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Trade,Buyout Firms In 2nd Round Of Bain's FCI Unit Sale-Sources

By Marietta Cauchi

By Marietta Cauchi


LONDON -(Dow Jones)- Trade and buyout firms moved into the second round of the auction for MIC, a unit of French electrical connectors maker FCI being sold by Bain Capital, people familiar with the situation told Dow Jones Newswires Wednesday.

MIC makes micro connectors used in devices like smart cards, and circuits used in the automotive, communication, data and consumer markets.

Kohlberg Kravis Roberts & Co. and Axa Private Equity remain in the process alongside trade buyers for the business which is valued at around $1 billion, or 8-9 times EBITDA. It is unclear whether TPG, an earlier bidder, is still in the auction.

One person said that an initial public offering in Asia was also being considered as an option. MIC generates around two thirds of its EUR200 million ($287 million) annual revenue from Asia, according to FCI's website.

Bain Capital bought FCI from French energy giant Areva S.A. (AREVA.FR) for EUR1.07 billion in 2005. Revenue for the whole group in 2010 was EUR1.28 billion, with MIC contributing EUR202 million.

Goldman Sachs (GS) and Citigroup (C) are running the sales process.

-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241;

--Prudence Ho and Nisha Gopalan in Hong Kong contributed to this article.

Copyright (c) 2011 Dow Jones & Company, Inc.