KKR exits Tenovis

KKR’s sale of Tenovis, the German investments telecom equipment manufacturer, to internet communications company Avaya will see the firm exit a four-year buyout from Robert Bosch. Avaya will fork out around US$370m in cash, and take on US$265m in debt.

“Partnering with a global enterprise communication supplier marks the next logical step in the company’s future,” said Ned Gilhuly, managing director at KKR. Evercore Partners and JPMorgan Chase advised Avaya on the transaction. Tenovis/KKR was represented by CSFB and Morgan Stanley Europe, the Middle East and Africa is expected to represent a third of global enterprise communications spending by 2007, growing from US$31bn to US$42bn in 2007.

Vestar Capital Partners is selling Wabco, a railway components manufacturer based in Sweden, and Sheridan Healthcare in a double exit. Wabco has been sold to Faiveley Group, a railway equipment manufacturer, and French private equity firm Sagard in a deal with an enterprise value of €310m.

“The merger of these two industry leaders is very powerful and has always been considered as the dream business combination,” said Robert Rosner, president of Vestar Capital Partners Europe.

Sheridan Healthcare has been sold to management backed by JW Childs. Rothschild advised both Faiveley and Sagard on this transaction, and CSFB advised Wabco.