Australia: Baring PE Asia said to restart SAI Assurance sale

U.S. one dollar banknotes. Photographer: Tomohiro Ohsumi/Bloomberg

Baring Private Equity Asia has restarted a process to sell the assurance unit of SAI Global Ltd., the Australian standards and risk management company it bought last year, people with knowledge of the matter said.

The buyout firm is working with adviser Greenhill & Co. to study offers for the division, which could fetch more than A$500 million ($402 million), according to the people. Greenhill had previously been advising SAI Global on a possible sale of the unit before Baring Private Equity’s A$1 billion takeover last year interrupted the process, the people said, who asked not to be identified as details are private.

SAI Global’s assurance division, which competes with companies like Bureau Veritas SA and SGS SA, helps test and certify that clients in industries from aerospace to agriculture meet professional and product standards. Any deal would add to the $42 billion of acquisitions announced in Australia this year, according to data compiled by Bloomberg.

Representatives for Baring Private Equity and Greenhill didn’t immediately respond to requests for comment.

Baring Private Equity has stakes in other business services firms including Clarivate Analytics, Vistra and Telus International, its website shows. The investor was part of a consortium that agreed to buyout international school operator Nord Anglia Education Ltd. earlier this year.

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Bloomberg