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PAI sells ADB to Carlyle
Posted on Monday, 17 July 2017 12:01
PAI Partners is making a return on a four-year-old investment in ADB Safegate by selling the US airfield ground lighting, aircraft docking guidance and air traffic control systems provider to Carlyle for an undisclosed sum.
Rumours regarding the sale emerged in March when De Tijd reported the current private equity owner had hired Rothschild and Credit Suisse as advisors for the process, which was still in the preliminary stage.
The Belgian newspaper noted industrial and financial players were potential buyers of the business bought in 2013 for roughly EUR 210.00 million, or nine to ten times earnings before interest, tax, depreciation and amortisation (EBITDA).
Reuters recently reported Carlyle is offering to take over the intelligent airport systems and products company for roughly EUR 900.00 million, including debt.
Sources told the news provider the sale values the group at more than ten times expected 2017 EBITDA of between EUR 70.00 million and EUR 80.00 million.
The deal is expected to close in the second half of 2017 following the usual requirements and regulatory approvals and equity will come from European-focused upper-mid market buyout fund Carlyle Europe Partners IV.
ADB serves over 2,500 airports across 175-plus countries and has more than 900 employees, four production facilities in Belgium, Germany, the US and China and a software development centre in Austria.
The company as it is today was formed in 2016 through the merger of ADB, founded in 1920 by businessman and Adrien de Backer, and docking guidance systems specialist Safegate.
Its products help airports improve efficiency, safety and environmental sustainability while reducing operational costs.
Three weeks ago, Ghana Airport announced it had chosen ADB to upgrade the Tamale airport in a turnkey project that included an airfield smart power individual lamp control and monitoring system, among other things.
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