Article/Intelligence
Cinven Preps 2024 Sale Launch of Portfolio Company JLA at £70M-£90M EBITDA With Rothschild Advising
Relevant Document: FY’22 Financial Report Cinven is working with advisors at Rothschild as it prepares to start a sale of its portfolio company JLA, sources told Reorg. The auction for the U.K.-based asset supply and services business for laundry, catering and heating is expected to start in the first quarter of 2024, the sources said. The company’s full-year 2023 EBITDA is about £70 million and is expected to reach £90 million next year, the sources added. The company has performed well and could reach a valuation multiple of between 10x and 15x, one of the sources noted. JLA Ltd. 10/31/2022 EBITDA Multiple (GBP in Millions) Amount Price Mkt. Val. Maturity Rate Yield Book Market £50M RCF due 2024 1 50.0 50.0 Aug-15-2024 £260M Term Loan due 2025 2 260.0 260.0 Aug-15-2025 £40M Aquisiton and Capex Facility due 2024 40.0 40.0 Aug-15-2025 Total 1st Lien debt 350.0 350.0 6.7x 6.7x £95M Term Loan due 2025 3 95.0 95.0 Aug-15-2025 £30M B2 Term Loan due 2025 3 30.0 30.0 Aug-15-2025 £10M B2 Term Loan due 2025[...]