US industrial groups and private equity firms are eying Germany's Bartec Holding GmbH, a maker of safety systems for the oil and gas industry, Reuters today reported, citing, people familiar with the situation.
Pennsylvania-based Ametek, Washington-based Danaher, and New Jersey-based Honeywell, are among those interested in Bartec, while Cooper Industries had also expressed interest in the company, but early this week it agreed to be acquired by rival Eaton Corp, said the report.
Private equity firms including Bain, Carlyle Group, Cinven, Charterhouse, Clayton Dubilier & Rice, CVC and Permira are also looking at company data and considering bids, the news agency said.
Bartec's majority owner Swiss private equity group Capvis Equity Partners AG, has put the company up for sale and hopes to get about €600 million ($765 million) at an auction.
Capvis has hired Commerzbank AG and William Blair to manage the sale and first-round bids are due on 11 June.
Capvis had acquired Bartec in 2008 from Allianz Capital Partners for around €300 million.
Bartec was founded in 1975 by Reinhold Barlian as a one-man enterprise specialising in the development and manufacturing of a safety switch preventing explosions at gasoline pumps.
Today the Bad Mergentheim, Germany-based company, which counts on ExxonMobil and BP as its clients, is the leading global provider of high-quality industrial safety technology for applications in explosion-hazardous areas.
Its product portfolio includes an explosion-protected mobile phone with online tracking system.
It has 10 production sites in Germany, Switzerland, the UK, Norway, Slovenia and China as well as 28 sales units in Europe, America and Asia.