UPDATE 1-Bain Capital to sell or list clutch maker FTE - sources

Wed Oct 28, 2015 12:16pm EDT
 
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* Bain retains Rothschild to look into options for FTE-sources

* Bain hopes to raise 650-750 mln euros from sale-sources

* Germany's auto components suppliers have seen wave of deals (Adds car parts industry background)

By Arno Schuetze

FRANKFURT, Oct 28 (Reuters) - U.S. buyout group Bain Capital is preparing to sell or float car parts maker FTE Automotive to take advantage of high sector valuations, two people familiar with the matter said.

After receiving expressions of interest from Asian groups, Bain asked Rothschild to sound out options for the clutch and brake-systems maker including a sale or initial public offering which could take place as early as mid-2016, the sources said.

Bain and Rothschild declined to comment.

Bain bought FTE in 2013 for 400 million euros ($443 million)and is hoping to raise 650-750 million from a sale of the group, the sources said, while potential bidders may only offer to pay 500-600 million.

According to a 2013 bond prospectus, FTE posted adjusted earnings before interest, taxes, depreciation and amortisation of 71.4 million euros in the year ended March 31, 2013 on revenues of 434 million.   Continued...