April 20, 2010 / 4:01 PM / 9 years ago

RLPC-Trilantic in talks on possible MW Brands sale -sources

LONDON, April 20 (Reuters) - Private Equity firm Trilantic Capital Partners is in preliminary talks with banks over the possible sale of global canned seafood firm MW Brands, banking sources said on Tuesday.

The company could be sold in a secondary buyout or could also contemplate a recapitalisation of the business, the sources added.

UBS has been hired to coordinate the process, one of the bankers said.

MW Brands has relatively low leverage of around 2.5 times its earnings before interest, tax, depreciation and amortisation (EBITDA) of 70-80 million euros, the banker added.

Trilantic, formerly the private equity arm of Lehman Brothers, bought out MW Brands from HJ Heinz Co HNZ.N for 425 million euros in 2006.

That deal was backed with a 315 million euro loan financing arranged by bookrunner Rabobank and included a 42.9 million euro mezzanine facility, according to Thomson Reuters LPC data.

MW Brands includes canned fish producer John West, canned tuna producer Petit Navire, canned sardine producer Hyacinthe Parmentier and canned tuna producer Mareblu.

Nobody at Trilantic was immediately available to comment. (Reporting by Alasdair Reilly and Zaida Espana, editing by Will Waterman)

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