January 5, 2012 / 1:41 PM / 8 years ago

RLPC-BC Partners, Cinven duel for ICG's CPA Global-sources

LONDON, Jan 5 (Reuters) - Private equity firms BC Partners and Cinven are the last remaining private equity firms bidding for legal services group CPA Global, banking sources said on Thursday.

Investment firm Intermediate Capital Group (ICG) put the business up for sale at the end of last year, hoping to get around 700 million pounds ($1.09 billion), banking sources said.

Private equity firms Carlyle Group and KKR looked at the business earlier in the process but decided not to proceed with bids, one of the banking sources said.

Some banks are working on financing the anticipated leveraged buyout with either senior loans totalling between 4 to 4.5 times CPA’s 75 million pounds EBITDA. A debt structure comprising senior and mezzanine loans totalling around 5.25 times EBITDA is also being considered, the sources added.

Cinven, BC Partners, ICG and CPA declined to comment.

ICG bought the Jersey-based company two years ago, investing alongside the company’s senior management and founding shareholders, in a deal worth around 440 million pounds. At that time, the buyout was financed with 225 million pounds of debt, including mezzanine loans.

CPA Global provides services such as document review, contract management and litigation support. ($1 = 0.6406 British pounds) (Editing by David Cowell)

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