Article
Direct Lenders Submit Leverage Indications in 4.5x to 5.5x Range for Buko; About 10 PEs Consider Submitting NBOs for Group on April 1
Direct lenders have submitted leverage indications in the range of 4.5x to 5.5x in the sale of Dutch traffic management services provider Buko, as about 10 private equity firms consider submitting nonbinding offers tomorrow, Wednesday, April 1, sources told Octus.
Sell-side and debt advisor Lincoln is marketing Buko off an EBITDA of about €70 million, as reported. Direct lenders submitted indications with pricing in the range of 475 bps to 550 bps over the reference rate in recent weeks, sources said.
Ardian, Ares, Apax, GBL, ICG, KKR, NPM Capital, OTPP, PAI Partners and Towerbrook are considering submitting NBOs for Buko, sources said. The potential bidders are expecting the group to be sold for a valuation multiple in the mid-teens, a source added.
Banks and direct lenders attended a management presentation for the sale of Buko on March 11, sources said. Lenders are attracted to the group’s international expansion plans and its high utilization rates, a source added.
Incumbent lender Crescent Capital provided a €100 million debt package to support private equity firm Equistone’s acquisition of Buko in early 2023, as reported.
Buko owns seven subsidiaries including infrastructure provider Buko Infrasupport and surveillance equipment provider Buko Waakt, according to its website.
Dutch investor Scheybeeck is a minority shareholder in the group.
Founded in 1962, Buko provides road signs, storage containers, construction equipment, temporary traffic lights and housing, and operates from 13 bases across the Netherlands.
Ares, Apax, KKR, OTPP, GBL, PAI Partners and Towerbrook declined to comment. Ardian, ICG and NPM Capital did not respond to requests for comment by time of publication.
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