Seves sponsor Triton launches exit, UBS on sell-side - sources

03 February 2021 - 04:25 am UTC

by Joao Grando in London and Micaela Osella in Milan

Private equity firm Triton is in the market to sell portfolio company Seves Group, which manufactures high voltage electric insulators, three sources familiar with the situation told Mergermarket.

 

UBS is the sell-side adviser on the auction, the sources said. Trade players and financial sponsors have been invited to the auction, and initial offers are due in the coming weeks, one said.

 

The Luxembourg-headquartered company could be sold as a whole or piecemeal, the sources said.

 

The entity comprises two units: France-based Sediver, which produces glass insulators used primarily for high voltage applications; and PPC, the group's Austria-based porcelain insulators division, which primarily services sub-stations.

 

The combined units generate revenues in excess of EUR 150m, and recorded EBITDA of around EUR 35m in 2019, one of the sources said. 

 

Seves Group, which describes some of its products as “green and ecological”, is expected to be pitched as a beneficiary of the new US administration’s expected push for green energy, this source added.

 

Triton acquired Seves in 2014 after following the company’s situation for several years; Seves had a “highly leveraged capital structure” and was “severely hit by the financial crisis”, according to the sponsor’s website. In 2018, Seves disposed of its non-core glass block unit VITRABLOK in a sale led by Lincoln International.

 

Seves operates 12 factories, has a worldwide distribution network and is active in Europe, South and North America, Africa, and China and other Asian markets, according to Triton’s website.

 

Triton and UBS declined to comment. Seves did not reply to requests for comments.