Who's kicking the tires
KKR, Blackstone and Warburg Pincus are evaluating whether to pursue Cary, a European windshield repair group, people with knowledge of the matter said. Early bids are anticipated in the weeks ahead. Discussions are still fluid, and the firms may decide not to proceed.
Cary is owned by CVC Capital Partners and Nordic Capital, which have been exploring exit options. In March, Bloomberg reported the company's valuation might be around €3 billion (approximately $3.4 billion) or above.
How financing could shake out
Jefferies has been hired to advise and is circulating details on Cary to banks and private credit providers to help them gauge potential debt packages and pricing to back a deal, according to people familiar. Banks are expected to sharpen terms to beat private credit on cost. As a recent reference point, banks put forward term loans for B2-rated Sunday Natural at a spread of 350 basis points over Euribor, the people said.
What Cary actually does
Cary operates across Europe under brands such as National Windscreens, Autoglass Clinic, Ralarsa and Dansk Busglas, its website shows. In the Nordic region, it also offers auto-body work and SMART repairs aimed at smaller damaged areas.
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Big picture for dealmaking and your wallet
A sale of Cary would hit as dealmakers try to shake off a sluggish third quarter and keep pace toward a potential record year for M&A. Private equity firms are central to that push, but getting agreements done has been tricky this year as buyers and sellers remain apart on price. All six firms - Blackstone, CVC, Nordic Capital, KKR, Jefferies and Warburg Pincus - said via representatives that they would not comment. For your money, the takeaway is simple enough: even when headlines heat up, financing costs and valuation gaps decide whether deals actually close or stall.
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