HgCapital Beats Cinven For Bain's TeamSystem - Source

2nd Aug 2010 10:44

By Marietta Cauchi Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Buyout firm HgCapital has beaten rival Cinven Group in bagging TeamSystem SpA, the Italian software company being sold by U.S. private equity firm Bain Capital LLC, a person familiar with the situation told Dow Jones Newswires on Monday. The price being paid by HgCapital is around EUR600 million, the person said. The news comes after Sage Group PLC (SGE.LN) last week withdrew from the auction for TeamSystem. That was the second time that the U.K. software firm has dropped out of the sale process, which was run by UBS AG (UBS). Sage had initially dropped out several weeks ago, but was invited back in after UBS narrowed the price range, another person told Dow Jones Newswires. Bain purchased TeamSystem in December 2004 for EUR274 million from Palamon Capital Partners. Several other private equity firms were initially looking at TeamSystem but decided not to submit offers for the business earlier in the process, people familiar with the matter said earlier. These included Advent International, Apax Partners, Bridgepoint and CVC Capital Partners Ltd. - By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; [email protected] (Vladimir Guevarra contributed to this article.) (END) Dow Jones Newswires August 02, 2010 05:44 ET (09:44 GMT)