With its focus on heavy engineering sectors, globalproduction and distribution, and strong Asia growth, two of thesources compared Prestolite to Hyva, a Dutch pump maker that UKprivate equity firm 3i Group Plc sold to Unitas Capitaland NWS Holdings last year for 525 million euros ($730 million).
According to one source, Prestolite makes about 70 percentof its EBITDA (earnings before interest, tax, depreciation andamortisation) from its China subsidiary Prestolite ElectricBeijing Ltd (PEBL). PEBL produces about 1 million alternatorsand 500,000 starter motors.
New York-based First Atlantic had hired Goldman Sachs to advise on the sale of Prestolite, which makesalternators and starter motors for buses and trucks.
HONG KONG, Feb 1 Private equity funds BainCapital and Unitas Capital are among the suitors to submitsecond round bids to buy Prestolite Electric Inc from FirstAtlantic, two sources told Reuters, in a deal worth about $400million.