But expected to welcome LBO France, Oaktree and CD&R in final phase
The final phase of auction for French furniture and electronics retailer BUT SAS would see investment funds LBO France, Oaktree and CD&R submit final bids for the business, French daily Les Echos reported. The report cited a source as saying that other potential buyers, described as “emerging”, could also consider making a bid.
According to the report, franchisees representing about 100 BUT point of sales considered taking part in the auction but they are however not expected to take part in the bidding as they do not have the necessary financial firepower. The report added that it is not known whether Austrian group Lutz, which was interested in BUT in the past, or South African group Steinhoff, owner of competitor Conforama, will decide to enter the fray.
BUT is owned by a consortium of private equity houses including OpCapita, Colony Capital and Goldman Sachs PE. They have appointed Rothschild to conduct the sale process, which values the business at EUR 600m or seven times EBITDA, which amounted to about EUR 90m.
Les Echos