By Greg Roumeliotis and Soyoung Kim
NEW YORK, Nov 19 (Reuters) - Private equity firm NewMountain Capital LLC is exploring a sale of Inmar Inc, aprovider of coupon processing and logistics services tocompanies, seeking more than $600 million, according to threepeople familiar with the matter.
An auction for Winston-Salem, North Carolina-based Inmar isbeing handled by Morgan Stanley and Wells Fargo & Co, the people said this week on condition of anonymitybecause the process is confidential.
Inmar's earnings before interest, tax, depreciation andamortization are seen at between $60 million and $70 million andNew Mountain is looking for more than 10 times that amount, thepeople said.
They cautioned that New Mountain may decide not to sell dueto a gap in valuation expectations with other private equityfirms which have expressed an interest in Inmar.
An Inmar spokeswoman declined to comment. Representativesfor New Mountain, Morgan Stanley and Wells Fargo did not respondto requests for comment.
Founded in 1980, Inmar runs electronic commerce networksthat allow retailers, manufacturers and their trading partnersto manage their supply chain and process transactions, includingconsumers cashing in on their coupons.
New Mountain acquired a majority stake in Inmar in 2007 in a$350 million deal. The New York-based private equity firmcommitted about $200 million as equity, according to a pressarticle on its website citing Doug Londal, who is now NewMountain's president.
Inmar managed 3.5 billion commerce transactions last yearand since its acquisition by New Mountain in 2007 it has created859 new jobs, increasing its workforce by 24 percent, thePrivate Equity Growth Capital Council, which represents theinterests of the private equity industry, said in April.
- Private Equity & Hedge Funds
- Private equity firm
- Morgan Stanley