INDUSTRIAL group HellermannTyton is no closer to a sale despite its private equity owner appointing advisers last year.
Doughty Hanson, which bought the cable clip and fixing manufacturer from telecommunications firm Spirent for £303m in 2006, is believed to have asked UBS to consider its disposal options.
No deal is imminent but City A.M. understands management is untroubled by this, with first half sales up 20 per cent this year.
The group turned over €413mn (£359.5m) last year, representing a 19 per cent growth since 2006. Profits have grown over the same period.
The UK arm of HellermannTyton, based in Manchester, was in February named as one of the UK’s private equity-backed firms with the fastest-growing profits. Figures published late last week, however, showed it made an operating loss of £637,000, driven in part by foreign exchange losses, compared to a £3.38m surplus in 2009. Turnover rose 24 per cent to £46.93m.
Doughty Hanson, which declined to comment, reportedly put a £700m to £800m price tag on the HellermannTyton group last year.
Potential bidders for the firm, which has nearly 3,000 staff around the world, have been tipped as Hubbell and Illinois Tool Works and private equity houses Bridgepoint and Montagu.