workforce of 2,200, Infastech sells fasteners to the electronics, automotive, construction and aerospace industries.

CVC is likely to start raising a new Asia vehicle at the end of this year, or at the beginning of 2013, despite seeing the investment value of its second regional fund drop by 10% at the end of 2011 due to failing portfolio companies such as Australian television network Nine Entertainment.

The private equity firm's investment in Nine has reportedly been written down close to zero. Other problem deals in Australia - where a host of PE players have struggled recently with consumer sector transactions - include travel booking and hotel group Stella and diagnostic imaging business I-MED.

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• Topics
• Buyouts
• Southeast Asia
• Industrials
• CVC Capital Partners
• Standard Chartered Private Equity
• KKR
• Unitas Capital
• Singapore