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Harvest Sale to Start This Week With Selected Private Equity Bidders Invited; Arcmont Keen on Staying in the Credit

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The sale of French software provider Harvest France SAS is slated to start this week with only a handful of sponsors invited to take part in the auction, sources told Reorg.

Private equity firms including Cinven, Permira, Warburg Pincus, Wendel, Montagu and TA Associates have been selected to participate in the sale, which is run as a narrow process, the sources said, adding that trade suitors are not in the running.

The company is expected to be marketed off about €25 million EBITDA, depending on adjustments, with a 20x targeted valuation multiple, the sources said.

Direct lenders and banks seeking to finance the buyout are up against incumbent lender Arcmont, which is keen on staying in the credit and has proactively pitched financing to potential bidders, the sources said.

Nonbinding offers are due at the end of the month (April), the sources said.

Majority owner Five Arrows, the private equity arm of Rothschild & Co, is working with Arma Partners on the sale of Harvest, as reported. Deloitte has conducted the vendor due diligence, the sources said.

European software providers have generated a valuation multiple of 16.54x on average, according to Fundamentals by Reorg.

Rothschild & Co invested in Harvest in 2019, and owns the company alongside its founders, according to the investor’s website.

Harvest serves 4,600 retail banks, private banks, insurance companies and independent financial advisors, according to its website.

Founded in 1989, the company’s software supports client onboarding, financial product sales, portfolio management and regulatory compliance.

Arcmont, Cinven, Permira, Montagu and Wendel declined to comment. Arma Partners, Deloitte, Warburg Pincus, Five Arrows and TA Associates did not reply to Reorg’s request for comment at the time of the publication.

Disclosure: Funds associated with Permira hold a majority interest in the parent company of Reorg.

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