Potential Buyers Cool On Bain Capital's TeamSystem--Sources

1st Jul 2010 18:08

By Marietta Cauchi and Jessica Hodgson Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Potential bidders for TeamSystem SpA--the Italian software company put on the block by Bain Capital--are losing interest in the auction, which is unlikely to be as competitive as previously expected, people familiar with the situation told Dow Jones Newswires Thursday. Indicative bids were due Tuesday but several private-equity firms that were looking haven't submitted proposals, people said. Apax Partners, Bridgepoint and CVC Capital Partners haven't put in bids. It is unclear whether Advent International and trade buyer Sage Group PLC (SGPYY, SGE.LN), who were also looking at the business, remain interested, people said. Bain, which bought TeamSystem for 274 million euros from Palamon Capital Partners in December 2004, has hired UBS AG to run the process and information memorandums were sent out to interested parties at the beginning of last month. Bain is looking to get EUR600 million on the sale, according to a recent press report. -By Marietta Cauchi and Jessica Hodgson, Dow Jones Newswires; +44 207 842 9241; [email protected] (END) Dow Jones Newswires July 01, 2010 13:08 ET (17:08 GMT)