IK preferred bidder for Carlyle’s Offshore Inc -sources

* Affinity Equity Partners, Bain also enter bids

* Bids said to have come in at $250-300 million

* Another deal in the works for Carlyle Group
(Adds byline, details on recent deals)

By Wendy Mock

HONG KONG, Dec 23 (Reuters Basis Point) – IK Investment
Partners, a Nordic private equity player, is the preferred bidder
for Carlyle Group’s [CYL.UL] company formation firm Offshore
Incorporations HK Ltd, two sources with knowledge of the matter
said, with the bid expected to fall within the $250-300 million
range.

The potential deal comes during a hot streak of global
dealmaking for the Washington-based private equity giant. The
latest buyout deal Carlyle is said to be involved in is the
purchase of Amsterdam-based private equity investor AlpInvest
Partners [ID:nN2290260].

Media reports said Carlyle was also among the firms
interested in funding Hana Financial Group Inc’s (086790.KS: ) $4.1
billion takeover of Korea Exchange Bank (004940.KS: ), offering
more than 1 trillion won ($865.7 million).

Affinity Equity Partners and Bain Capital also made final
bids for Offshore, which specialises in company formation in
Anguilla, Bahamas, British Virgin Islands, and Cayman Islands,
among other locations, according to its website.

Bids for Offshore were believed to have come in at $250-300
million, or 10-12 times EBITDA, according to previous reports.

Chinatrust Commercial Bank and Taipei Fubon Bank were backing
all three sponsors, while ING was backing IK Investment Partners,
the sources told Basis Point, Thomson Reuters’ loan reporting
group.

The sources declined to be named as they were not authorised
to speak publicly about the deal. Sell-side advisor Morgan
Stanley (MS.N: ) and Carlyle declined to comment when contacted by
Basis Point.

Offshore Incorporations’ EBITDA last year was around $25
million, which would put the debt at about $137.5-150 million.
Leverage from the Taiwan banks is said to range from 5.5 to six
times EBITDA.

Chinatrust was also in talks to provide a staple financing,
sources said.
(Reporting by Wendy Mock, writing by Joseph Chaney; Editing by
Michael Flaherty and Chris Lewis)

IK preferred bidder for Carlyle’s Offshore Inc -sources